?New from Ardmore, PA a Philadelphia suburb

?New from Ardmore, PA a Philadelphia suburb

Rental Property Investor · Ardmore, PA · Member since 2014 · 60 posts · 18 votes

My wife and I are getting started in real estate. We don't have much background in the field yet. We've read a few books, and taken a short 2 day online class. She worked as an apartment office manager once upon a time. But aside from owning our own home, we're green.

I'm a high end software developer who's worked at small startups, and big behemoth's over the years. I have a 2 yr old son with another on the way. So my first goal is to be able spend more time with my kids and my wife, by following the Kiyosaki principles of his Cashflow Quadrant without sacrificing our standard of living. I love software and am planning on using my work to finance some of our real estate investments. In 5 years or so, I'd like to be able to see my income from real estate eclipse what I make in software development, so that I can either get further into real estate, or go back to software startups that I'm passionate about.

At this moment, I've probably not got too much to offer in real estate knowledge, but I've been the CTO at a few of my startups, so if you have any questions on how technology could be brought to bear on a real estate problem, I'm your guy. Let me know how I can help.

As for immediate plans/goals, we're looking to start building our team at the moment. I guess the first thing we need is an investment-friendly realtor, but any suggestions on local folks in all of the relevant industries would really be appreciated, other than accounting. I think we have that role wrapped up.

We're gravitating toward buy and rent options, and will be trying to get a sense for where the numbers make that strategy feasible. (It appears that rents are lower than mortgages in the Ardmore area, so we'll start expanding our scope until we can find an area that makes sense.)

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  • Real Estate Agent · Philadelphia, PA · Member since 2014 · 51 posts · 36 votes
    12y

    Welcome Jeff! It sounds like you have a good foundation and vision to get started. I am in an almost identical family situation with a toddler and another on the way, living and working here in the Overbrook/Wynnewood area. I have an architecture background and work for St. Joe's, managing their on-campus housing and recently took on the off-campus housing role as well. So I am slowly getting to know the local landlords and property managers. All the best as you begin your real estate journey. I can't offer much in terms of partnership, as I am waiting to get into the market for a few years while I wrap up my MBA and develop a plan. However, I would be happy to compare notes and share resources.

  • Rental Property Investor · Ardmore, PA · Member since 2014 · 60 posts · 18 votes
    12y

    Hi @Peter Dunne, no worries on timing. I've got a lot of ignorance to dispel first. We're close enough that we should grab coffee or something sometime. I'll send you a connect request. Thanks

  • Contractor · Philadelphia, PA · Member since 2014 · 14 posts · 3 votes
    12y

    hello Jeff

    I am new to the site as well. I am a home improvement contractor who has one rental and am looking for a few homes that are in need of rehab for possible rental or flipping opportunities.

  • Investor · South Jersey, NJ · Member since 2013 · 338 posts · 22 votes
    12y

    Welcome,

    I used to live in Ardmore, great to see you. I have property in South Jersey I am a buy and hold investor. Great luck to you! See you around.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Jeff Deville Welcome! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

    Oh - and don't forget to set up your Keyword Alerts!

    See you around the site!

  • Rental Property Investor · Ardmore, PA · Member since 2014 · 60 posts · 18 votes
    12y

    Alerts set, podcast 10 playing, itunes votes cast, pro-plan mulling. I'm availing myself of all of your hard work. Thanks @Brandon.

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Jeff Deville welcome to BP! I might pick your brain later about tech integration and apt communities.

  • SFR Investor · Alexandria, VA · Member since 2014 · 6 posts · 1 vote
    12y
    @ Jeff Deville Welcome
  • Rental Property Investor · Ardmore, PA · Member since 2014 · 60 posts · 18 votes
    12y

    Absolutely,@Joe Fairless Let me know how I can help.

  • Realtor · Philadelphia, PA · Member since 2014 · 51 posts · 11 votes
    12y

    Welcome, Jeff! In this business, setting up a database to log everything you learn and everyone you meet would definitely put you head and shoulders above others.

    Let me know if you have any questions I can help with!

    Best,

    Hilary

  • Rental Property Investor · Ardmore, PA · Member since 2014 · 60 posts · 18 votes
    12y

    Thanks Hilary, It sounds like you are referring to a CRM, for which I've seen a fair bit of discussion. I was mildly surprised not to see SugardCRM mentioned. At least in other industries, it's very popular. Do you have one you recommend? I was thinking more along the lines of helping me get started with where to look and how to compare properties. I see you replied to the post on: http://constructionpermits.phl.io/ This is exactly the kind of thing I was thinking about. Looking to try to find places that would make sense for renting, I was hoping to find a site that looked exactly like contructionpermits, but that showed the differential between mortgage rates and rental rates in an area. (Does that make sense, or is there a factor I'm not considering?)

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