All Forum Posts by: Jordan Turner

Hey Joseph,

I am glad that you joined BP! I am a new member as well in the Philadelphia area.

I am a new investor and I am taking the steps you plan on right now.

I am 2 years out of college and I was able to save up 30,000 to purchase my first MFH (Triplex).

I`m getting a FHA Loan as well and have the Home inspection tomorrow. My advice to you would be to follow the blueprint you have. Save as much as you can and don`t let friends or family convince you otherwise. I have both telling me I should do this and that and now 2 years later they are asking me how I saved up so much money.. lol Stay true to your plans. You will have nights where you will be reading and researching non stop but continue to do so. I will update on how my process is going and hopefully somewhere down the line we can link up and share ideas. Good Luck!

@Jay Sechowicz 

Hey man, I am also currently in the process of buying a MFP in Philadelphia pa. Its a Triplex and I`m having the Home inspection tomorrow. I can send you a copy of the lease I plan on using if you would like? 

After I acquire the property (depending on if the Home Inspection goes well.. *Crosses Fingers*) I plan on creating a google voice number as @Richard Jahnle stated and using postlets when advertising.

However, I would not put a sign out of your house when advertising.. I don`t know where your property is in Philadelphia but I would be cautious of homeless people breaking into your house or burglars especially considering the weather.

I hope this helps. Please feel free to reach out to me. Maybe we could meet up and share ideas on how we can help one another improve our properties.

Jordan

I am interested as well. I will message you my email address.

Thank You very much Richard. This explanation was much much better. I definently was overthinking everything!

Good day all,

My name is Jordan and I am in the process of buying a triplex in Philadelphia pa. My agent and I recently sent in a offer to a potential seller in on the 120,000 triplex I plan on buying. 

I spoke with my realtor about the process after buying the house but I am still a little fuzzy on some of the parts..

Such as the Home Inspection. On the contract that I signed it stated that I would need a home inspection within 10 days of the seller accepting my offer. I informed my realtor that I did not know of a home inspector in my area and he said he would provide me with one... 

Do you think its smart for me to use a Home inspector my realtor recommended to me? or should I find my own? My realtor is a great guy but a seasoned investor in Philadelphia gave me advice and told me to find my own..  What do you guys think? and also does anyone know where I can find a great independent contractor? or have a recommendation?

Another question I have has two parts. 

I am struggling to understand what escrow accounts are and where to place my tenants monthly payments at?

If i understand correctly, the seasoned investor that I have been speaking to informed me to think of the escrow account as the "middle man" where I pay my mortgage and bills for the house. 

My question is does the escrow account come with a debit card? Is the account through my lender (which is a brokerage)? If it is a debit card, should I have my tenants pay straight to that account or open a bank account with a whole new bank?

The seasoned investor tried his best to explain it to me he also told me that usually the bank I am using will let me open a account with them with a discount where my tenants can pay. I am confused about this and having trouble trying to understand the process.

Can anyone lend a hand? I`m probably overthinking it but any answer helps thanks guys! Looking forward to your feedback.

Thanks guys. I am going to take your advice and redo my criteria list.

Good Day all,

I`m a 24 year old professional looking into buying a Multi-Family Unit in the Philadelphia as my first investment property. My goal is to purchase a duplex in a somewhat safe location,  with one unit at least being a 2br and one full bath, $300 cash flow from each unit (after taxes and expenses), while also gaining a 7% appreciation rate. I currently am qualified for a grant loan that will allow me to purchase a home with 3% down/4.25 interest rate/30yr mort. I have a realtor and we have both been looking at houses and plan to go on tours by the end of this week. I am not as worried when it comes to fixing up the house because I am more than willing to put in some sweat equity and my uncle being a contractor who is willing to help. My preference when it comes to the purchase price is not going above $90,000 because I want to be able to fix up the house to gain more equity in the long run. My real estate agent however would like me to look at multi family properties that would only need minor cosmetic work and that already have tenants in them. Houses in the 100,000-130,000 range. He basically says I should start out with less headaches being that it would be my first investment. Idk how I feel about that.. I really would like to start out purchasing less and I've heard people say its a bad idea to inherit tenants. Thoughts?

For the past couple of months, I have been engrossed in self studying and researching anything I can about real estate investments. The one thing that I am stumped on though is calculating the investment properties.. If anybody can help me out with that it would be awesome. I am open to any and all advice on here. Please be straightforward with me. i want to learn.

Thanks