All Forum Posts by: Thomas Alessandrello

Hey BP! I'm really interested in investing in real estate now in Philadelphia. I've rented for two years and I'm ready to make the jump and househack a property.

My only problem - I'm not stuck on staying in Philly. My family is by NYC and I've always wanted to live/work in NYC.

Do you think it's a good idea to invest in a property in Philly and househack it for 1 year? After 1 year is when I'll likely be looking to move elsewhere, most likely NYC. Ideally I would like to keep the property as an investment to rent out. Or I suppose I could sell it and use the money to purchase my next property.

Thanks! Looking forward to hearing your thoughts!

Thanks, @James Wise! 

Thanks, @Jay Sechowicz and @Daniel Kent ! Really appreciate your advice. I'm taking a look at those local real estate groups and like the services they provide. Jay, I'd love to connect with you further to hear more of your story as I'm interested in investing in a duplex and living in one unit.

Thanks everyone for chiming in and looking forward to connecting!

Hi @Jimmy O'Connor ! Thanks for the input! I'll definitely think further about these questions but here are my thoughts right now:

1) Ideally, I'd like to live for free and earn some income if possible. My goal is to live for free but would be ok with paying some out of pocket.

2) I'd say I care more about the safety and transportation ability of the neighborhood. I'd like to stick around major transporation hubs such as 30th St. Station since I travel frequently for work and to see family in North Jersey. I don't own a car. South Philly is where I'd like to be but open to University City, Fairmount, Brewerytown, Fishtown, Kesington, Manayunk, East Falls.

3) Figured that based off my searches, and I'd be happy with a duplex.

4) Definitely looking for a turnkey or a property with little improvements to make. I don't have a ton of capital or knowledge to be doing major renovations.

Happy to discuss further in messaging. Let me know your thoughts on my answers and if you think this is feasible or if you have any other advice!

Thanks, Anthoney! Appreciate the insight. I've been listening to the BP podcast for a little while now and have read a few books. Rich Dad Poor Dad of course, Set For Life, and some others. I think I have a pretty good understanding of the basics and ready to jump in and learn more as I go. 

A turnkey property is certainly more ideal starting out as I don't have much capital saved. 

Looking forward to connecting further!

Thanks everyone for all of your input! I definitely lean towards the MF side so appreciate hearing the upside of that! Ideally I would live in one unit (the less attractive one) and rent out the other(s). What's the process like for finding renters? Is the way to go by posting listings on Zillow, Trulia, etc.? Or should I try to find people I know to live in the other unit(s)?

I'm also thinking about studying for my real estate license to gain knowledge and explore the other benefits it brings. Which programs do you recommend?

Lastly, I looked at some homes a couple weeks ago and the realtor connected me with a mortgage loan originator for a pre-qualification. I went through that process and was pre-qualified, and now the lender requested more documents (1099s, W2's, SS, ID, etc.) for a pre-approval. Since I'm looking for next summer is it smart to do this now? I feel pressure from the realtor and the lender to move forward as fast as possible.

Hey BP fam! I'm Tom. I'm 23 years old living in the city of brotherly love. I've had a position in management consulting at a Big 4 firm for a year and a half and have been renting during this time. My current lease is up Summer 2020 and I'm looking to have my first house hack ready by that time. I'm interested in learning about the basic advice for beginners and anything Philadelphia-specific that can help me with my search.

Is it better to go single-family or duplex/triplex? Which neighborhoods? Pre-approval with an agent or online? What type of loan works best? Should I consider going in with a friend for my first property to reduce the costs?

Thanks for all help! Looking forward to hearing all your ideas!

Hey BP, I've been renting in Philadelphia for almost 1.5 years and looking to start my real estate investing career when my lease ends summer 2020. I just started looking at both SF and MF homes in the South Philadelphia neighborhoods. Any advice on whether SF or MF is a better way to start out? Or knowledge you can share on the Philadelphia market and where is best to look?

Also thinking of going in with a good friend who lives in Boston - we would split an FHA and I would live in the home. Do you think this is a good idea or is it better worth my money (thinking about return) to go in on my own and get financial support from family if necessary.

Is it necessary to go through an agent for getting pre-approved or should I just do it online?

Thanks!!