New Member in Philadelphia, PA and Surrounding areas

[Katie Heer]

Hi BP,

I am new to Real Estate and Bigger Pockets and I cannot wait to get started! I am looking to invest in and around the great city of brotherly love! 

My main interest include buy and hold and house hacking. I would love to hear about anyone's experience with this strategies, as well as any and all experiences in south eastern PA! 

Thanks and happy to be here!

[Jeff F.]

Hi @Katie Heer 

Welcome to BP. House hacking is a great strategy - which Im currently doing. If you wanted to get started as quickly as possible, start looking into FHA loans (or possibly 203k) and start looking for properties. You can get up to 4 units with an FHA loan, and you have to intend to live on one of the units for at least a year. The nice part about these is that they only require 3.5% down, so you dont need a whole lot of cash to get started. You can rent out the nicer units, and live in the more run down one and fix it up while you live there.

After your year is up, you should have been living rent free and maybe cash flowing a bit, and you can use the money you saved for the downpayment on a new multi unit.