All Forum Posts by: Alex Capozzolo

@Garrett Culpepper if you think the property is getting multiple offers even though it's off market I'd do your best to take it down with Hard Money or cash of some sort to make your offer more competitive. You can also ask the wholesaler or wherever you're finding it what the selling would accept in terms of financing. Some are cool with traditional, in that case FHA be more beneficial for ya! FHA also has some pain in the *** hoops to jump through in terms of the condition of the property and certain features of it. So if time is of the essence that could hold you up.

Good luck taking it down!

@Brian Miller A lot will come down to the income it generates, even if there are not good comps nearby. As long as your confident with the rental numbers, that will be a big factor for appraisers. 

$40K rehab is not bad for a 4-unit! Does it have a sprinkler system and alarm system already? Those are things that many bigger multi-families in Philly don't always have that you can get dinged with later on. 

If you buy it right it's hard to lose. 

@Jake Ashenfelter gotcha. Subletting is a good option if you want to kickstart things now. I did that when I was in undergrad. 

@Jake Ashenfelter look into house hacking! I invest in Philly but live in California, still don't own a house out here because it's mega expensive lol but if i lived in Philly i'd house hack to knock out my rent expense and own a prop at the same time. Good luck! 

@Bobby Burks Look into house hacking for your first real estate deal. See if you can use an FHA loan to get yourself in (super low down payment) and then rent out the other rooms / units to cover your expenses and live close to or for free.

@Matthew Tierney the list isn't perfect but here's our list that we use. Would love for others to chime in on this list / add to it! 

We've personally used Spring Garden Lending and are getting ready to use Temple View Capital for our next project. 

@Matsa Sundara Congrats job well done! It's INSANE how many free resources are out there. Sometimes I wish I had a super power where I didn't have to sleep and could just crank out late night learning into the wee hours of the night. Nice work on your rental!

Ok great thanks

I second the house hacking idea. Good way to learn if you like being a landlord. And if you live in it while fixing it up you can learn if you like the flipping / fixing side of things. Philly has a TON of opportunity for house hacking in the more affordable neighborhoods.