All Forum Posts by: Account Closed

Great explanation @Harry Metzinger, really appreciate you clarifying that!

Thanks for sharing your experience @Harry Metzinger ! What are the repayment terms of your HELOC? I was hoping to find a HELOC that lets me make I/O payments, so I don't have to worry about paying down any debt until we finish with the project we are funding. I'm not sure if these kind of HELOCs are common though? I appreciate anyones input!

Hey everyone!

I am looking to start up a fix & flip business alongside my dad. Since my family's home where I grew up no longer has a mortgage, we were considering using a HELOC to cheaply start our fix & flip business (side note: we have never used a HELOC before).

-(*For Philadelphia investors*) 

Does anyone know any lenders/references in the Philadelphia area that offer great terms for a HELOC? Have you ever worked with these lenders & what was your experience?

-(*For all investors*) 

Have you ever used a HELOC to start-up or fund your business, and what was your experience? What are some key criteria or loan terms to look for, when searching for a lender for your HELOC? Any advice or warnings?

Thanks so much all, I look forward to hearing your insights.

@Paulette Midgette this is great insider advice! Thanks so much! You make a great point about the neighborhoods further away from CC. I will definitely look into these areas. 

@Ryan Igbanol thanks for the heads up about downtown, very good to know.

Appreciate everyone participating in this good discussion! 

@Jeremy Chaudet @Marc Oister thank you both a ton for your insight!

@Account Closed.

It's good to hear everyones thoughts. Does anyone have any experience with some of the suburbs that are a little further out from Philadelphia? I've heard a few good things from friends about places like Pottstown and Norristown but don't know much about them. I suspect that some of the investors here on BP might own properties in the lesser known smalltown/suburban locations outside Philly so it can't hurt to ask!

Hi everyone,

As some may know, I am a relatively new investor here on BP looking to buy my first small multifamily property. I currently live in Philadelphia and have some experience in a couple different parts of the market, both in and outside the city (West Chester, Fairmount, Temple). 

Prices in the city seem to be higher with lower cap rates, and new investors like myself are looking for properties on the less-expensive side (but still in a good long-term location). I wanted to start a discussion here on BP with the smart investors who operate in our Greater Philadelphia market about what some good locations like this are. 

Which Philly towns, neighborhoods or suburbs do you like to invest in and why? How long have you been in that market? Do you think the prices there are fair? Where do you see it going in the long-term? Or more simply, what are your thoughts about the area in general?

Even those of us who have lived in Philly our entire lives still don't know every last corner of the market! So I think this thread will valuable to the inexperienced & experienced investors alike. I really appreciate the insight anyone could offer, and I'm sure many other new Philly investors like myself will find this thread useful.

So, what do you think?

@Michael Kiett Hey Michael, I'm a new investor also just getting started in Philly, looking at a similar strategy to yours-- wholesaling to get started, and then moving onto multifamily buy&hold deals. It would be cool to keep in touch and see how things are going with you in your start! Best of luck!

Thanks @Joseph Scorese, much appreciated. I'll keep in touch!

Hi @Account Closed, I'm in the same boat as you: just getting started in the Philly market through research, and looking to pull the trigger on my first deal! It'd be cool to keep in touch to see how you're doing in your start. Best of luck!!