All Forum Posts by: Stephen Gibson Jr

Hey everybody, 

I'm considering getting a HELOC to have some small repairs done on my primary residence.

If I were to say get a HELOC for 50k, use around 10k for these repairs and pay it off after a few months... when I go to get a mortage on a new property, would it impact me if it had already been paid off?

Or is it literally like a credit card, where they look at the actual balance or total line of credit?

Thanks

Hi everybody,

I'm in search of a CPA with experience and understanding of multi family investing in the South Jersey/Philly area. Bonus points if you are familiar with Philly. 

I'm looking for assistance in getting started, I need advice on how to best proceed in my given situation/goals. 

I need help in determining the best use of my funds/resources to purchase my first property as well as set me up with options for subsequent properties. 

My goal is to buy and hold several multi family properties to eventually build consistent cash flow. In order to accomplish this I'm planning to house hack at least initially to hopefully facilitate building a portfolio faster. 

I am currently seeking a duplex to house hack in philly while I rent out my current primary residence.

Please let me know if you or someone you know would be interested to discuss in greater detail.  

Thanks for reading

Yes I'm in search of a duplex in Philadelphia. Its pretty difficult to find an area with enough upside that is safe within my price range (600k or less), some areas are pretty rough around here. It seems most of the stuff in obviously nicer locations is already 800k+. I'm wondering how it is for people in other locations. One reason I'm interested in something within Philly proper is the 10 yr tax abatement for new/rehabbed properties, I will just be paying taxes on the lot for this period. 

My goal is to find a deal where I can live cheap for 1-2yrs then move to rent the whole building, and hopefully purchase another.

Thanks for reading

Hey there, I'm looking for some help in figuring out what I should be looking for in a realtor. 

What specific questions should I be asking? 

I've been overwhelmed with the amount of agents available and indecisive on who I should work with long term. 

How much of a difference does the agent make? 

Any feedback will be helpful !
Thanks for reading 

Hi there, I'm interested in finding a turnkey duplex in the Philly to house hack, my price range is around 600k and I'm hoping to find something in a decent area that can rent for around 2k/unit. I'm interested in being in the city to be closer to work and take advantage of tax abatement. 

I've got a few questions I'm hoping I can find more clarity on. 

- Any specific neighborhoods to target/avoid?

Ideally I'd like to be in a decent area though it seems this might be tough at my price range. I'm looking for an area I'd feel comfortable walking my dog at night if I needed. I'm from south jersey but I am not too familiar with neighborhoods in the city, I've been driving around trying to get. a feel for it but still not quite sure where I should be targeting. Overall location wise I'm looking for areas that stand to appreciate over the next 5-15 years. Any thoughts on this?

- New construction vs down to studs remodel ? 

I'm leaning toward new construction bc at least theoretically it seems to have less risk with capex expense in the first year or two and I would shoot for some sort of builder warranty. So I'm also looking for any first hand feedback on experiences with new construction builders in philly. Though I'm not opposed to an older building that has been completely remodeled. Would love if people could share their experience and preference when it comes to this.

- Should I just wait the market out some?

I've noticed there is extremely low inventory on duplexes at my price point at the moment. And most of the properties that are available are in pretty rough areas. This market seems rough, there are very few duplexes on the market at my price range. There seems to be less than when I initially started browsing for properties roughly 2 months ago. So I've been thinking I should just take this time to make sure my finances are in order and my current primary is ready for rent and try to start making moves around Q1 2024 (depending on what the market is doing then) Any thoughts on this?

I'm also open to any and all general advice as well for a new investor looking to crack into the multi family space. 

I'm new to BP and really excited to keep learning and hopefully build a nice portfolio in the coming years. 

Thanks for reading