All Forum Posts by: Rob Snyder

I am in the process of purchasing my first investment property.  It is a 4 unit multi family where I intend to live in 1 of the units and rent the other 3.  I am having difficulty finding a homeowners insurance plan.  Does anyone know of any insurance companies serving southeast PA that would insure this type of property?  Ideally, I'd be looking to bundle auto insurance with the homeowners policy as well.  Finally, any thoughts on any additional insurance that may be needed or recommended?  I'm thinking 'landlord' insurance, a liability or umbrella policy?

Thanks in advance!

This sounds like an excellent idea.  I'm interested in joining with this group if and when you find a location to meet.  

@Korie Apgar, not yet, but thanks for the tip!

@Joe White, yes, I plan on going that route if needed. One question that I have about that type of loan is, can I get around the PMI by putting 20% down, and if so, does that defeat the purpose of an FHA loan?

Hello.I’ve been doing my research and am about ready to make the move on a house hack in Spring City, Pennsylvania area.I am looking for any recommendations on investor friendly, licensed real estate professionals who work in the area or nearby.

I am also looking to network with other investors, wholesalers and rehabbers/licensed contractors in the local area.

I'm currently well positioned to take the plunge, great credit, some cash for down payment, and am hoping for a FHA loan (and a 203k loan if necessary) but need to find the right experienced agent, contractor and make the right connections.I plan on attending the local real estate meetups in the next month, but am wondering if there's anyone out there in Bigger Pockets that can provide some referrals.

Hi Bob, I'm a new investor in Phoenixville area.  Looking to house hack a multi-fam in Spring City or Limerick or Phoenixville area to get started.

@Joseph Scorese

Can you elaborate a bit on:

"Also, you need to understand your financials from a financial resume perspective and mortgage plan not just go out and get a mortgage."

Thanks in advance.

Rob Snyder

Hello BP, I’m a first time investor and have been researching the best way to achieve my goal of 40k passive income in the shortest time period possible.I’m thinking of starting with a multi-unit house hack where I can hopefully live in one of the units, rent the other(s) out to cover the mortgage, and then move onto searching for the next investment.Again, I’m a noob, but this is my current train of thought.

I have approximately 70k cash to work with, great credit, and no debt and a decent job making about 53k.I’m located in Philadelphia suburbs, specifically Phoenixville area, and am interested in purchasing in the suburban Philadelphia area, Montgomery, Chester or Berks county, in a decent neighborhood with at least an average school district, preferably a good district.

How would you deploy your resources if you were in my shoes to achieve both short term goal of initial purchase, but more importantly, the long term goal of 40k passive income?

Also, any tips or ideas on where to find the off market “deals” are appreciated!Thanks in advance!

Thanks for the warm response.  I've actually already landlorded for a live in renter for a year in 2014, worked out great.  I'd love to chat about getting started and your experiences so far!

Thanks! 

Hello,

My name is Rob and I'm currently located in the suburbs of Philadelphia in Phoenixville, Pennsylvania and have long had interest in getting involved in real estate investing, and am hoping to buy my first rental property sometime in the next few months in one of the Philadelphia suburbs near me. I'd like to eventually buy and hold enough property to generate around $35-40k passive income per year, but realize that I have a lot to learn to get there. That's why I'm here. I'm also open to possible flips, but am looking down the road toward ultimatley having a passive income.

I'm currently thinking of starting with a small multifamily unit that I could possibly live in may be a good place to start. I can do work on it if needed, and am sitting on some cash that could be used for down payment and repairs. I am open to the local areas like Montgomery, Chester, Berks, possibly Lehigh counties in PA, but am not sure what neighborhoods and areas would work best, or where to find these properties aside from MLS? Is anyone familiar with Spring City or Royersford areas? They're close by and seem to have decent schools, reasonable prices, low crime and many renters so that's one area I'm considering.

So, I'm looking to get into it, make some contacts, learn a lot, and hopefully make some smart deals and start working towards my goal!