All Forum Posts by: Jonathan Feliciano

In August of the this year my business partner and I should have over 50k in cash, and would like to enter the real estate market with a good foundation and knowledge. It's a bit hard because when reading one book about SFH's it sounds good, and then we read about mult-family units and that sounds good.

But at this point I would like to know the true costs of owning a duplex, triplex, or perhaps a 4-8 unit multi-family property.

Zillow isn't the most accurate place and without current access to the MLS it's what I've been using. As an example I saw a 4 unit going for 225k on 33rd street which is 6bed, 4baths, 2,790sqft.

I don't know the neighborhood, but this is an example for numbers and not a property I'm about to make an offer on.

At 225k with 45k down over 30 years at a fixed 4.072 the mortgage is 867 per month

In addition to the mortgage there is insurance estimated at 67 per month, and tax at 152 per month.

For the majority of properties in Philly, does the landlord pay for water, trash, any other utilities?

Philadelphia has a use and occupancy tax? Can someone elaborate on this? 

Does anyone know of a reputable and good property manager? Also do property managers do just one property or are they more accustomed to managing properties in bulk

I'm sorry for all the questions but we live in Los Angeles and trying to analyze markets outside of California since the numbers seem a bit friendlier, and before we spend money on a mid-west or east coast trip.

 Any information is greatly appreciated. Thank you so much.

Thank you @Rachel H., @Armando Raygoza, and @Guy Olds for more info. After listening to a few of the bp podcasts and finishing one of J Scotts book, I've decided to focus more on SFH and perhaps a duplex. My goals are to keep learning and saving until June, upgrade to Pro shortly after, and take a two week trip up to Indianapolis and Milwaukee and go with the sole purpose of getting a home to buy, hold and rent because at this point California is too expensive and daunting for a novice like me. I would love to go now, but I don't want to feel stretched financially, and I need more info about LLCs, taxes, contracts etc before I even feel comfortable.

@Lee Ripma Thank you. I do plan to go the Antelope Valley soon, but that was with the intent of buying a SFH and renting it out, but @Bill Ayers does raise an interesting option. I also have plans to go to Philadelphia in May and check out Multi-family units as well as SFH. I'm just trying to soak it all in and hopefully make the best decision.

Wow thank you, @Mike D'Arrigo, @Lee Ripma @Bill Ayers for all the great info. Out of state makes me a little nervous but I'll continue to do research and save money and try to find a way to become more comfortable with the idea. I like your style of making mobile homes work for you Bill and is something to consider. Thanks again everyone I appreciate it.

Good afternoon. I've been saving money and looking to do something by June of this year. By that time I will have 20k saved up. I live in Southern California and property here is insanely high so I've been looking elsewhere. I had a great trip to Kansas City, MO last year and saw nice homes for 100-120k with average rents from 850-1300. Met an awesome guy who manages properties there and assists with remodels, and they have an amazing team. However as books and some experts say it's usually better to get property near where you live.

So, I have been looking now at Palmdale, Lancaster and Fresno. Can someone please help me understand about the manufactured / mobile listings. In Fresno I found several brand new manufactured / mobile homes priced from 60k-90k near other homes for 130-160k. Are these homes poor for investing? Do they have hidden fees not listed? Do I own the land and property or are these homes placed on land that I have to lease? Do these kind of properties rent? I'm sorry for the novice questions but that is what I am. 

Thanks for any assistance and thoughts, I greatly appreciate it.