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Updated over 5 years ago on . Most recent reply

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Thomas Alessandrello
  • Philadelphia, PA
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First time investing looking in Philadelphia. Any ideas?

Thomas Alessandrello
  • Philadelphia, PA
Posted

Hey BP, I've been renting in Philadelphia for almost 1.5 years and looking to start my real estate investing career when my lease ends summer 2020. I just started looking at both SF and MF homes in the South Philadelphia neighborhoods. Any advice on whether SF or MF is a better way to start out? Or knowledge you can share on the Philadelphia market and where is best to look?

Also thinking of going in with a good friend who lives in Boston - we would split an FHA and I would live in the home. Do you think this is a good idea or is it better worth my money (thinking about return) to go in on my own and get financial support from family if necessary.

Is it necessary to go through an agent for getting pre-approved or should I just do it online?

Thanks!!

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Max T.
  • Investor
  • Philadelphia, PA
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Max T.
  • Investor
  • Philadelphia, PA
Replied

Great questions!

I'm not the guy with the right answer but I can tell you what I've done here. Firstly, you should talk to a mortgage loan originator to review your financing options. As for going solo or with a friend that is hard to say - your return is generally better when you put down as little of your own cash as possible.

I started by house hacking a duplex with a conventional loan in 2010.

Then did a live in flip to rent small single fam with FHA.

Then another live in flip to rent small single fam with conventional.

Along the way and in between picked up a couple duplexes, conventional (non owner occupied). And got my RE license to save commissions and help family/friends.

It has been almost 10 years now! Shoot me a PM if you'd like to discuss further.

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