Newark, DE · Member since 2017 · 5 posts · 0 votes
Hello All- I would like to get started in RE by buying a duplex in Montgomery county, PA where I can rent one unit and live in the other one. I want to do this so I can save enough cash to put into reserve for future repairs, etc and for a downpayment for a second second property.
Any recommendation on where to search or who to reach out out to? I have been looking on Zillow and Craigslist and found nothing.
I currently live in Plymouth Meeting and would love to find something near here. I have some cash to put for a downpayment, i only have a car loan in debt, and credit score 800+. I have never bought a house or done any large purchases.
Any advice is greatly appreciated.
Thanks and regards,
- Laura Rodríguez
Banker · Philadelphia · Member since 2009 · 2k+ posts · 631 votes
9y
Hi @,
Welcome to BP!
Some great opportunities to 'House Hack' in Montco.
Couple items to consider;
Get Prequalified with a Local Banker in the area that is active (Don't sell yourself on a 2 Unit, Might be a 3 or 4 unit out there based on your qualifications and rental cash flow to monetize your mortgage)
Identify then a active real estate agent to identify real estate inventory based on your qualification and understand FHA appraisals and requirements. (They should be transactional themselves and own some investment properties)
Then, start attending a local REIA to that area (Diversified Investors Group) to identify members to add to your power team of professionals as you financially model your real estate portfolio in that immediate market.
Banker · Philadelphia · Member since 2009 · 2k+ posts · 631 votes
9y
Hi @,
Welcome to BP!
Some great opportunities to 'House Hack' in Montco.
Couple items to consider;
Get Prequalified with a Local Banker in the area that is active (Don't sell yourself on a 2 Unit, Might be a 3 or 4 unit out there based on your qualifications and rental cash flow to monetize your mortgage)
Identify then a active real estate agent to identify real estate inventory based on your qualification and understand FHA appraisals and requirements. (They should be transactional themselves and own some investment properties)
Then, start attending a local REIA to that area (Diversified Investors Group) to identify members to add to your power team of professionals as you financially model your real estate portfolio in that immediate market.
Investor · AMBLER, PA · Member since 2013 · 158 posts · 98 votes
9y
Hi Laura,
I live in MontCo. Inventory is available but a bit tougher to find deals on multiplexes. PM me if you're interested in realtor recommendation. He's not an investor agent per se, but I've found him to be pretty good. Wishing you all the best as you start on your journey.
Investor · Lansdowne, PA · Member since 2016 · 161 posts · 62 votes
9y
@Laura Rodriguez Marquez Welcome. What you're looking for is definitely out there. Look in Norristown. There are several duplexes currently on the MLS in good areas (Norristown is kind of a dirty word, but it covers a large area) in the $150K range. And with your credit and debt, don't rule out commercial properties (5+ units). Last I looked, there were a couple of those available adjacent to the courthouse, like 501 Swede Street.