Philadelphia buy, live, rent?

Question

Hi Bigger Pockets,I am considering buying my first house with the intent to live in it for 3 to 5 years and then rent it out when I move outside the city. My goal would be to buy a place now that is livable and in a safe area and in a few years I could rent it out for more than mortgage costs, maintenance, etc.

Is this a feasible idea? Open to hearing from realtors.

Thanks,

Sam

Eric Greenberg · Answer

Definitely doable. Id first start with figuring out what areas you would want to live in first, then figure the numbers out after. Id steer you away from choosing a property based on investing metrics alone when buying your first house hack in Philly as that could lead you to some C/D areas. Then utilize local folks who know the area well like @Alan Asriants

Ryan Muska · Answer

Depends exactly on what you would like to do, but Conventional, FHA, non-income-based programs, etc.

Basically, what it is exactly that you want to do, there's almost always a way to do it. It's just a matter of finding the perfect program for the borrower.

Samuel Hirsch · Answer

What would be an example of loan types?

Ryan Muska · Answer

Definitely do it!

There are a bunch of options for loans that could help slingshot you, as well. I help house hackers all the time and I'd love to connect sometime so we can discuss your goals and I could provide some insight!

Monica Williams · Answer

Hi @Samuel Hirsch, it is definitely something you can do! More and more people who are new to investing are househacking. It's a great way to build equity and get your toes wet in the REI world. I'm an agent in the area that works with investors, if you have any questions, feel free to reach out and connect!

Alan Asriants · Answer

Also, this is a good article to look into:

https://twitter.com/alan_asriants/status/1698849499026788463...

I primarily invest in NE and Roxborough/manayunk

Alan Asriants · Answer

Hey Samuel! 100% feasible. I am an agent and investor in the area and actually started with Househacking. Currently working on my 3rd househack.

I'd be happy to connect and share with you my experience as an investor and market insight.

Reach out anytime!

Philadelphia buy, live, rent?

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