I'm looking to make my first deal but, having trouble!

8 Replies

hey guys,

So I'm looking to make a purchase on my first investment property. I am looking to buy a duplex or triplex around the Philadelphia suburbs. I've been looking for the last 2 months and haven't came up with anything I was really interested in or comfort with due to price and neighborhood. I was wandering if anyone has any good search engines or apps I could use to search. I have been on zillow, realtor.com, and trulia daily looking. Any suggestions or advice would be appreciated!


Thanks,

Mike

You might reach out to a realtor to see if they can help.

Joe Gore

@Mike L. you may want to also put a twist on the duplex strategy and look for houses with a "mother in law suite" or guest house. You could live in the smaller less valuable house and rent the other more valuable structure! Just another something to consider.

Just closed on my first duplex today in Minneapolis and I can tell you that persistence does pay off. There isn't a ton of inventory here in the cities right now so after the sellers agent telling me unless I pay full price then he was going with the owner occupy buyer. I wa at a party with some friend chatting up the lack of real estate and got this idea that I should revisit that last duplex. We'll it still hadn't closed, so after doing some conservative math I offered full and got back closing costs. My cash in cash return is around 10%. Plus it's in a desirable location. Do my advice is to never give up.

Welcome, Mike! There's a large Philly group here, so lots of resources to draw from. Best of luck in your search!

@Mike L.

Have you gone the networking route? The web search is only one method of finding properties...

Hi Mike, why not single family homes? Is there a reason you are looking at multi-family properties only?

Hey guys,

Sorry for such a late response. I have talked to a couple of realtors and haven't had any luck with any deals.

I'm more interested in multi-family. Because I could live in one unit and rent the other unit.

Hang in there you will come across something that will work for you.

Joe Gore

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