All Forum Posts by: Yvette Chung

@John Casmon - Hi John, currently I pay approx. 850 in rent. The reason why I limit my budget too $200K is because 1)I'd feel more comfortable with the monthly payment even if my other unit(s) went vacant. 2)The rent in the area doesn't seem to justify a property more than that amount I think. A 1bed apartment in the areas I am looking at is anywhere between $700 to $900 depending on how nice it is. So any more expensive than that I just dont think it makes sense. But I am trying to broader my neighborhood hunting so hopefully i will find something that works for me.  I did see a place yesterday that I liked - probably could acquire it for $150K and the rent would be $750 per unit. 

@Ram Gonzales - Hi Ram - Thanks for the suggestion! Since this is my first property and I'd be owner occupying - I am trying to not have to utilize anyone else's money so things don't get muddy. But for future ones I will probably look into that route.

Thanks!

Thank you @Ronan M. & @Frank Spaulding - I have actually looked in the renovation loan route. I asked for a pre-approval for 100K in mortgage and 50K in renovation loan. I could qualify for more if I want to but I dont want to over-reach for now. The lender told me to go with conventional instead of FHA 203K because it gives me a better rate and PMI could be dropped once i have paid down 20%. I would LOVE LOVE LOVE to renovate and rehab a house if it means i'd be getting a property at a discount. Not only that, the thought of turning a distressed home (ok, maybe cosmetically distressed for now, since I am new) into a beautiful home actually really excites me. But not knowing how much to budget makes it very difficult for me to gauge how much i would need or how much i would end up spending. I also see so many investors doing the rehab with cash/hard money and the refinance so the property appraised higher, so I just don't know if it's better to even think about rehabbing (by that i probably really mean updating) with a traditional renovation loan.

@Ralph R. - Thank you so much for the encouragement. I really appreciate it. I know I have a passion in RE, always had, I know I have to keep looking and will continue to remind myself that. In fact, I am going to look at a couple HomePath & Hud properties this weekend. Ideally - i want to house hack but first I have to make sure the house is in a neighborhood I feel comfortable in. But getting the rents and have others pay for part of my mortgage is an attractive idea. In terms of SFH route - it seems much easier to find so I am definitely keeping my eyes out for both options. Thanks again buddy.

Hello everyone, 

I have been following BP and studying everything about RE for a couple months now. And I have been set on finding a 2-4 Unit somewhere in the Philadelphia to owner occupy since I am currently renting (figured it'd be great to pay myself rent rather than someone else, and to get some rental income to help cover mortgage).

My budget was no more than 200K max and I have looked at about 30 houses in the past few weeks. Not that I havent found anything in my budget, but I haven't been able to find a property in an area that I feel safe/comfortable living in.

I am starting to think maybe I should change my focus and try to find cheaper SFH where the mortgage payment would be around the same as my rent now (or slightly more). So I started looking at properties (such as HUD/Homepath) that need updating or cosmetic rehab and thought "I can get instant equity if I can make a place look nice and acquire a property at a discount". But my question is, if I have to take out a loan in order to renovate the property, am I better off just buying something that doesn't really need work since the bank would appraise based on after repair value? Being new to RE I am feeling pretty beat up and stuck now.

This would be my first property - any advice would be much appreciated.

Thanks!

Thanks @Mike B.! I appreciate the info! My agent told me RSA meant residential - not necessarily SF - i thought that sounded incorrect based on my research. Thanks for confirming! 

Hello everyone,

I have been looking at multi-families within the Philadelphia county for a week now, particularly, I am focusing on Wynnefield/Germantown/potentially west Philly areas as I have a limited budget to work with.

Some of the properties I looked at are listed as RSA3, RSA5 (And i verified this on Philadelphia's interactive zoning map website too). Does it mean those properties are not legally zoned as MFH? Some properties i saw did have RM-1 zoning - does that mean I won't have to worry about it not being a legal MFH?

Are there any other things that I need to consider and/or pay attention to when looking at MFH?

Thank you in advance for your help!

Thanks for the advice Matt Motil ! I completely forgot the fact that lender would require approved contractor to do the work. But in hindsight it's probably better that way since I don't know how to do anything anyway. I will certainly use this chance to learn though!

Hi guys

I am hoping to get your advice here. I am in the process of looking for a small MFH (2-4 units) in Philadelphia and in which I will be occupying one, and renting out the rest. I plan on using an FHA loan to finance the property.

I have a couple dilemma though....

1) I don't know whether I should try to find a property in a more expensive (relatively speaking) property in a "better area"....or one that's cheaper but in a potentially C+/B- neighborhood. Along the line of this, does anyone have any advice on the Overbrook area (19151, near Morris Park) ? Trulia map shows the area in green yet the reported crimes near the property seems to be quite often? I plan on checking out the neighborhood in person tomorrow but would love if anyone could give me pointers.

2) I really want to flip a house - using a FHA 203k loan. But I am not anywhere near handy...(like I wouldn't know where to go to turn off the water if i had to[ok, that maybe slightly exaggerated, just slightly]). In other words, if i buy a property that needs TLC or rehab, almost ALL of the work will have to be done by a contractor. In a case like this and for someone just starting out, would you recommend I even consider this route? Or should i just look for a property that doesn't need much work, if any.

This would be my first property and I am really afraid of making stupid decisions.....I know I will be making mistakes and that's just part of learning, but I really want to prep myself enough to reduce that as much as possible.....any help or advice you can offer would be greatly appreciated!

Thanks BP community! 

@Alex Benazet Thanks! What areas in Philly have you been looking? Will definitely reach out! 

@Zachary Paul - Thank you! I am sure you can understand the painful traffic I sit through daily. It seems like no matter what the day or weather is, there is just always going to be traffic. :/

My budget is probably under 200K, Manayunk would be an area I am interested in but I tried searching and really didn't see any duplexes. As far as South Philly - I am not at all familiar with the area and all I have seen is that people say Philly is "block by block" city so I have been scared to even try looking as I really dont know where to start. What neighborhood would you recommend me looking in? 

I appreciate your advice!

Thank you for the advice Marie Elaine Bagarozza !

@Rachelle Rodavia @Ayodeji Kuponiyi  Thank you!! I have been and will continue to read and learn about RE.

@Nicole Clemens Thank you! I would definitely love to get together to chat. I drive by Philly everyday to and from work so meeting in the city will be easy. Will connect with you shortly.