New Investor in Philly area needs advice

[Teresa Gimenez]

Good morning. I'm a new investor looking to buy the first rental property in the Philly/South Jersey area. I'm a buy-and-hold type and I'm looking in the following areas Gloucester city (New Jersey, right across from Philly), Philly (West Philly and Grays Ferry Avenue). I'm Looking for 3/1, 1/1   rowhomes or small multifamilies in the same area. I have a little bit of cash saved that I could use for a down payment but interest rates being so low makes me think that I could refi my home ant cash out 150,000,so I could buy more properties and advance faster. I'm not sure if this is a good idea considering that I'm a newbie.  Should I slow down and not take equity off my personal home?Also, how soon is too soon to start buying. I'm in the learning process and I'm educating myself on this, but I see things on the market with positive cashflow returns that I'm very tempted to buy. I would appreciate your advice and tips. Also, I'm looking to connect with other investors in the area and I definitely need a good real estate agent in Philly. Thank you!!

[Kyle McCann]

Good morning Teresa,

I am currently flipping a property in Gloucester City that I financed with a HELOC on my personal residence. Rates are still low on HELOCs and I didn't want to use all of the equity in my home. Having the ability to draw down the equity has given me a lot more freedom. Feel free to connect if you would like to discuss the market in Gloucester City.

Best of luck.