All Forum Posts by: Rob Bianco

I've been reading some books from Bigger Pockets and a recurring theme seems to be to get a deal on the sale price of the property you're interested in. To me this sounds like you should offer below asking price. My question then is how low is too low? 

There are a few properties I'm interested in, but I've considered offering 20% less than asking price, based on something I read, but that sounds pretty low. On a $500k property we're talking about $100k .. I can't imagine any seller going for it. 

I'm deeply considering getting my first rental property in Philadelphia. I really love the city, it's low property tax rate, and some of the gentrification happening in all corners of the city. My goal is to invest in rentals with minimal rehab needs and create strong cashflow. At worst, I'd hope for 8% ROI after expenses including Property Manager fees.

I guess, my question is what are people's experiences thus far investing in the city in regards to finding strong cashflow? I've been looking at the Frankford, Point Breeze, and Kensington areas mostly. Brewerytown and Fishtown look over-valued for what I see on the web right now.

I found some intriguing deals near University City, but the homes look very old and need a lot of work on both interior and exterior. I did also see some deals in the Kingsessing neighborhood, but I'm not familiar with that area and if gentrification is happening there (I'm trying to avoid being a slumlord).

Any advice would be appreciated

My wife and I are both doing pretty well financially and with our careers, but my credit is a bit shaky while her's is in the 700's. I'm trying to get involved in buying rental homes for cashflow, but I'm pretty confident I would be denied, but I'm assuming she might not be.

Would we be able to co-sign on a loan? I'm not really sure how this process would work. We also don't own a home (we rent an apartment) so we can't use that as collateral. 

My work keeps me pretty busy. I work maybe 60 hours a week so it sounds like I need a more passive approach. I think this is why I took to stock investing pretty quickly. 

Ultimately, what kind of ROI should an investor be looking for on a Turnkey property? I understand these things vary, but what would be considered Below Average, Average, Above Average? I started this conversation by saying 8%-10% .. Is that reasonable out the gate?

Yes, absolutely !

I'm living in NYC but I'm highly interested in investing in rental properties that would provide the best cash-flow out of market. I've been reading a lot about Raleigh, Columbus, and Milwaukee. I'm wondering if I'm better served finding a turnkey provider or making multiple trips to the area to house-hunt with the help of a real estate agent and then find a great property manager to oversee things. 

Thanks to everyone for the warm welcome. 

Right now my family's financial needs are being met just fine, so that's not much of a concern.

I think my main goal is cashflow and having been able to turn a consistent 25% return in the stock market over the last 3 years has made me realize that I'm really looking for at least a 7%-9% Return on my Investment (appreciation just being icing on the cake). So whether I invest far away in an emerging market or close to home, that's ideally what I'm looking to do

@Brendan Thanks. I'll be sure to do so.

Starting out I think I'm most interesting in Buy and Holds. 

Hey There,

I'm new to real estate investing. Currently living in NY (temporarily) but I'd like to invest out of market, which I know is probably not recommended for beginners, but I'm open to it.

I've been reading some of the Bigger Pocket books and they talk about Turnkey Properties, which sounds interesting, but not sure if those properties usually cashflow well enough if you're paying a premium for the property + the company to manage it? I've thought that it might be an option for a couple markets I've liked in the suburbs of Chicago or Milwaukee 

My wife and I are also considering a move to Philadelphia to raise our family and I thought maybe it makes sense to start there, but I'm not sure how strong the market is there right now. From what I understand the school systems are lackluster and job market is so-so. 

Just looking for a few pointers and perhaps some help finding the right direction

Thanks!