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Updated over 5 years ago on . Most recent reply

User Stats

18
Posts
1
Votes
Mario Gonzalez
  • new jersey
1
Votes |
18
Posts

Need advice on getting 1st deal, overwhelmed and 2 years searchin

Mario Gonzalez
  • new jersey
Posted

hi everyone,

I am 26 and looking to buy a duplex to house hack/Airbnb in Philly. I have been looking for 2 years and I'm starting to think it may just be me. I have been pre-approved, 0 debt, 65k cash for my buy n hold deal. 

what im looking for?

1. C class plus area

2. duplex or higher with 2 beds per unit

3. 200k to 345k

4. putting 10% down conventional loan

5. $150-200 per unit 

6. 8% cocr

7. rehab budget 10k to 15k max depending 

how i analyze deals

1. look up the zip code on niche for a letter grade

2. see crime map with truila

3. compare rents with rental comps and property price

4. use 8% capex 8% repairs 7% vacancy

5. holding 5k to 10k as reserves 

i look daily but not sure if it's me, my numbers or my mindset focusing on the wrong stuff. if anyone can help me with advice on what to do differently or if I should invest in an out of state property with 20% down or use a lower number or what cause 2 years is long enough.

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