Multi-Family House Hacking in Philadelphia

[Tom Callahan]

I currently own a SFH in Philly and am looking to kickstart my foray into REI by renting it out and house hacking a multi-family property (up to 4 units). My plan is to find a property that is 3 years old or less so I can take advantage of the remaining tax abatement. Looking for any tips or insight into the multi-family market. Primary neighborhood targets are Fishtown, Francisville/Brewerytown, or anywhere in South Philly. Thanks in advance.

Tom

[Dan Powers]

Hey @Tom Callahan, first off welcome to the Philly market. I agree very much with @Eric Greenberg, budget certainly comes into play with these properties. I mean who doesn't want a multi in Philly nowadays, that being said, especially looking for a new construction multi is gonna be near impossible because anyone who builds one is not looking to sell it, unless for an extreme premium, and even then just the inventory for that is next to none.

Definitely do your research on the builder, but I would recommend looking into a none turn key multi where you can rehab it and build more equity into it yourself. Also, Philly taxes are dirt cheap even for a multi so it's not the biggest factor.