All Forum Posts by: Malik K.

Hello,

All else being equal (other than the 2022 tax abatement for the gray’s ferry property) what area do people think would appreciate more and offer best rents? The northern gray’s ferry area near graduate hospital or the flatiron section of port richmond near Fishtown (Port Fishington)? 

The gray’s ferry residence I’m looking at would be new construction and with the 2022 tax abatement. 

Thanks in advance! 

Hello,

I am in the process of closing on my first property, a triplex I plan on owner occupying for 1 year. I can afford to put 20% down and still have a fair amount of cash reserves. My question is whether it makes more sense to put 10% down so that I can have more liquid cash to use for stocks/bonds/HYSA or if it would be better to put 20% down to get more cash flow/lower mortgage. By putting 10% down I probably will be less than breaking even every month ((like an extra $800-900 per month at very low/conservative rent prices)  with the building fully tenanted (as is condition not counting value add with renovations). 

Appreciate any and all advice. Thanks! 

Yes, I understand. My question is whether it’s a bad idea to put 20% down and continue renting my own place because of the convenience factors including being able to walk to work (and I work long/late hours). I can opt to do the house hacking situation, pay only 5-10% down, and live in one of the units but it will be less convenient for me in a number of ways. 

Looks like I’ll be purchasing a multiplex for ~560k. I think it might make more sense for me to continue to rent my current apartment due to the conveniences and being able to walk to work versus moving into one of the units in the multiplex as I had originally planned. I’m being advised to put 20% down and afterwards I’d basically be breaking even with all the units tenanted. 

I don’t plan on living in Philadelphia long-term but probably will for at least the next year. This will be my first property. Is it a “bad” decision to put 20% down on this multiplex, likely have most of the mortgage covered by the rental income while continuing to pay rent at my current apartment? Greatly appreciate any advice. Thanks!!

Thank you. I sent you a private message request and was wondering if it would be not too much trouble for you to answer my specific questions in it. Thank you so much! 

Which of these areas would be a better play for house-hacking in terms of likely appreciation over the years and rentability to potential tenants? Thank you in advance!

That's interesting. The agent I'm working with has mentioned that it's best to do 20% down because then I can avoid PMI. It also seems like a lot of the options I find on Zillow and then show to my agent, actually turn out to be illegal multiplexes. Where do I find out if these postings for multiplexes on Zillow, compass, etc. are illegal or not? Also, what exactly is an illegal multiplex and how troublesome would it be to househack one of those?

Hello,

I am a first time investor. I was originally considering house hacking with a multiplex (and I have over six figures I could put for a down payment) in Philadelphia but it seems that the only places where I could cash flow right now would be in far west philly or in neighborhoods that are boring or not so safe, would be a longer commute to work areas, etc. 

In this scenario does it make sense to buy a triplex or 4plex in a less desirable/up-and-coming neighborhood , rent all units out while I continue to rent in center city/fishtown/UCity/NoLibs? 

Many thanks in advance! 

Hello,

I currently live in Philadelphia but may move in the future to NYC. I was wondering what would be some good areas to consider for a first time house hacker. It seems triplexes or quadplexes are the ones that are best for cash flow with an FHA? Are they harder to manage than duplexes? I was thinking about getting a 1 bedroom for myself and then having 2-3 other 1 bedroom units for renters.

I have a fair amount of savings so I was wondering whether there’s any benefit to putting 20-25% down instead of 3.5%? It seems most properties in good neighborhoods are in the 600k+ range? Will it take years for me to be able to cash flow in that case? I’m trying to figure out if it makes more sense to just do easy investing in the stock market especially if I plan to move out of philly to nyc in the near future. On the other hand people keep telling me there’s never a “good or bad time to buy”.

Sorry for the barrage of questions but would really appreciate any advice/insight! Thanks! 

Good morning,

How safe would you say these areas (5120 ranstead st, etc) are for purchasing a multiplex as an owner occupant as a young professional? Thanks in advance!