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Updated about 4 years ago,
New Investor in Philly area needs advice
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!!