My fiancé and I have been listening to BP and reading RE books like crazy the last two years. In that time, we've bought a single family house in NJ and condo in Philly. We are going to sell the SF house since the market is red hot and we can conservatively get a 40% return on it.
Our goal is to use the proceeds from the house and buy a multi-family in Philadelphia, PA suburbs or NJ and since the market rent in the area in Philly where our condo is located is very expensive, we plan on renting that out and house-hacking the multi-family. We'd prefer the MF to be a fixer-upper and/or one that we can increase the value by increasing rents through renovation/other value adds to start a snowball BRRRR effect (pull our initial investment out and use it for the next).
If anyone has any insight on MF homes in the greater Philadelphia area/south Jersey, or knows a reliable contractor, we'd really appreciate the help. We're hoping for this to be the first step to a long, successful relationship with real estate. Thanks in advance for any help!
