All Forum Posts by: Nicky Lisewski

@Evangelos Stefanou

Sounds like you are off to a great start, Evangelos. 

I'm an agent and I help my clients find househacks in the Philly area. I just found myself a fixer in Delco and am planning a similar strategy.  I think for househacking the first question is your time frame. Are you planning to live there for the necessary year or perhaps longer?  For my clients that often affects the areas they are willing to look at. I'd also look at what areas work for any possible commute for your job.  At this point, do you have specific areas in mind?

Going to echo what @Brad Hammond and @Rich O'Neill said.  I'm a real estate investor and agent and got started with house hacking.  I think its a great way to build wealth.  At the moment, the 203k is hard to execute given how low rates are (not much upside for lenders) and how busy contractors are.  Also, personally, I think there could be a bigger upside into locking a low interest fixed rate loan, rather than looking to refinance quickly.  

I've had luck getting buyers into what I would term grandma properties.  Perfectly livable, but maybe the units were last remodeled in the 1980s.  That way you can use the 203b and update over time while locking in the very low interest rates on offer.  Also, with a 203k, you can't do any of the work, which has been a downside for some of my buyers.  

Are you looking in Philly or the suburbs?  

@Jose Delgado

Sounds like you want to house hack a multi, Jose. That’s how I got started as an investor and now agent.

Do you have neighborhoods in mind? And have you talked to a mortgage broker about loan rates and options?

Sure, I'll message you.  As far as neighborhoods, Chestnut Hill is a great area, but not too many multis and expensive.  If you are interested in that area, also take a look at Mt. Airy and Roxborough.  

Also, if you work outside of the city, think about some of the close in suburbs.  Glenside, Jenkintown etc.  Wage tax is cheaper if you both live and work in a suburb.  

@Colin Masterson

Welcome to Bigger Pockets!

I’m an agent and investor and I got started in real estate by house hacking a triplex.

I’d suggest starting by getting an idea of your price range. Have you gotten preapproved by a lender? And do you have neighborhoods in mind?

One of my clients is working on getting a house hack a year. Basically, he has a lot of flexibility and, by the time that changes, he is hoping to have quite a few doors.

House hacking is a great way to get started and feel free to reach out if I can help in any way.

Welcome Connor, I'm an agent and investor myself, and househacking was how I got started. It's a great way to get started.

Unless you have time to spend down here before you move, I'd suggest finding at least a short-term rental first.

Philadelphia is a city of neighborhoods, and you want to make sure that you find something that suits long term as well as cash flows.

Personally, I'd look at East Falls, Manayunk, Roxborough. Finally, if you are open to the suburbs, Conshohocken would not be much more of a commute.

One thing to keep in mind, Philadelphia has a wage tax if you either live or work in Philadelphia. Most suburbs do too, but it is lower. It's one of the reasons so many people moved out to King of Prussia and Conshohocken etc if they aren't actually working in the city.

Those are good areas.  Depending on where you are working, I'd also take a look at West Philly, esp. Cobbs Creek.

To sellers, FHA loans do have a downside. The loan requires a safety inspection (and often required repairs) as well as that the property appraise and they generally make for a slower closing. If you are open to doing repairs, 203(k) loans are great and allow you to buy properties otherwise only accessible via cash.

@Austin Plantinga

Hi Austin, I'm an investor and realtor. I started out by househacking a triplex with an FHA loan. Would be happy to talk over what you are looking for.

How familiar are you with Philly neighborhoods?

I was born and raised in Port Richmond and now I'm a real estate agent with a brokerage that specializes in the Riverwards.  There is a lot of interest in remodeled houses in the neighborhood as well as in Bridesburg.  

@Jeffrey W Ohl

Are you looking for a sfr or a multi?  To live in as a house hack or as a pure investment from the start?