Finally jumping in (Chicago / NE Philadelphia suburbs)

Finally jumping in (Chicago / NE Philadelphia suburbs)

Hatboro, PA · Member since 2015 · 3 posts · 1 vote

Hello all -- after a decade of noodling on the topic and building up a general but abstract concept of real estate investing, I've now set a goal to buy at least one investment property (thinking buy & hold, 2/3/4-plex) by my wedding date -- that's six months time. I've currently shifted my day job time to a consulting business that will be flexible over this time period, thus the impetus to declare this goal. 

I'm in Chicago for the time being, so I'm game to consider property here, but it's just 50/50 that I'm here past mid-2017, so that is a consideration. I grew up outside Philadelphia with all my family still in that area, so that would be a great place as well -- both because of my familiarity with the area, and that my father has spent a career in commercial facilities management and thus has an extensive network of contractors and other potentially useful contacts. 

I have some money saved up that would be sufficient and some family / friends who are interested in putting some money to work, but would also be interested in alternative methods of financing to scale without the constraint of my personal capital.

I'm saying all of this out loud for the social pressure on my new endeavor / goal! 

If there are successful duplex/multi-unit investors in Chicago (or MontCo / Philadelphia around Thanksgiving/Christmas), I'd be willing to share some of my time and expertise in exchange for some exposure to your efforts. I'm a real estate newbie, but I've got a lot of applicable skills from 13 years in start-ups, running businesses, a Kellogg MBA, masters of engineering in design thinking / innovation, etc. Happy to barter my brain for yours :-)  

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
9y

Welcome to BP Chris. You can find local investors here https://www.biggerpockets.com/meet

BiggerPockets
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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    9y

    Welcome to BP Chris. You can find local investors here https://www.biggerpockets.com/meet

    BiggerPockets
  • Philadelphia, PA · Member since 2016 · 101 posts · 35 votes
    9y

    Welcome to BP!

  • Property Manager · Huntingdon Valley, PA · Member since 2016 · 81 posts · 92 votes
    9y

    Good luck to you Chris!! 

    Hope to see great results with this investment property, and if not I'll know you'll learn a lot. 

    -Jonathan

  • Member since 2018 · 16 posts · 1 vote
    6y

    Any Comments on the below Deal

    3 Bed 2.5 Bath with In-Law Suite in Basement ( Builtup Area 1600SQFT )  Lot size 3000sqft

    Location : Busselton , NE Philadelphia, PA

    Buying Price: 29,5000 

    And i will be doing a FHA with 3.5%Down and the Mortgage will be around $1750/Month

    Like to House Hack the Basement In-Law Suite(Gets additional $400/month ) and Rent out the 3ed 2bath up stairs to Family ($900/month).

    Is this Good deal and is this Location Busselton  NE Philly good area to invest ?

  • Rental Property Investor · Warminster, PA · Member since 2016 · 59 posts · 22 votes
    6y

    Excellent deal

    Northeast Philadelphia is a wonderful area. If you are looking for an partner or loan let me know.

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