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Updated almost 4 years ago,
Pennsylvania experts! Need your advice for this first timer 🤓
Hi BP family! 😄
I am new to BP, been listening to the podcast religiously since I found out about it a couple months ago. Trying to immerse myself in REI as much as I can by reading, listening and watching whatever's floating on web. I've finally decided to take a baby step into the world of REI!
Ideally I would want to start my journey in my city but I currently live in NYC (yes, paying stupid amount on rent), so I've looked few out of States, and right before I get completely paralyzed, I just decided on Pennsylvania and determined not to look back! (At least for the first time, I want to be able to experience majority of the process in person - hence picked a state that's in driving distance).
Been reading random topics very shallowly 😅, then vaguely came up with some plans. Please feel free to comment / answer any / all of questions below, and enlighten me with your expert opinions!
1) Should I register for a corporate to start? (planning on building my RE empire eventually 😎) I've read something about transfer tax, wouldn't want to be taxed twice! If so, what entity?
2) Currently looking around Allentown - Bethlehem - Easton areas (thanks to podcast ep 276, 442), are they suitable markets for multifamily units? Something like a duplex to start, maybe a B class property (I honestly don't know exact distinctions of each class, but definitely want something safe in exchange for less cashflow at least for the first time). If I am looking at the wrong areas, please suggest others!
3) Lastly, what else do I have to ask? What should I look into? any advice is welcome!
Thank you so very much for your time, I will be sure to pay back with my time once I get to the expert level of knowledge and experience.
-Claire ✌🏻
p.s. am i posting it on the correct forum/discussion thread? this website is a little hard to navigate through 😅