All Forum Posts by: Ryan McLaughlin

Hey Cole, I agree with earlier posters. Fairmount and Manayunk could be great options for you. Manayunk to CC in 25 minutes is doable. Fairmount is closer to CC and will be valued higher see better appreciation. That being said, both are very well established, vibrant areas and will more than satisfy your C+ criteria. 

My wife and I made the move from NYC 3 years ago with the exact same ambitions. We couldn't find a multi that we could afford in an area we liked so we added a rental unit to a single family in Manayunk. It's covering my whole mortgage and when I move out it should cash flow $2k+. I'm awaiting my zoning variance but things are looking good. 

This strategy is SO powerful and with your budget you will have a lot of options. I'd love to offer more insight if you'd like to connect sometime. You're on your way to making a great first step and most importantly, you'll love Philly.

Hey Jaime

My wife and I made the move from NYC about 3 years ago. We also came for the affordability but more importantly, the quality of life factor. 

Philly is vast and so is the investing landscape here. My wife and I couldn't find the right multi fam back then but ended up adding an income unit to a house in Manayunk. We love the neighborhood. It's covering our mortgage and we are on our way to making it a legal duplex.

There are a lot of different strategies for getting your feet wet here but for now I think you should just focus on getting your bearings. I came into Philly once a month for about a year before we moved. I realize that may be tough as a New Yorker, since you may not have a car. 

I'd love to tell you more about my experience or offer any advice. Shoot me a message sometime. I'm happy to help in any way I can. 

Hey Ryan, how did you make out here? I agree with the previous poster that if you saw 2 prong outlets you needed to expect that none of the outlets would be grounded. Knob and tube and ungrounded outlets are super common in houses of that age in ROoand throughout the city. I would imagine you would have a tough time negotiating a credit for that. 

I would assume a full rewire should run you about $8.5-11K but I wouldn't expect the seller to come out of pocket for that, especially in this market, and good electricians are scheduling about 8 weeks out right now. It's hard to assess your structural issues without seeing them. Your agent should be able to advise you on all of this. Give us an update?

Hey Matthew, I've done some Airbnb here in Philly. Airbnb comes with higher margins than a traditional tenant but with MUCH more management and stress. I managed a great 2/2 in Brewerytown and dropped it right before Covid. Juice wasn't worth the squeeze. I also built a short term rental unit into the basement of my home in Manayunk. That has proven to be the smartest thing I've ever done. 

Even here though, I have switched away from an Airbnb model in favor of longer term rentals and I'm currently in the process of seeking a variance to make it a legal duplex. I have a strategy that will make my primary a cash flow monster when I move out but that's after lots of experimentation. Airbnb is enticing and you're on the right track but I wouldn't count on it as a long term model. It's flashy in the beginning and quickly loses it's luster. My two cents. Would love to hop on a call with you sometime if you'd like to discuss more in depth. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $240,000
Cash invested: $30,000

My wife and I used a renovation loan on our first home. Our full gut rehab added 2 full bathrooms and a short term rental unit. Creative house hacking at it's best! The unit is projected to cover our entire mortgage.

How did you finance this deal?

HomeStyle Loan

How did you add value to the deal?

We added a bathroom and mother in law suite.

What was the outcome?

We have a property now worth $375K and our rental is paying our mortgage.

This was great, much appreciated!