All Forum Posts by: Account Closed

Welcome @Stephen Menches I'm located in center city. Only recently moved to Philly and only recently got into REI. I'm ready to get this ball moving though. My current short term goal is also to start out wholesaling. Maybe we can share success and failures back and forth on here to accelerate the learning curve. Anyway message me on here anytime and happy wholesaling!

Guys I was just looking for some advice on the best way to study the market I want to invest in that I currently do not live in yet but will be soon?

I've read a few books, posts here at BP, and J scotts flipping book. So i have a rough idea on how to study markets, evaluate comps and so on. And I know the county I'll be moving to pretty well, even know a few distressed properties off the top of my head.

Only problem is I'm not in that market to drive around yet and I do not have access to the mls, Only to zillow, craigslist, etc.

Was just wondering if there was any other remote ways to study a market better?

Thanks

So I have really been into REI lately and doing a lot of research and I think it's about time I develop and short term and long term plan. Just some info, I have very little capital. Anyway I was wondering If i could have some insight on what investment vehicle to pursue for a first time investor with little capital.

Here is what I have come up with so far:

Option one: Finance an owner-occupied duplex/triplex with a FHA loan and only 3.5% down payment. I have the money and the credit score requirement but I do not meet the 2 year employment requirement. Also this option seems very slow with minimal cashflow. And I want cashflow for future investments

Option two: Look into buying and holding small/less expensive properties, at first (due to my little capital) renting them for cash flow for later investments. Seems the most reasonable and doable to my knowledge at this point.

Option three: Partnering with other investors, lots of networking on my part, on flips until i raise enough capital to start funding my own flips. This one is a longshot but seems like it would make more significant gains faster. But also more risk involved.

Right now I guess what sounds best is to buy and hold, rent to build some cashflow and then transition into flipping. What do you guys think??

Insight and constructive criticism would be greatly appreciated =)

Thank you both! @Michael Olesky and wow @Aaron Montague that's what I really need to learn how to run all those number like you to come to a conclusion

Hey thanks @Christine Glasner I would be getting a loan and idk the going rental rates that is what I'm trying to figure out now.

Hi guys I'm studying for my first investment which I'd like to initiate this year possibly after summer?

Would this be a good house to buy n hold?
Why or why not?

http://www.zillow.com/homedetails/2954-Westmoreland-Ct-New-Port-Richey-FL-34655/46416377_zpid/

My objective here is to really start training myself to understand the market.

Don't quit! Ever! On anything! @Kenneth Goldman

https://www.youtube.com/watch?v=d-cg0WDB8uI

Hi guys just reaching out to anyone in Tampa Bay, Florida or Philadelphia area.
I've really been getting into real estate investing lately and am trying to initiate a battle plan here.

I have very little capital and this will be my first investment.I'm interested in doing an owner-occupied duplex/triplex for my very first investment or potentially partnering with someone on a flip, owner-occupied looks more realistic in my current financial situation. These are more short term goals to build up to my long term goals.

Philly:
Pros:
cost of living is dramatically better than Florida
Ummm that's about it

Cons:
Lived in Florida my entire life, dont know Philly neighborhoods at all
Not really accustomed to weather


Florida:
Pros:
Know the entire area schools, shopping districts, etc. (way simpler for me to start studying the market their)
Have plenty of friends and family to potentially help financially or invest in me
Educated in local weather, hurricanes, sink holes etc.

Cons:
Cost of living is much more expensive.
This is pretty much the only con. The cost of living will be so much more expensive very little of my income will go to my savings which will eventually be used for my first and later on investments. It will take me much longer to save that capital.


So I see Philadelphia is a "buyers" market and the Tampa Bay area is primarily a "sellers" market.
So my question is, is there any reason or advantage to either of the two cities and why you would pick that one?
Above with the pros & cons is just my personal evaluation so if anyone has any knowledge that pertains to the real estate market that would make one city better than the other please let me know.

Thanks

shoot that really puts a kink in my plans..what about "hospitality" I'm currently a waiter/bartender but thinking about relocating. Could I just get another hospitality industry job. Hotel, restaurant, resort? Thanks for the answer @Ed Wood

Hi @Account Closed I actually have the same exact plan as you currently also as a first time investor. Just thought it was cool to find someone interested in the same thing considering the internets a huge ocean sometimes. I also plan on moving back to my home state of Florida, Tampa Bay Area, to start my investing career.