All Forum Posts by: Mike L.

Hi guys, 

  I've been looking to buy my first rental and need help! 

My plan right now is to start  buying properties in north Philadelphia to begin building a portfolio. I've thought about a budget for each property to be $15k- $50k and to do repairs myself. I'm having trouble deciding if that's the right decision, where to start, and what I need. 

• Is it worth it to get started in a low income neighborhood as a newbie? 

•Do I need an llc, what type of insurance should I look into getting?  

•Being a low income neighborhood how hard is the eviction process in Philadelphia if I have troubling tenants? 

•Is it worth it to hire a realtor to mange?

•Is the licensing and permit process tough to go through?

•Can anyone suggest a newbie investor friendly in north Philadelphia?

Thank you in advance!

Hey guys,

Sorry for such a late response. I have talked to a couple of realtors and haven't had any luck with any deals.

I'm more interested in multi-family. Because I could live in one unit and rent the other unit.

hey guys,

So I'm looking to make a purchase on my first investment property. I am looking to buy a duplex or triplex around the Philadelphia suburbs. I've been looking for the last 2 months and haven't came up with anything I was really interested in or comfort with due to price and neighborhood. I was wandering if anyone has any good search engines or apps I could use to search. I have been on zillow, realtor.com, and trulia daily looking. Any suggestions or advice would be appreciated!

Thanks,

Mike

@Account Closed thanks!

@Kevin Cook thank you!

@Matthew F. great explanation Matt! Thank you!

@Britt Abbey thank you for advice.

@Jesse Gonzalez could you explain loan to value a little. Not sure I fully understand that. Thank you!

Well I guess I have to go and find out! Thanks for your advice @Mark Ferguson I appreciate it!

@Mark Ferguson I like the FHA just because of the low down payment and that I could make another move after getting situate and units rented.

But, I would rather make a better cash flow each month.

The other risk I also think of is planning to make another good move and not being able to find one for 6-9months.

Thanks for your reply!

Hey everyone!

I am looking to purchase my first house/investment property. I am looking at multi units, duplexes or quad and I have a couple of questions.

• Is it worth me getting the FHA because of the 3.5% down payment with the added monthly fees that lowers my monthly cash flow?

Or go conventional and pay a 20% down payment and make more cash flow monthly?

• And if I went with FHA. how long does that have to be my primary residents? I am looking to live in one of the units for 2-3 years.

Any other positive or negative information you think would help me make a decision on what to do would be appreciated!

Thank you in advance,

Mike Layden