New Investor fro Chester County, Pennsylvania

New Investor fro Chester County, Pennsylvania

Member since 2008 · 12 posts · 0 votes

Hello,

My name is Steve and my wife, Melissa, and I are just beginning in real estate investing. While she and I both have pretty good jobs, the thought of spending the next 20+ years till retirement in those jobs has started to become really depressing. So, we're looking into investing in real estate as a way to hopefully shorten the time till we can be free of the 9 to 5 jobs. Our long term goal is to invest in income producing properties, while our shorter term strategy is to look for a few flippable properties to generate some additional capital to support the longer term goal.

So far, we've spent the last couple of months researching the business and looking for our first deal. We've hooked up with a real estate agent who does a lot of investment properties and talked with two finance people who also do a lot of work in the investment arena. Now we just have to find that first property.

I have also spent time lurking on the forums here for the last few weeks and have found an awesome amount of information and advice here. My thanks to the experienced investors that are willing to spend the time and offer some of that hard won experience to those of us new to the field.

I am interested in finding an REI group to join in the Southeastern Pennsylvania area. If anyone knows of a good one, I'd love to hear about it.

Thanks.

Steve.

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  • Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
    19y

    Steve,

    :welcome:

    Longwood as in Longwood Gardens?

    I have family in Chadds Ford PA.

    Have you searched online for REIA groups? I would expect a few in the area though I have not specifically checked.

    Are you mostly going to be investing in PA or will you be looking at the Wilmington DE area also?

    John Corey

  • Member since 2008 · 12 posts · 0 votes
    19y

    Yes, exactly as in Longwood Gardens. We are a few miles from there in the opposite direction from Chadds Ford. A small town called West Grove. I used the Chester County location in my profile, because not too many people have ever heard of West Grove, PA (smack dab in the heart of mushroom country...with the smells to prove it!).

    The only REIA group I can find is one called BiState Creative Investors and I can't find out much about them.

    We are currently restricting ourselves to the Chester County market, mainly because we know that market and have at least some understanding of the real estate process in PA. I'm sure that we will eventually expand into Northern DE, if for no other reason than the border is only about 5 miles from our house. Until we get some experience and a few deals under our belts, we want to keep things as simple as possible.

    Thanks.

    Steve.

  • Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
    19y

    Steve,

    1. You should like you have a plan so work the plan and see how it goes.

    2. There are some investors on this site that are closer to Phil. I believe there is an REIA there. If you can not find any other leads let me know as I can scare up some REIA that you can visit. They might not be listed on this site.

    I do suggest that you travel a bit to other meetings. More to meet people in other areas and to hear what works in those markets. You do not need to invest there but a road trip to meet fresh faces can be very productive.

    3. When you are ready for DE investing let me know. I have a RE attorney I can recommend. They work in Wilmington DE.

    4. As PA has one of the higher transfer taxes in the country you might need to avoid unnecessary transfers of title. Buying in your name and then putting a property in an LLC, double closes and other such things. Check the regulations closely to see if there are any situations where the transfer tax will not apply. Other PA investors I meet claim there are no exemptions but I was not really paying that much attention when it comes up. More of a passing complaint from them.

    John Corey

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