—half the battle is the mindset, and you’ve got that nailed.Start with the basics: understand your market, run the numbers, and don’t be afraid to ask questions.

Congrats on taking initial steps for getting invested in Philly!

Would I be able to purchase that if I tell the lender I have the intent to live in there and be able to put down 5% and if so what do I need to tell them about the current primary.

With rent demand being so high, it can be hard to make the numbers work, and it is so easy for property managers to fill units, that there is little justification for taking on the risk of dealing with Airbnb issues.To illustrate, I will give a personal example.

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

I will try to make it to the meetup on Wednesday.

Hi Everyone,I am looking to get started with doing rental arbitrage with my cousin who is a Green Card holder, however, I am on a H1B Visa which restricts my ability to earn income "actively".

This can be extremely costly.We have a two step program has no waiting period at all and will end up being quite a bit cheaper then the 3 month waiting period on closing costs, rate and NO pre-payment penalty. 

Since flips are typically treated as dealer properties, profits are taxed as ordinary income.Please make sure your entire structure is properly analyzed for you to save most amount of taxes.

Quote from @Jonathan Grzeszczyk: David Greene has a series (Sold, Skilled, Scale) that teaches agents how to run their business like a business.