All Forum Posts by: Joseph Gringeri

Hi Everyone,

I'm looking to purchase my first investment property, which will be used as a long term SFR. My goal is to start with a solid foundation, and I would prefer to hold this property for the long term, making enhancements as needed.

This property is in an area with many homes built around 1900. This one in particular (a townhouse) was built a bit before - 1870. Cosmetic wise, the property looks good, and I’m prepared to make the needed repairs. We’re taking the stand cap ex items into account, including the main sewer line.

What are your thoughts on purchasing a property this old, and is there anything I should watch out for while I hold it?

Any thoughts you have would be greatly appreciated.

Hey Everyone,

This isn't my first post, but I wanted to create one introducing myself to you all. My name's Joe Gringeri, and I am just beginning my real estate investing journey. I'm 23 years old and am currently in the process of looking for a long term multifamily investment property that I can house hack. I am a recent college graduate and am currently living at home in Bucks County, Pa, so I think this would be a great strategy to start with. I have already met some great people through BiggerPockets, and I am very excited to continue to meet more of you and learn about your experiences in real estate, as well as share with you some of mine. If anyone would like to connect just to talk or explore any opportunities, feel free to send me a reply/message, and I'd be happy to set up a call.

I also wanted to share that I just purchased the Pro Membership today. I've heard about the membership and was a bit reluctant to get it at first (I thought I could just do the processes BP offers manually), but after watching Dave Meyer's webinar on small multifamily investing, I was fully convinced to follow through and become a pro member. I just wanted to share this with the community in case anyone out there is beginning to/has been fully invested in their real estate journey and is thinking about getting their first/next deal faster with what the membership has to offer.

I'm looking forward to meeting more of you all.

- Joe

Quote from @Sheryl Sitman:

My tip as a long term investor in Philly, Bucks County, Lehigh Valley (but not Allentown)  -- work with local people who know the areas you are looking at really well and work on defining what you want to accomplish. For example, I do not see the optimism in Allentown that you are mentioning. It's been talked about as up and coming for years and it is not taking off. Lots of investors go there because it is cheap. We got into Bethlehem and Easton years ago because we did see the real signs of change -- and now only wishing I had bought more . . .

When you choose right today, the bonus in 5-10 years can be incredible.

 Hi Sheryl, thank you so much for your advice. Hearing the opinions from those in the area is something I am continuing to try and seek, versus only relying on online research. That's really great that you found an amazing opportunity in those markets. I would love to hear more about your experiences in Bethlehem in Easton and how you measured the signs of change in those areas years ago. If you are free in the near future, it'd be great to set up a time to connect for whenever is best for you.

Quote from @Percy N.:

I had SFR rentals in Montgomery and Chester counties for the past 15 years or so.

The type of property you get will depend on how you plan to manage it. Are you planning to self manage a co-living space? 

Like any area, some will be better than others. Think about your ideal tenant base and where they would rent. I have also had good experiences with the Montgo Housing Commission.

Hi Percy, thank you for your insight. Ideally I would like a multi-family home (duplex, triplex, quadplex), but since they are more hard to come by I am prepared to manage a co-living space myself if the numbers work.

I will definitely keep my ideal tenant base in mind, and this is what has deterred me from some areas in the above counties, even if the cash flow may still be there.

Thank you again for your help.

Quote from @Scott Fisher:

Hi Joe. I live and have three long term SFR in Delaware County. Bought the first one in 2017. Wish I bought a dozen back then based on the market now but who could have predicted it. Heh. Anyway, my opinion in Delaware County is the prices are too high, mortgage rates too high (if not paying cash of course), and the taxes are outrageous to make a decent monthly ROI unless your monthly rent is outrageous. However, people are paying the rent prices but for how long in this economy? That is my concern. Housing prices are pretty high so not sure how long it will take to see significant increase in values. My initial goal was to have a monthly income from rentals so I can quit my 9 to 5.

I don't know the real estate market particulars of the areas you zeroed in on but they are generally lower tax areas and lower housing prices yet still respectable rents with room for home value increase. I think you couldn't go wrong in those areas if properly evaluating the deals.

Good luck.

 Hi Scott, thank you so much for your insight, and congratulations on your previous deals. I also noticed the high prices and taxes in parts of Delaware County; some neighborhoods had lower home prices, but relative to their other aspects, such as crime, population growth, etc., I do not see them as markets to invest in long term at the moment. 

Best of luck on your journey, and if you are free to connect in the near future, it' be great to hear more about your experiences in RE.

Hi Everyone,

I am looking to purchase my first property as a long term rental, and I am planning on house hacking it as well. I was initially planning on purchasing a property in Philadelphia, outside of center city, however home prices are extremely high and interest rates right now do not help when it comes to cash flow.

I broadened my research to other counties, such as Montgomery County, Delaware County, Lehigh County, Chester County, and Lancaster County. I am zoning in on a few specific towns/cities, but I wanted to see if anyone here would like to share their opinions on any markets around these areas that have good potential for cash flow and potential appreciation.

For my criteria, I do not need a high class neighborhood, but rather one where there is potential for growth and where crime is not extremely high. I am also prepared to do a co-living situation, as multi-unit properties are hard to come by, so the market should be a majority of renters and be pretty densely populated. 

A few areas I have in mind are:

Coatesville (Chester County)

Allentown (Lehigh County)

Lancaster City (Lancaster County)

I know this is a pretty general post, but any advice/thoughts would be greatly appreciated.

Best of luck to you all on your investment journeys!