All Forum Posts by: John Donovan

Hey all - anyone with experience investing in the Norristown area?  I hear mixed reviews about the area.  If anyone has experience in the area, tips, advice, etc., a new investor would be thankful!

Thanks,

John

@Jared Joseph

Hey Jared - I’m a newbie; no properties under my belt, but I’m from the south jersey area. Not sure what your price range is but just from me living in the area, I would look in the suburbs within 20 miles or so of Philadelphia. Mount Laurel, Moorestown, parts of Cherry Hill and Collingswood might be too expensive, but not sure if house hacking is the strategy (check out 148 E 2nd St in Moorestown). Marlton, Voorhees, Lindenwold, and Washington Township might be decent places to look. Prices tend to go down out there with them being further from the city. Camden historically has been pretty rough, but they’ve made some investments on the waterfront that might be changing things.

Again, just my thoughts given it was where I grew up. Figured I’d throw them out there since no one had responded. I’m searching for my first deal as well and SJ might be a potential fit. If you’re ever looking for a potential partner, I’d be happy to have a conversation.

Best of luck!

-John

Not sure if this is the right forum to ask, but wondering about something given the notion of investors using 100% other peoples money.

I reached out to a hard money lender regarding a potential fix and flip. $212k loan amount, 11% interest. Cash to close was listed as $46k. What I’m wondering is if people are sourcing cash to close from private money, friends/family, etc. or if it’s expected to bring cash to close out of pocket? Are people additional loans to pay cash to close? Wondering if any experienced investors have thoughts on this or if newbies have experienced this too.

Thanks!

John

Hey BP - Wondering if anyone would have recommendations on contractors in the Philadelphia area.  I'm mainly looking at properties in the surrounding suburbs... glenside, abington, jenkintown, fort washington, ambler, etc.

Thanks!

@Eli B. @Dan Powers Thank you guys for the info.  As a newcomer, I appreciate you taking the time to respond.

Hey All - looking to understand rents in Manayunk by number of beds. Anyone invested there that would be willing to give a newbie some info.

What I'm finding in average rents online vs. listing prices doesn't look like much would work out - at least for homes listed on the MLS.

Thanks!

John

Hey BP!

I actually joined back in August of last year, but I'm just now getting around to posting a new member introduction. Since I've joined I've been doing my best to edcuate myself on REI and doing whatever I can to build my network. In my 9-5 life, I've been a marketing analyst and strategist for 7-8 years now and while I really enjoy marketing, I couldn't imagine spending the next 40 years of my life at a desk. This drive to financial freedom before "retirement age" and an interest in real estate and design led me down the path of real estate investing. Somewhere along the way, I found BiggerPockets.

I'm currently interested in fix & flips in the Philadelphia area (the city as well surrounding counties).  I'm doing what I can and analyzing deals online, but unfortunately I lack the cash available to get my first deal done on my own. After researching, I think my best bet would be to try to find an experienced partner in the area.  I'm willing to work in somewhat of an assistant's capacity to an experienced investor, put in whatever money I can spare, do grunt work, put in sweat equity, etc. to get my first deal accomplished and start building my career as an investor.

Any tips for a new investor are more than welcome.  I can't thank BP and its members enough for the education it has provided me so far.  Looking forward to networking with you all!

Thanks,

John