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Updated about 4 years ago on . Most recent reply

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Matt McGillian
  • Rental Property Investor
  • Philadelphia, PA
1
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5
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Just starting out. How to find a deal?

Matt McGillian
  • Rental Property Investor
  • Philadelphia, PA
Posted

Hi all, I have enough cash set aside to put 25% down on a SFH or ideally a multifamily property (50k). I live outside of Philadelphia in the suburbs (Delaware county). The taxes are outrageous which makes it extremely hard to cash flow each month. I am looking for suggestions if anyone has dealt or is dealing with this issue. In the area I am looking into, a 1200sq ft, 3bed, 1.5 bath row home taxes are around 6k and are selling for around 150k. My main priority is trying to find a deal off market, but I am not having much luck. Any ideas / thoughts would be appreciated. Thanks all

  • Matt McGillian
  • Most Popular Reply

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    Jonathan Greene
    #5 Starting Out Contributor
    • Real Estate Consultant
    • Mendham, NJ
    7,602
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    Jonathan Greene
    #5 Starting Out Contributor
    • Real Estate Consultant
    • Mendham, NJ
    Replied

    I would hop into the city. Your numbers would work there and there is a ton of reliable off-market lead sources in the area. You can basically choose your in price based on the area and as long as you understand the neighborhood dynamics, it's pretty safe. Taxes are nothing. I have a 4/1.5 row house under contract for 115k (needs 60k reno) and the taxes are $1,200/year.

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