Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Philadelphia Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago, 09/29/2021

User Stats

5
Posts
3
Votes
Michael Kalivas
  • Norristown, PA
3
Votes |
5
Posts

Philadelphia Suburbs New Investor

Michael Kalivas
  • Norristown, PA
Posted

Hello All,


My name is Mike and I have been looking to get into real estate for quite some time now but seem to be suffering from analysis paralysis. I think the challenge has been focusing on a single strategy. My main concern is making a decision now that will limit my investment opportunities later down the line. Right now I have 70k I can put toward real estate and feel more stuck than when I had none to put in the market. I told myself I would take a step toward the goal of purchasing a property this year and that's what this message represents. So I just wanted to float this out there to get a conversation going and introduce myself. Any comments/thoughts or advice would be greatly appreciated. 

Thanks,

Mike

User Stats

616
Posts
427
Votes
Eric Greenberg
  • Investor
  • Philadelphia, PA
427
Votes |
616
Posts
Eric Greenberg
  • Investor
  • Philadelphia, PA
Replied

Sounds like a good plan Mike. So following your goal path, what step(s) have you taken towards your goal of investing in real estate?

User Stats

152
Posts
117
Votes
Jonathan Dempsey
Agent
Property Manager
  • Rental Property Investor
  • Pocono Pines, PA
117
Votes |
152
Posts
Jonathan Dempsey
Agent
Property Manager
  • Rental Property Investor
  • Pocono Pines, PA
Replied

Hey Michael!

I’ve gone from your shoes (figuring out what to buy for my first property in or around Philly), to now 16 properties since I began! The journey only becomes more exciting as you get started!

DM me if you would like to talk about all the options you would have, I’d love to talk more!

Live free,

JD

  • Jonathan Dempsey
business profile image
HomeSmart Realty Advisors
4.2 stars
8 Reviews
Baselane logo
Baselane
|
Sponsored
BiggerPockets prefers Baselane The #1 REI platform that integrates banking, rent collection and bookkeeping to save time and money.

User Stats

3
Posts
2
Votes
Jabrail Henderson
  • Contractor
  • London
2
Votes |
3
Posts
Jabrail Henderson
  • Contractor
  • London
Replied

What a great idea! The key to any successful business is a plan. If you stick to the plan. You will succeed. The main thing is to take small steps. What steps have you already taken?

User Stats

5
Posts
3
Votes
Michael Kalivas
  • Norristown, PA
3
Votes |
5
Posts
Michael Kalivas
  • Norristown, PA
Replied

@Eric Greenberg @Jabrail Henderson - thanks for taking the time to respond to my thread. I have been educating myself for a few years now and saved capital to invest. I also have a real estate agent sending me multi family listings in the area and another out of state. I must admit its been challenging finding deals that meet my investment criteria and I am looking at multiple listings a day. On top of that, the eviction moratorium spooked me a bit so I left all of my capital in the market during the last year and a half. 

From a strategic perspective I am looking to buy and hold multifamily and generate good cash flow ( beating the market in terms of COC return). Recently I have been looking at investing in a syndication deal but that's a whole other conversation and I think I need more time understanding how to properly vet sponsors. I am also familiar w BRRRR and wouldn't be opposed that either. I also want to ensure I can scale and don't want to hamstring myself by making a poor decision now and deploying the capital on a bad deal so there is a bit of trigger shyness. One might say I am worrying about step 10 before step 1.

If I were asked to identify the main hold up it's the fact that I haven't been able to find a decent deal, so I am thinking of changing my approach in the following ways: 

1.) Talk to people who have done it (which I haven't done before). That's what this thread is meant to do

2.) Make offers on the MLS listings that make sense. Worst they can say is no and I annoy my RE agent.

3.) Generate off market opportunities -- the MLS probably isn't the best. Still working on the best way to do this.

Thanks again for responding to the thread!

User Stats

5
Posts
3
Votes
Michael Kalivas
  • Norristown, PA
3
Votes |
5
Posts
Michael Kalivas
  • Norristown, PA
Replied

@Jonathan Dempsey -- That's really impressive! Congratulations on your success! I would love to connect and will be sure to shoot you a message. 

User Stats

616
Posts
427
Votes
Eric Greenberg
  • Investor
  • Philadelphia, PA
427
Votes |
616
Posts
Eric Greenberg
  • Investor
  • Philadelphia, PA
Replied
Originally posted by @Michael Kalivas:

@Eric Greenberg @Jabrail Henderson - thanks for taking the time to respond to my thread. I have been educating myself for a few years now and saved capital to invest. I also have a real estate agent sending me multi family listings in the area and another out of state. I must admit its been challenging finding deals that meet my investment criteria and I am looking at multiple listings a day. On top of that, the eviction moratorium spooked me a bit so I left all of my capital in the market during the last year and a half. 

From a strategic perspective I am looking to buy and hold multifamily and generate good cash flow ( beating the market in terms of COC return). Recently I have been looking at investing in a syndication deal but that's a whole other conversation and I think I need more time understanding how to properly vet sponsors. I am also familiar w BRRRR and wouldn't be opposed that either. I also want to ensure I can scale and don't want to hamstring myself by making a poor decision now and deploying the capital on a bad deal so there is a bit of trigger shyness. One might say I am worrying about step 10 before step 1.

If I were asked to identify the main hold up it's the fact that I haven't been able to find a decent deal, so I am thinking of changing my approach in the following ways: 

1.) Talk to people who have done it (which I haven't done before). That's what this thread is meant to do

2.) Make offers on the MLS listings that make sense. Worst they can say is no and I annoy my RE agent.

3.) Generate off market opportunities -- the MLS probably isn't the best. Still working on the best way to do this.

Thanks again for responding to the thread!

 It sounds like you have a pretty good handle on some next steps to propel yourself forward. I would agree that you make be working on step 10 when you need to be focusing on step 1. Id also say it sounds like you are a bit all over the place on location, type of deal, etc which only makes things tougher.  I would really try to focus on one aspect for a bit and like you said make some offers that make sense to you. Itll also be a good time to vet your agent if he gets annoyed with you potential 'low ball' offers.

User Stats

381
Posts
313
Votes
Sheryl Sitman
  • Rental Property Investor
  • Philadelphia, PA
313
Votes |
381
Posts
Sheryl Sitman
  • Rental Property Investor
  • Philadelphia, PA
Replied

Maybe focus on a market in which you can do a cash deal with that budget and then Cash out for the next one ...

User Stats

567
Posts
459
Votes
Rich O'Neill
  • Contractor
  • Chadds Ford, PA
459
Votes |
567
Posts
Rich O'Neill
  • Contractor
  • Chadds Ford, PA
Replied

@Michael Kalivas one of the best things I did when I started was just made offers. I wasn't entirely sure how I would pay for it, or exactly what I was going to do, but I had ideas and tools ready. When one of the offers was accepted I went to work on solving the problems  related to that specific deal, not the overwhelming task of getting myself to do something. Guess what, your first 10 offers probably won't get accepted, so get good at making them and accepting the rejection. Then eventually one will hit, and you will have to figure out how to actually close on it, which you will. Then you will have to figure out how to execute the exit, whether that includes renovation or not. Then you will start over and do it again. Before you know it you will have done a bunch of deals and forgotten what the big deal was at the beginning. 

My 3 year old daughter made me watch Frozen 2 with her and I actually got something from it. Anna says towards the end of the movie to "not look too far ahead and do the next right thing" which is exactly what it takes. 

User Stats

20
Posts
9
Votes
Replied

@Michael Kalivas I’m syndicating small Multifamily deals right now in Philly. 2-10 units at a time. Happy to chat and exchange notes.

User Stats

6
Posts
0
Votes
Ian Smith
  • Wholesaler
  • Philadelphia, PA
0
Votes |
6
Posts
Ian Smith
  • Wholesaler
  • Philadelphia, PA
Replied

Hey @Michael Kalivas, I work with a lot of local investors. All have different strategies, what type of property would be ideal for your situation?

User Stats

5
Posts
3
Votes
Michael Kalivas
  • Norristown, PA
3
Votes |
5
Posts
Michael Kalivas
  • Norristown, PA
Replied

@Rich O'Neill this is the best advice I have gotten on the topic of RE investing. Thank you for putting things into perspective.