Hi! Newbie excited to begin investing in Philadelphia, PA
I'm excited to be a part of the BP crew! Thanks to Josh and the BP membership for making this such a great resource for those who want to educate themselves about REI.
Since I was a kid, I have always been fascinated by houses and neighborhood development. I suppose it makes REI a natural area of investment for me, but this is the first time I'm able to do something about it. I have hungrily listened to the first 12 podcasts and have been familiarizing myself with the forums. I have one problem though, the more I learn the longer my list of questions becomes!
I am a 7 year resident of the Fairmount neighborhood of Philadelpia and I feel like I know the downtown market fairly well with an understanding of relative values. I am considering tapping into the equity in my primary residence to begin investing in Philadelphia. Is that what BP members refer to as house-hacking? I was curious about opinions you all might have on home equity loans vs HELOCS... And more important is this a good idea at all?
I am interested in the long view of buy/hold. I plan to hold for 10 yrs or more and rent the units. Starting out I was planning on single family but I am becoming interested in 2-4 units as well. I will be looking for discounted properties in established areas that are walkable or close to downtown. I am also interested in properties in areas that are upcoming in value and quality of life.
I plan to attend the next local BP met-up at London Bar and Grill this Tuesday eve and I am also planning to attend the Philadelphia Sheriff Sale (as an observer only!) As I said, I have more questions than I know what to do with. But I'm excited to get started. Thanks for welcoming me.