All Forum Posts by: Tanner Kirkpatrick

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $390,000
Cash invested: $90,000

KLP's first purchase - fully furnished 4 bed 3 bath single family home in the Poconos for use as a short term rental. This house sleeps 12 guests, full of amenities (hot tub, fire pit, fire place, game room, and lots of indoor and outdoor living space), and centrally located in the Poconos. After all expenses paid, this Airbnb stands to bring in anywhere from $2,500-5,000/mo in cash flow depending on occupancy.

Investment Info:

Single-family residence buy & hold investment in Lancaster.

Cash invested: $6,500

2nd Rental Arbitrage in Lancaster. Was a little hesitant about the demand for short-term rentals in Lancaster, but this Airbnb has proven that wrong month after month. On average we are cash flowing $800/mo over the first 5 months of going live.

Investment Info:

Single-family residence buy & hold investment.

Cash invested: $6,500

2nd Rental Arbitrage in Lancaster. Was a little hesitant about the demand for short-term rentals in Lancaster, but this Airbnb has proven that wrong month after month. On average we are cash flowing $800/mo over the first 5 months of going live.

Investment Info:

Single-family residence buy & hold investment in Mechanicsburg.

Cash invested: $7,000

This was my first rental arbitrage property. We held this property as an Airbnb for 3 months before we had to close it up due to unforeseen circumstances. It was an awesome learning experience and gave us the confidence to continue to brave the STR space. Our monthly cash flow averaged just under $700/mo.

Investment Info:

Single-family residence other investment.

Cash invested: $7,000

This was my first rental arbitrage property. We held this property as an Airbnb for 3 months before we had to close it up due to unforeseen circumstances. It was an awesome learning experience and gave us the confidence to continue to brave the STR space. Our monthly cash flow averaged just under $700/mo.

Adding some data driven commentary to this thread. I (along with the MLS data) agree with @Alex Uman and @Dan Powers in that the median sale price for 19146 is higher than in 19145. As Dan touched on, this is can likely be attributed to most of the newer construction in the Greys Ferry area being on the north side of Tasker St. 

I ran the same data search on the south side of Tasker St in 19145. Results in the graph below show the median sales price in 2021 (205k-210k) is lower than that of the 240k in 19146. 

For additional info, here are the highlighted areas from where the data was pulled for each zone:

19146:

And 19145: 

Hello @Austin Fruechting! I searched BP to learn more about how to structure partnerships, and I'm so thankful I ended up here. Thank you for all the insight above. Would you mind sharing your operating agreement? I am forming an LLC with silent partners and would greatly benefit from your advice. Best

@Kevin M. Thank you for the advice! I will be sure to be as transparent as possible 

@Nick Brown I appreciate your feedback and glad to hear your house-hack is going well. Do you plan on fixing up any of the units prior to moving to your next property? Adding value during a house-hack seems like a smart way to increase monthly rent and ultimately obtain more equity in the property, once refinanced. 

Looking for fellow Philadelphians who have had attempted (either successfully or unsuccessfully) to house-hack in the Philadelphia area. Welcoming any tips or advice in finding properties and hearing about your experiences. I plan to use an FHA loan but may need to borrow capital for down payment from a family friend, still working on that part. Curious how to structure a payout agreement between myself and the lender, and if it is even worth it given limited cash flow.

Hello All! My name is Tanner Kirkpatrick, and I am 25 years old. I currently hold a full-time position as a Systems Engineer (3 yrs) and have recently discovered my obsession for Real Estate Investing primarily through BiggerPockets. As a quick background, I am originally from Carlisle PA, graduated from Gettysburg College in 2017 with a BS in Physics and minor in Mathematics. I have been a resident of Philadelphia for just over 3 years now (Northern Liberties/Fishtown) and reside in Rittenhouse area today. Similar to most, college loans have left me in a significant hole of debt and the corporate 9-5 grind has not provided much financial growth, so my motivation to educate myself and develop multiple sources of passive income is high in order to reach financial freedom.

BiggerPockets has taught me all that I know through the forums, webinars, books, and countless hours of podcasts. The support and guidance provided I observed early on from the BP community, made the decision to join a no-brainer. I am very excited to continue interacting, learning, and building new connections moving forward.

I'm in the process of developing my entrance plan into REI that will get me involved sooner rather than later. Given my limited savings and student debt, I am looking to gain experience with wholesaling (to generate capital) and house-hacking (to decrease my rent and focus more income on paying off debt). Once I have raised enough capital, my goal is to begin BRRRR-ing single and multifamily houses.

I welcome any recommendations/tips on getting started. I appreciate you taking the time to read this post.

Tanner