All Forum Posts by: Steve Karpinski

I am looking to start flipping houses in Delaware County, PA (Delco). I have been educating myself, found a contractor I trust, and have my funding ready to go. I live in Havertown and know houses are selling like wild fire here and in Springfield but they are out of my price range. I've been looking more into Ridley, Norwood, and Prospect Park since you can find distressed properties for under 100K. I am just curious to where people are having success if you would like to share that information. 

Thank you everyone for the fast responses. I appreciate it. I am definitely going to look into hiring an attorney. I have two more follow up questions. My mentor told me not include my name or initials in the company name. I originally liked the name Karp Properties being short for my last name Karpinski. Is there a specific reason for this? Also, if there is already an LLC with the same name in PA then am I not allowed to use that name? I feel like every name I think of or like is already being used.

What is the best online website to create an LLC? Is this the best way to go about it or should I hire an attorney to do it?

I would buy a multi family property (2-4 units) and live in one of the units for at least the first year. They call it house hacking on here if you don't know the term. You will get better financing since you're living there plus if you buy it right you can basically live for free where your other tenants would be paying your entire mortgage. Then when you move out you will be cash flowing. Plus living there gives you hands on experience of being a landlord.

I wasn't planning on moving in but I could just to get the property for better financing. I have enough money to afford this place but the only reason I can't get a loan is because I just got a new job a few months ago so I don't think I've been there long enough. Is it possible for me to do seller financing for a year or two until I can refinance to a traditional loan? It's my moms friend so I don't think the interest would be that bad if I could talk her into it. Thanks for the answer and info. Very helpful

My mom's friends sister recently passed away and she lived in a duplex and they wanna move the place quickly and for below market. She said she would sell it to me for 100K which seems like a deal. Since I have never done this. What should be my first steps? Getting it appraised, inspected, and figuring out monthly rent/expenses/cash flow? I couldn't find out much online about the property except that it is 2 bedrooms per unit which could make for some nice rental income. The estimated value online ranges from 120-160K so I know I can't trust that. I'm going to go look at it this week to see what the inside is like. Another plus is there is already a long term tenant in the bottom unit. If I purchase the property, I am most likely going to be doing seller financing with them and just pay them the mortgage monthly so I think that's why I am a little bit more confused on the process since I can't get all the info on the MLS or broker/agent. I have read all the BP books but when you actually have to do these things, it's definitely a little bit different lol. It's more of I am not sure who you call for what. I would greatly appreciate some help especially anyone in my area. The house is in Lansdowne, PA for any of you Philly/Delco people.

Thanks in advance

I appreciate everyones answers and the fast response. It is funny after writing this post I talked to my neighbor who was the one who told me about the job and she said how stressful it is and how it is hard to keep up with everything. I think I sometimes worry I need to make a lot of money to be an investor but I've seen on here thats not really true. Thats why sometimes I think I need a new career because I am a middle school math teacher so I will never be making any crazy amount but in PA teachers are actually paid very well. Just means I will need to focus more on saving and keeping to a budget. I'm only 25 though so at least I am starting at a young age. Thanks again for your responses

I have an opportunity to take a job at a residential property management company at a lower position but they told me after one year if I pass the test I can move up and become a property manager. I am curious what the pros and cons of a property management job are? I have never thought about this as a career choice until recently because I want to get into real estate investing. I think it could be a great way to get experience in managing properties obviously but to also meet other investors as well as have an in with finding deals and getting my investment career going. I have heard that property management can be a tough job so just wanted some feedback. Thanks

Thank you everyone for the help and recommendations as well as welcoming me to the BP forums. I really appreciate it. 

Hi everyone,

My name is Steve and I live in Havertown, PA which is right outside of Philly. I currently have no real estate experience but am looking to get involved in multi-family properties. I have been trying to learn as much as possible through books, podcasts, and the BP forums. My plan is to buy a duplex or triplex this summer and live in one of the units as my first property. I think my main issue is figuring out and learning what area/market I want to get involved in. I just graduated from West Chester University and would love to buy and rent to college students because I know the area very well or could stay in Delaware County where I currently live. I just joined the Delco property investors club to try and build some connections. Looking forward to getting to know members of the BP community. Thanks