New Home Owner, Property Manager, Future Investor

[Philip Quinn]

Hello Bigger Pockets!

My name is Phil and I have been listening to the Bigger Pockets podcast and enjoying learning from the real world experiences of so many amazing real estate professionals. I am very thankful to everyone who gives time to speak to those of us who are currently less knowledgable!

I just purchased my first property in the Roxborough/Manayunk area right outside of the Philadelphia downtown area. I grew up in Conshohocken and went to school (Villanova) in the area and I could afford it so it made sense. I bought the ugliest (well close to) house on the block and spent 5 weeks renovating the house myself and with the help of my loving family and friends. My Realtor appraised it almost 25% higher than what I paid for it. Currently I am renting out rooms in the house in order to (more than) pay for the mortgage and saving money while working as a full time teacher for another investment.

While this was happening, one of my friends from New York who has more money than I do (but not enough to invest in Upper East Side rentals) decided, well was convinced to purchase a duplex in the area. I of course volunteered (volunteered to be paid) to manage his property. I have been going for over a year now and have had 3 great tenants, no vacancy and (knock on wood) no horror stories yet.

This venture has further expanded as I noticed that my neighbors house was vacant a few months ago and decided to call the owner and see what was up. It turns out he was having a hard time getting it rented, so I decided to ask if he wanted some local help. He said he did, and has three other properties so I am not responsible for 4 (not the last one yet) properties as well as my own on the side.

My game plan is eventually to get a bit more into the investment and rental side and thus brings be to this site. I am looking forward to learning and some day contributing further to the discussion. Great to meet you all!