New from the Philadelphia area

[Andrew Wentzel]

Greetings all! Long time lurker first time poster. Let me just start by saying this is a fantastic community that you all contribute to. While knowing the numbers is a part of the real estate game, knowing how others have solved various issues that pop up is a truely valuable commodity in this market. One of the best business related quotes I have ever heard was along the lines of "know what you know and know what you dont know, then find someone to help with what you dont know".

I currently live just outside of Philly. Dont have any hard real estate experience however I have some partial experience. Parents owned a rental when I was younger, a few family members own their own successful businesses, I aided a general contractor in a complete gut and rebuild of a commercial property and I have unknowingly networked with a few real estate agents, investors, general contractors and service techs through various jobs and hobbies. Also I am just as disturbed as the rest of you by J Scott's pose...

My basic strategy is to buy and hold SFH and MFH(2-4 units) to be used for student housing. I know there is more risk with students which is why I have changed a lot of the regular formulas such as the 50%/2% to look more like 65%/1.5%. Would love to fix and hold if the opportunity arises. I plan to do the management of the housing to start with the hope of letting someone else take care of it once I have run the show for a few years and have a couple properties under my belt. Students are generally rough on the houses but also dont require everything to be pristine. Not saying I will be a slum lord but many things that bother the normal tenant do not affect a student.

My short term goals(next 6 months) would be:
-to start attending REI meetings, DIG is the main one I know of in the area, any philly people able to point me towards some other good ones?
-Also looking to put together my team. A commercial investor friend has put me in contact with his CPA and attorney but I plan on meeting a few others as well just to have options.
-continue absorbing as much information as possible, just ordered a few more books(including one by J Scott, consider it money for the new headshot :D)
-continue networking with people in the area

Long term goals(3-10 years)
-purchase roughly a property a year for the first 4-5 years then hopefully I can increase that number, thats the goal but its too early to plan that out.
-If I can get to a comfortable place with my plan I would love to build some homes from scratch or maybe do a complete gut of shell properties(actually might do this a bit earlier, looking at one to start my portfolio) still with the intention of holding the property

Anyway this has already turned out much longer than I expected. Just want to say thanks to everyone here as the wealth of information simply cant be found elsewhere. If anyone out there knows the Philly market I would love to chat sometime. Cheers and Chive on!(if there are any fellow chivers here)