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Updated over 2 years ago, 03/25/2022
New Investor: Introduction & Strategy
Hi everyone, --
My name is Max and novice investor in the Philadelphia region (suburbs included). I've realized that when I am with friends I tend to talk about real estate related topics so often that I need to find more like-minded people (to ensure I keep all of my friends haha).
To keep it short, I am looking to purchase a property in the next 4-6 months. I will be using the house-hacking strategy. I have decided to use an FHA (maybe 203k) loan and look for a 5+bed/3+bath property that can use some cosmetic repairs. My budget is about $375k. I am currently focused building out team and learning more from other BP members.
Outside of investing in real estate I'm a big sports enthusiast, travel junkie, & lover of pizza. Before you connect to talk sports w/ me you should know that I am a Philadelphia sports fan... so, you've been warned.
Looking forward to interacting with y'all in this community. Let's connect.
- Max Busca
PS. I have already bought an out of state property in Memphis Tennessee via Turnkey. I am thinking about using a 1031 exchange for this next purchase. Would like to tighten up my portfolio (closer to me personally... just for starting) and not in love with my first investment property choice.
@Max Busca nice to meet you. I live in Denver and invest in Atlanta. It's a great market. I was in software development until 2020 and now I do real estate. I'm about to buy my 14th property next week. My plan is to do 20 in 2020. + A short term rental.
It's great to connect.
Eric
Welcome to BP!
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#3 New Member Introductions Contributor
- Specialist
- West Palm Beach, FL
Welcome to BiggerPockets, Max! There is a great group of members on here to connect with.
@Max Busca, thank you for sharing your story and wishing you success as you continue to grow.
Welcome to Bigger Pockets!
This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing.
The site has quite a few tools that can be helpful for new members. For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users
I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts
@Max Busca Welcome to the Philly market! A few things you should know about the market, Philadelphia is extremely block by block, my office is in Northern Liberties where there are 600-700k houses, and a short drive north, and your in the drug capital of the city. You very much have to be aware of the block you are on because you can see your ARV values change dramatically depending on the block your on.
In this highly competitive market I will say it may be difficult to pick something up using FHA, as a lot of houses are selling cash, with no contingencies, in short closing timelines. I would focus your search in Delaware or Montgomery county as you will have better luck finding something of those parameters in the suburbs. BiggerPockets is a great resource to help build your team, feel free to reach out if you have any questions.
Welcome to BP @Max Busca! Definitely understand wanting to get all the real estate talk out of your system before you scare your friends off. Good luck in your search, Fly Eagles Fly!!
Good luck with acquiring your second property a bit closer to home. Are you looking to invest in the city or in the surrounding area?
Originally posted by @Max Busca:
Hi everyone, --
My name is Max and novice investor in the Philadelphia region (suburbs included). I've realized that when I am with friends I tend to talk about real estate related topics so often that I need to find more like-minded people (to ensure I keep all of my friends haha).
To keep it short, I am looking to purchase a property in the next 4-6 months. I will be using the house-hacking strategy. I have decided to use an FHA (maybe 203k) loan and look for a 5+bed/3+bath property that can use some cosmetic repairs. My budget is about $375k. I am currently focused building out team and learning more from other BP members.
Outside of investing in real estate I'm a big sports enthusiast, travel junkie, & lover of pizza. Before you connect to talk sports w/ me you should know that I am a Philadelphia sports fan... so, you've been warned.
Looking forward to interacting with y'all in this community. Let's connect.
- Max Busca
PS. I have already bought an out of state property in Memphis Tennessee via Turnkey. I am thinking about using a 1031 exchange for this next purchase. Would like to tighten up my portfolio (closer to me personally... just for starting) and not in love with my first investment property choice.
Hey Max, I'm in Philadelphia and have done a MFH house hack, SFH and MFH rehabs, SFH and MFH new construction, and some mixed use stuff as well. Additionally I'm a GC and build all of my own projects and my wife is a realtor and property manager. Always happy to connect with local investors.
Nice too meet you we both invest and lend in the Eastern Pennsylvania Market. Look forward to watching you go!
I' would love to find a property in the city yet I am a bit concerned about the location for a pricetag of 400k. Not saying I can't find a deal. I am just conscious that it has to be the right street.
I am much more familiar w/ the NJ surrounding area (Collingswood, Haddonfield, Maple Shade..). I would be open to properties in the surrounding area as well. Both PA & NJ.
@Eric Greenberg - Have you had experience finding properties in the city or surrounding area?
Hey @Troy Sheets -- Thanks for your note. I appreciate it. Sounds like you and your wife make a great team!
Would you be open to me asking for advice here and there as I get my footing?
Currently, I am talking to a few potential buyers agents and would love to learn from your wife's (and yours too) experience.
Hey Max,
Great to hear you are looking to invest on the NJ side. You are right on the money with Collingswood area, the demand for rentals is extremely high in Camden County in general. If you ever want to talk more in detail about what our South Jersey communities can offer, please feel free to contact me and we can discuss. Most of my clients are investors and I have done several house-hack type deals this year, both on market and off. I would be happy to be a resource to your business in any way that I can.
Nice to meet you @Max Busca! I am in South Florida, and love to talk about real estate as well. Feel free to reach out to connect.
Hi Max,
I’m in a similar boat. Looking to get started and definitely want to chat with my friend about real estate, but how much is too much?!
How did your out of state turnkey investment work out? I started looking into becoming an equity partner out of state, but I think I’m going to try and start out buying close to home. I feel better knowing my area and being able to check out the property.
Originally posted by @Max Busca:
Hey @Troy Sheets -- Thanks for your note. I appreciate it. Sounds like you and your wife make a great team!
Would you be open to me asking for advice here and there as I get my footing?
Currently, I am talking to a few potential buyers agents and would love to learn from your wife's (and yours too) experience.
Sure, message me any time.
@Max Busca welcome!
I run a group for RE investors in SJ called SJREIG. You can find us on Instagram, would love to have you at one of the next meetings. It's basically a giant social event with all walks of life, and likely any type of RE investor or pro you may need. If they aren't in attendance, I can promise you someone in the room knows someone ... Good luck!
Hi Max, welcome! I'm also a novice REI in Philadelphia. I've chosen the BRRRR strategy over house hacking (cannot do roommates again haha). Would be happy to connect to talk real estate!
Max,
Nice to see you on here. I am a Philadelphia investor and would love to connect. I just sent you a friend request.
Hey @Max Busca, I'm also from the East coast (Boston sports fanatic) and plan to invest in whatever market I move to once I'm done with the Bay area in less than a year. Would love to connect and have some back and forth on sports if you're still interested.
Quote from @Max Busca:
Hi everyone, --