All Forum Posts by: Mike DeLeo

Hi Everyone,

I am working on getting all the pieces in order to go on the hunt to purchase my FIRST duplex. 

 If I haven't gone to a lender to get pre-approved for a loan, should I hold off on looking at places that are for sale? My reason is, I see places in my area that I am interested in looking at, but If i go and schedule an appointment to see some of these places, will the seller not take me seriously if I am not "pre-approved ready"? My feeling is that I should at least be getting out there and work on building relationships and talking to the people who are in the industry.

Any feedback is appreciated, thanks all!

@Amber Koontz: I couldn't agree with you more, about becoming successful, establishing yourself, and then your family. This is exactly my plan. 

There is soo much to learn, but that's the exciting part about it all. Good luck with everything!

Great feedback! I am just getting into real estate investing and am seriously considering the FHA route for my first MF prop. Needless to say, I have not thought this far ahead capital gains taxes and purchasing the second property but I like this idea. Granted you would have to live in the second MF prop if you're going to get the FHA loan, but you'd have a couple years experience under your belt now, low money down, and a fully rented MF cash-flowing for you. Very cool, awesome advice!

Great question Joe, and congrats on your first purchase!

My goal is to buy my first duplex within the next year. Doing all my due diligence now, (just joinged BP a few weeks ago) and trying to learn as much as possible.

I'd love to hear more about your first buying experience: how you started looking, how you decided on the location, and your FHA loan experience as I am seriously considering going this route for my first MF property.

Thanks Joe!

@Troy S.

Nice, sounds great. So when you say 'we', do you mean you and your wife went in as partners, or do you have a pertnership with others?

And, I've been thinking/contemplating ways of getting to know areas for potential investment. It's obviously a more long-term method of finding out if a location is right for you, but do you recommend renting, before investing, in an area that you think you are likely to invest in (like you did yourself)?

 Tony,

In my searching so far I've looked mainly around Greater Northeast Philly area, and Fishtown area. I like South Philly also. But I have much more searching to do.

How did you come across investing in Brewerytown?

Thanks Kim and Favia!

Hey Tony,

Thanks for the welcome! 

I'm in the early stages but I've mainly thought about getting into buying and holding multi-family homes. 

Goal-wise, here's what I have in mind:

Right now I live at home, recently out of college (TU), working, and trying to get a picture of my personal financial status, essentially what's coming in and what all is going out. I'm almost there.

I feel like once I get a good picture of my finances I can start to look at properties and what I can afford. I am planning on living in one unit while renting out the other(s), whether it's a duplex/triplex/quadplex. 

So this is the start of my REI. Once I get one property the idea is to build a portfolio but that will come with blood, sweat, and tears. My main focus in the next year(?) is to get one multi-unit property, build initial cash flows, and get land lord experience.

Don't hesitate to give feedback, I'm here to learn!

How about you? How long have you been involved in REI, and what sort of investments so you deal with?

Hi Bigger Pockets community,

My name's Mike DeLeo. I'm very excited to be here on Bigger Pockets. I've listened to a few podcasts on YouTube, and finally made the move to create my account on here. 

I have some real estate experience with commercial rental properties in the Doylestown, PA area. I now work in the insurance industry, and as much as it is a solid job where I could mold a successful career if I choose to, I feel more of a desire to explore real estate investing. Once I left real estate in my old job and started my most recent job, I felt an even stronger desire to pursue real estate investment.

Thanks for having me, and looking forward to my Bigger Pockets experience!

Mike