New to BP world and curious where to gain real estate knowledge!!

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New to BP world and curious where to gain real estate knowledge!!

Nicholas D'Andrea
Accountant · Philadelphia · Member since 2018 · 59 posts · 28 votes

Hi BP members

I have been "lurking" on BP for the last year. I have been listening to all 3 of the BP Podcasts and am aiming to purchase my first home (and going to house hack it). My plan is to purchase the home toward June-August. I live in Philadelphia, PA. I know people on here talk about analysts for the right deal. I was curious if someone can provide examples and help me hit the ground running.

Excited to be a member of a community where everyone pushes each other to grow personally and professionally.

Nick

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Joseph ScoreseBusiness Member
Banker · Philadelphia · Member since 2009 · 2k+ posts · 646 votes
6y
@Nicholas D'Andrea Welcome to BP. We hold educational events through HAPCO in the Philadelphia Market with great networking and Education. Hope to see you at future events Regards Joe Scorese
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  • Kevin MoyerBusiness Member
    Property Manager · Philadelphia, PA · Member since 2019 · 271 posts · 303 votes
    6y

    Are you purchasing in Philly? Look at some of the up-and-coming neighborhoods, buy a triplex and rent out the other two. As far as numbers go- leverage. OPM will give you the best return but of course carries risk. Good luck! Also I’m looking for a local accountant DM me if you handle individual/small business accounts 

    Otter Property Management4.8632 Reviews
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  • Joseph ScoreseBusiness Member
    Banker · Philadelphia · Member since 2009 · 2k+ posts · 646 votes
    6y
    @Nicholas D'Andrea Welcome to BP. We hold educational events through HAPCO in the Philadelphia Market with great networking and Education. Hope to see you at future events Regards Joe Scorese
    1Reply
  • Nicholas D'Andrea
    OP
    Accountant · Philadelphia · Member since 2018 · 59 posts · 28 votes
    6y

    @Kevin Moyer

    Planning on purchasing anywhere in the city. I work in center city (markets I've looked at heavily include Manayunk/Roxborough and Point Breeze (presume Fishtown/Northern Liberties are overpriced). Price anywhere around 250-300 so I can cash flow and rent by room if single family, or rent by unit if multi-family.

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  • Kevin MoyerBusiness Member
    Property Manager · Philadelphia, PA · Member since 2019 · 271 posts · 303 votes
    6y

    @Nicholas D'Andrea yes it sounds like you've done some good preliminary research. Just be aware that renting by the single room can be a violation of permitted property use (zoning) for single family homes in Philly so you have to make sure you're structuring this correctly. 

    Otter Property Management4.8632 Reviews
    WebsiteView Page
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  • Nicky Lisewski
    Rental Property Investor · Philadelphia, PA · Member since 2019 · 55 posts · 28 votes
    6y

    @Nicholas D'Andrea

    I purchased a triplex in Graduate Hospital back in 2012.  That house hack started my real estate career and is still one of the best investments that I ever made.  The calculators here are great.   Remember to run them with yourself living there and eventually as a pure investment. 

    Otherwise, I'd echo @Kevin Moyer.  Look for areas that are up and coming.  Before I bought, I must have looked at and done the numbers for 50 plus properties.  That's the only way to be confident in your ability to find a deal.

    Also make sure you are pre-approved and look into various loan programs. For example, FHA 203k rehab loans involve a lot of hoops, but they've added real value for many buyers.

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  • Nicholas D'Andrea
    OP
    Accountant · Philadelphia · Member since 2018 · 59 posts · 28 votes
    6y

    @Nicky Lisewski

    That's awesome to hear! Did you use the calculator when house hacking? I haven't really seen anything regarding the two together.

    My plan was to do FHA to start

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  • Filipe Pereira
    Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Nicholas D'Andrea:

    Hi BP members

    I have been "lurking" on BP for the last year. I have been listening to all 3 of the BP Podcasts and am aiming to purchase my first home (and going to house hack it). My plan is to purchase the home toward June-August. I live in Philadelphia, PA. I know people on here talk about analysts for the right deal. I was curious if someone can provide examples and help me hit the ground running.

    Excited to be a member of a community where everyone pushes each other to grow personally and professionally.

    Nick

    Hi Nick, by now you have probably heard that a "goal without a plan is just an idea". SO let me be the first to ask you - what are you actively doing every day to make this goal of house hacking a reality? How does it fit in your life goal or plan of what's to come?

    The best thing you can do in analyzing deals is to speak with local investors and get a feel for what your utility costs are in the area. These are typically the biggest unknowns and not publicly available. Things like calculating your taxes, interest, principal payments, some repairs, vacancy, etc. should all be pretty easy and readily available. 

    Good luck! 

    Filipe

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