All Forum Posts by: Stephen Gibson Jr

How do people usually find partners? Any suggestions on how to go about this? I'm looking for small multi family in Philadelphia. 

Appreciate the response! I figure I will share my exact situation to see maybe what you all might do in my shoes.. I (31M, good job/credit) inherited a paidoff townhouse in a "C area" for which I can rent for around $2400-$2800 (worth about 220-245k currently). My plan is to find a new construction property (SFH, small multi, or even condo) in a near by city (tax abatement, easier to find room renters, closer to work/nightlife) that I could see myself in for the near future which would also have rental appeal. My budget is around 500k and slightly higher for multi, I have around 100k for DP and around 40k or so in reserves. Problem is the majority of properties at this range are in pretty up and coming areas of the city, though I may be able to find a nice block. I'm pretty much priced out of any multi family I would want so I've been targeting SFH/condos. I've been thinking about making a move in this higher interest environment to avoid bidding war/before prices go up even more if/when rates do actually come down. Based on this context, would the suggestions change any ? If so how?

Thanks for reading

How much does the thought process change when you are living in the property? I'm considering taking some from my taxable investment account toward a down payment for a property that I see as an investment but that will also serve as my primary (and house hack a room or two) for the next 3-5yrs. 

Hey there, I'm curious what factors others are considering when determining what price to charge for room for rent. 

Please let me know if you have any insight or suggestions on how to maximize the rental income. I was thinking to include utilities and/or light bedroom furnishings (bed frame, nightstand, desk, lamp, etc) depending on how much I can charge. I've also seen some people splitting utilities evenly, I'm not opposed to this either. 

I'm located in a large city that has plenty of rooms for rent and the property is pretty desirable, so I'm sure I'll find people interested but I'm unsure exactly how much to charge. Any advice would be greatly appreciated.

Thanks

Hey I am considering making the same move. Did you end up making a purchase? Wondering if you have any tips.  

Thanks for the response ! That does sound like my situation, I am looking to manage and use the residence as a primary residence. I will definitely look into this further and check out your site.

One question I have though is where does one usually find deals?

Hey there, I'm interested in getting into the small multi family space in my area. My issue is I can't afford properties of interest in desirable enough areas that I'm willing to use a primary residence. So I'm contemplating potential partnership possibilities. My initial idea is to find another individual like me (young professional w/ decent income and enough half the downpayment) and purchase a 4 unit in prime/great location. Are people doing this/is it a feasible idea? 

Are there other options for somebody in my situation to procure funding ? I'm planning to be living in a unit, would there be an opportunity me to also partner with an investor in other ways? Would it even be beneficial ? I'm just trying to learn and think it through. 

Thanks for reading, any suggestions would be greatly appreciated. 

Seeking professional to help prepare townhome for rental in South Jersey/Philly. 

Property is located in 08046 zip code

Please contact below if interested

Appreciate the replies !

Hi everybody, curious if anybody here would like to share their experience house hacking a small multi family within Philly. 

I'm looking to hear how it has been for you thus far and how you are feeling about the future. Also if you have any suggestions for a new investor looking to house hack in the city I would greatly appreciate it. 

Thanks