Overwhelmed Rookie in Philly

[Kathryn Click]

I'm a rookie who has focused on learning for the past few months - I have 0 doors and am 25. I am based in Philadelphia and am trying to decide on my strategy - single family to live in, fix up when i do, and rent out after or a multi-family with househacking (preferred). Does anyone have any advice for investing and analyzing deals in a more expensive market? The 1/2% rule never seems to hit but I've been looking in Center City and think that the city overall is undervalue in rent/possibly home sales. Can i justify 600/700 for a duplex vs 200(1br/1ba)300 (2br/1ba) for a single family? Getting overwhelmed by the amount of information i feel like i need to learn to feel confident making a decision and only have enough for a FHA downpayment if multifamily so I have been saving. Should i be studying for a real estate liscense just to learn the business while i save? Can you tell im overwhelemed?

[Tristan Scott Zell]

Hello @Kathryn Click 

I recently did my first househack here in Maine. Though I am not familiar with the Philadelphia market I do have some tips on making this a little less overwhelming despite the market you are in. I am assuming that in your market its hard to find cash flow unless you go where you may not want to, my advice is even if it doesn't cash flow it may significantly reduce your living expenses while getting you that industry experience. To add to what some other people are saying, if you go where theres cash flow and you are self managing you may end up overwhelmed if you have never done anything like that before, just one thing to consider. Another thing that I recommend doing is talking to real estate agents, property managers and other industry professionals to get more comfortable with the location you do decide on. And lastly I believe that what helped me become less overwhelmed was just looking at a lot of real estate deals, the more able you get with running the numbers the more opportunity you will see. I hope that helps.