Philadelphia - I can't find multifamily properties to House Hack

[Eric Jiwanmall]

Hey everyone!

I've been trying to analyze deals, and start my REI career through house hacking. I live in Philadelphia, and I can't seem to find ANY Multifamily properties.
Any advice on how I should proceed besides contacting a real estate agent? I'm sure they will be able to find deals for me, but was wondering if there is additional guidance someone can provide?
I would greatly appreciate it!

[Jimmy O'Connor]

Hey, @Eric Jiwanmall the reason why it is so tough to find a good multi deal comes down to two reasons- everyone is looking for them and many do not comp out easily for a refi. It's the double-edged sword that accompanies Bigger pockets- this platform educated so many about the benefits of BRRR and multis but it has everyone looking at the same product. As a result, many multis are overpriced due to high demand to that point where simply getting two singles instead of a duplex can be more cost-effective. Another layer is added to the problem with the zoning overlays that have occurred over the last few years that have changed many RM1 (multi) properties to RSA5 (single). However, there are NUMEROUS properties zoned for multi-family and can be utilized as such by right based on zoning and square footage/lot size, but you must be willing to bring in an architect to change the floor plans and beef up your rehab budget to convert the use from SF to MF.

The guys/gals on my acquisitions team do pick those up but they are RARE. If you want to lock up a true multi, you will need to be able to act quickly because those are the properties that pop up and sell within a few hours, regardless if it is on or off-market.