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Updated almost 7 years ago on . Most recent reply
Newbie from West Chester PA (Philly suburb)
Hi All,
I'm completely new to real estate investing and trying to figure out how to get started in the Philly region. I am interested in buy and hold, preferably with houses near where I live in West Chester. I am an IT consultant (networks, VoIP, VPN, Linux) and have been running my own web hosting business for 15 years. However web hosting by a small business is longer as profitable as it once was and I am looking for a new business opportunity with a stable monthly income.
The only experience I have with real estate is with the purchase, refinancing, and sale of my own home. I don't have any professional construction/renovation experience, although I am handy and do my own minor house repairs.
I don't have enough cash to purchase a property, but I do have home equity and have self-employed income which I could use to apply for financing.
I am just starting to read through Bigger Pockets (discovered it today!), and hope to find people who are willing to help me get started on this journey of identifying and purchasing my first (hopefully successful) investment property.
At this point, everything is still new to me and it is not clear how to get started, and in what order. I recognize that I still have a lot of reading to do prior to taking any action, and welcome the guidance of any members here willing to offer their assistance.
-Steve
Most Popular Reply
Originally posted by @Dave Godfrey:
Hi guys. I have experience with the West Chester Boro. As a landlord with two properties in WC, you need to be careful.
You can't apply for a student rental and get one. You have to buy a property that already exists with the rental permit in place.
If true, then it sounds like the Boro is trying to control which houses may be rented out and prevent the spread of students across town. If you can only buy a property that already has a rental permit and new houses cannot apply for one, doesn't that guarantee high rents as there is a barrier preventing competition to enter?