First Steps
Hello everyone. please excuse my brevity but, as a husband and father of 2 children under 3 years old I don't have time for quips and antidotes.
Background - I currently own 1 rental in the Manayunk/Roxborough area of Philly that was a house hack with $200/mo cash flow. I read the RDPD almost 10 years ago and it's just starting to sink in. My wife just read it and now we're all in. We're both successful sales people and thought,"Hey if we're gonna bust our asses selling for other people, we should do the same finding deals for ourselves." So here we are. Looking for deals in the NW section of Philadelphia (Manayunk, Roxborough, East Falls, Mt. Airy, Chestnut Hill).
I've been researching investing techniques off and on for about 6 years, but ramped it up in the past 7 months. We're set on the Buy & Hold strategy. As far as a niche, my wife and I noticed that it was very hard to find pet-friendly SFR's (Single Family Rentals) in our area, so we've decided to scratch that itch. Not sure where it will take us but we're ready to get down to brass tacks
Day 1 - We're finally feeling comfortable with our knowledge and looking at a 3 houses tomorrow with a realtor who is a flipper. So the journey begins.
We've managed to come up with the following criteria for houses :
1.) At least %20 below market
2.) At least %20 cost:rent ratio
3.) Has backyard
That's it. Trying to keep it simple. I will report back on my first day actively looking for deals.
If anyone wants any other details let me know...
Thanks for reading.
Comments (2)
Hi Greg. I'm a realtor who primarily works with investors for long term lease holds and flips. I work all in and around Philly, but have a love for the NW section. And for sooooo many reasons. I live in Roxborough, a great family neighborhood, and watch the new families come in all the time. There's a big need for student housing here, and starter family homes as well. Good mix of old and new. I Love Chestnut Hill but it's hard to get into whereas west mt. airy fetches the same rent with much lower sticker prices. Would love to learn more about your endeavors. There are some great properties in my area right now for sale. But here is my tip- ACT FAST. They go quick. They last three houses we have went after closed in less than 48 hours on the market. The latest- $159k on valley av. Huge back yard, 4bd, and comps are in the mid $240's-275k. Cash offer. Went down within less than 30 hours.
Here's wishing you and your wife the best of 2017.
Account Closed, about 8 years ago
Great progress and keep it up. Would love to hear more about it
Michael S., almost 9 years ago