New Investor from Philadelphia, PA

New Investor from Philadelphia, PA

West Chester, PA · Member since 2017 · 12 posts · 4 votes

Hey BP!

My name is Jorge Santiago and I am just getting started on my path of real estate investing. I work in the finance field and have finally decided to invest in real estate as well in order to create passive income for my future.

I currently live in the West Chester/Exton, PA area and am familiar with the greater Philadelphia region as a whole. My short term goal is to house-hack a multi-family unit to cashflow while at the same time saving on the largest expense we all have, housing! I'm aiming at early 2018 to actually pull the trigger on a property but am looking to engage with real estate agents now that have investor experience to step up my search efforts. (Feel free to recommend any local agents that have experience with RE Investing). Currently searching in areas such as West Chester, Exton, Phoenixville, & Conshohocken but am open to any recommendations too! Long term I aim to build a portfolio of multi unit properties to create a passive income to support my future family.

 I have no experience buying/selling property before as I have only ever rented but have learned a ton in the last 2 months I've spent reading forums and listening to the BP podcasts. Making my profile is the first step in what I hope will be a long future investing in real estate. I'm very excited to be an active member of the BP community and am looking forward to connecting with like-minded individuals in my area. If you're in or around the West Chester to Philadelphia area I would love to talk about the local real estate markets and learn from more experienced investors.

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Dave Van HornPro Member
Fund Manager · Wayne, PA · Member since 2009 · 1k+ posts · 1k+ votes
9y

Hi Jorge,

Welcome to the site! I actually live in the West Chester/Exton area as well but my business is based out of Newtown Square (though we operate nationwide). Love your plan of house hacking a multi-family, I often suggest it to younger investors breaking into Real Estate.

If you're looking to connect with investor friendly agents and other investors in person you may also be interested in checking out our local REIA Group, DIG (Diversified RE Investor Group). Their main meetings are in Ambler, PA but they also have subgroups all over the South Eastern PA region - including a monthly subgroup meeting in Chester County.

Going to DIG was a game changer for me and expanded my network like crazy and opened up a lot of doors. Along with diving deep into BP (podcasts, forums, blog, etc), I highly recommend checking them out especially if you're just getting started in the business.

I attend as often as possible too, so maybe I'll see you at a meeting!

Best,

Dave

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  • Health Care Administration · Philadelphia, PA · Member since 2015 · 65 posts · 65 votes
    9y

    @Jorge Santiago Welcome to BP. Podcasts and the forums are a great way to learn and get started. Good luck in your quest to house-hack - I started by house-hacking a duplex about a year after I started listening to the podcast. If you have any questions along the way, feel free to connect.

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hello @Jorge Santiago, welcome! It's great to have you. Check out the webinar (https://www.biggerpockets.com/webinar) if you haven't yet. Highly recommended!

    BiggerPockets
  • Rental Property Investor · Oakalla, TX · Member since 2015 · 67 posts · 24 votes
    9y
    Jorge- Welcome. I just started investing in Philly. Hope to be closing on a 3-unit at the end of the month. Good luck!
  • Real Estate Agent · Malvern, PA · Member since 2017 · 8 posts · 5 votes
    9y

    Hi Jorge,

    I would be delighted to work with you and help you with your investment goals and value proposition.

    Feel free to give me a call.

    All the best,

    Scott

  • Philadelphia, PA · Member since 2017 · 140 posts · 37 votes
    9y
    Originally posted by @Antonio Artusa:

    Jorge-
    Welcome. I just started investing in Philly. Hope to be closing on a 3-unit at the end of the month.

    Good luck!

     Just curious, which zipcode is that triplex located?

    Thank you 

    Svetlana

  • Dave Van HornPro Member
    Fund Manager · Wayne, PA · Member since 2009 · 1k+ posts · 1k+ votes
    9y

    Hi Jorge,

    Welcome to the site! I actually live in the West Chester/Exton area as well but my business is based out of Newtown Square (though we operate nationwide). Love your plan of house hacking a multi-family, I often suggest it to younger investors breaking into Real Estate.

    If you're looking to connect with investor friendly agents and other investors in person you may also be interested in checking out our local REIA Group, DIG (Diversified RE Investor Group). Their main meetings are in Ambler, PA but they also have subgroups all over the South Eastern PA region - including a monthly subgroup meeting in Chester County.

    Going to DIG was a game changer for me and expanded my network like crazy and opened up a lot of doors. Along with diving deep into BP (podcasts, forums, blog, etc), I highly recommend checking them out especially if you're just getting started in the business.

    I attend as often as possible too, so maybe I'll see you at a meeting!

    Best,

    Dave

  • West Chester, PA · Member since 2017 · 12 posts · 4 votes
    9y

    @Richard Jahnle Thanks for the warm welcome! If you don't mind I may reach out and PM to learn a little more about how your first house-hacking experience went as I am seriously considering a duplex!

    @Dave Visaya I'll be sure to check that out!

    @Antonio Artusa What areas of Philly do you target? I personally am very interested in the Conshy/Roxboro areas on the outskirts of the city. Do you have any experience within these areas?

  • West Chester, PA · Member since 2017 · 12 posts · 4 votes
    9y

    @Scott Landau Thank you for the offer, I will definitely be reaching out in the near future as soon as my hectic work schedule permits me some time to make a call.

    @Account Closed Hey Lana! Do you have any RE Investing experience in the Philadelphia area? If so I would love to hear about it!

  • West Chester, PA · Member since 2017 · 12 posts · 4 votes
    9y

    @Dave Van Horn Nice to hear from a local! I've been in this area coming up on 2 years after graduating college and it's been fantastic. I also see a lot of potential now that I am beginning to look at my surroundings through an investors eyes.

    Thank you for the DIG recommendation. I will definitely be looking into their local events! I think it'll be a great opportunity to network and pick the minds of those more experienced than myself. I have no shame asking questions and learning from others. I look forward to seeing you at an event some time soon. All the best.

  • Philadelphia, PA · Member since 2017 · 140 posts · 37 votes
    9y
    Originally posted by @Jorge Santiago:

    @Scott Landau Thank you for the offer, I will definitely be reaching out in the near future as soon as my hectic work schedule permits me some time to make a call.

    @Account Closed Hey Lana! Do you have any RE Investing experience in the Philadelphia area? If so I would love to hear about it!

     We bought 2 duplexes in NE Philadelphia recently , we also are beginners. We like that area because that's where we live and it's a lower risk area .The competition for multyfalimy is CRAZY though. One piece of advice when you considering putting an offer on multyfalimy property check it's zoning status first. One of our duplexes was built as multifamily, but registered as RSA-3 , which is single family .We are now unable to get 2 rental licenses and have to go through a very costly rezoning process . Some people learn on their own mistakes, so we suggest you learn on ours:-)

    Svetlana

  • Philadelphia, PA · Member since 2017 · 140 posts · 37 votes
    9y

    West Chester PA doesn't really have much choice of multyfalimy and the prices are high. 

  • Real Estate Agent · Media, PA · Member since 2017 · 361 posts · 250 votes
    9y

    @Jorge Santiago welcome to BP from Media! You've come to the right spot. Great strategy to get started with investing as an owner occupant. I am currently doing that exact strategy in my triplex. I'll echo @Dave Van Horn, DIG is a great resource, highly recommend checking it out. You'll also find other REIAs on Meetup.com if you are looking for something in addition to DIG. Shoot me a message if you want to chat. My team works extensively with investors and we are all buy and hold investors ourselves. Happy to help out if you have any questions or need any guidance.

  • Rental Property Investor · Philadelphia, PA · Member since 2016 · 191 posts · 165 votes
    9y
    Jorge Santiago welcome to BP! I'm just getting started as well. I have a duplex under contract in lower merion. I'm moving up to philly to be closer to family and I'm stoked to get started in REI with my first house hack.
  • Investor · Royersford, PA · Member since 2016 · 13 posts · 13 votes
    9y

    Welcome to BP! I found BP in November and the podcast, forums, and blog have helped us finally begin as well. We purchased our first duplex in May and we are not too far from you (Royersford). I may check out the REIA group mentioned above, so maybe we will run into you Reach out anytime as you make your way through your first search!

  • Veronica WoodsPro Member
    Residential Investment Real Estate Professional / Investor · Lansdowne, PA · Member since 2014 · 21 posts · 8 votes
    9y

    Welcome. I would soak up all the knowledge you can from BP. I always direct my new investor clients here. To add to the thread, I would spend some time figuring out the trifecta you will need to house hack: 1) an area with a good inventory of multi-family properties, 2) at your target price point, and 3) where you want to live (for now). Sometimes these points are at odds. The clearer that you are on your criteria, the easier it is for a realtor to help you. I just house-hacked a duplex earlier this year. Feel free to connect with me.

  • Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 905 votes
    9y

    @Jorge Santiago, reach out to @Steve Babiak, he runs the Chesco/Montgo chapter of DIG and can add you to the invitee list. 

    I believe the first meeting you can attend as a guest, then have to decide if you want to join. Like others, I highly recommend it.

    If your focus is Chester county only, I would add Downingtown to your "farm" area, you may have some luck finding small multi-family (2-4 units) to house hack.

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    9y
    Originally posted by @Alonna Johnson:

    Welcome to BP! I found BP in November and the podcast, forums, and blog have helped us finally begin as well. We purchased our first duplex in May and we are not too far from you (Royersford). I may check out the REIA group mentioned above, so maybe we will run into you Reach out anytime as you make your way through your first search!

    @Jorge Santiago - welcome to BP.

    Alonna - there is a DIG subgroup that meets in Oaks, just a few exits from you off of 422. 

    As I have posted elsewhere, DIG's main meeting on August 24 will be in King of Prussia - so that is way closer than Ambler for those of us in the western Philly suburbs.

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    9y

    Welcome to BiggerPockets Jorge!

  • Rental Property Investor · Oakalla, TX · Member since 2015 · 67 posts · 24 votes
    9y

    We are focused on the Temple area to rent to students.  I feel that college students are somewhat good tenants for the most part.  

  • Investor · Philadelphia, PA · Member since 2017 · 97 posts · 30 votes
    9y
    Jorge Santiago I'm glad that you're starting to look at investing in the RE market. It can be an exciting time to be able to OWN an actual asset VS stocks or other types. The questions I would have are, what does an ideal investment look like for you? (Low income, medium income or luxury investment deals) You mentioned house hacking, which are all possible on all of these different levels. One property in Queens Village is being house hacked through AirBnB making over $100 a day with 3-4 rooms (2-unit) being rented with 70% occupancy on a "now valued" million dollar home. Another option could be properties in up in coming areas with a long term hold while house hacking through AirBnb or other avenues to be able to achieve the returns necessary. There are so many different ways to get a deal done it just comes down to the type of investor you would like to be and the amount of capital/ involvement you would like to have. Let me know if I can help in anyway!
  • Attorney · Nashville, TN · Member since 2015 · 1k+ posts · 1k+ votes
    9y

    @Jorge Santiago

    Welcome to BP! A lot of folks already gave good advice here. I would say that you should try to network and also ask a lot of questions on BP. There are a lot of folks here that are willing to help and I think the Pennsylvania group is pretty good. 

    Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.

  • West Chester, PA · Member since 2017 · 12 posts · 4 votes
    9y

    Wow I am overwhelmed by the amount of friendly responses I've received thus far. I know I've made the right choice by making my profile on this site. 

    @Account Closed I will take you up on that offer! I want to reach out to hear more about your house hacking experience and more about your services as an agent as well.

  • West Chester, PA · Member since 2017 · 12 posts · 4 votes
    9y

    @Sung Park Congratulations on getting a duplex under contract! That's exactly where I want to be in the next 6 months.

  • West Chester, PA · Member since 2017 · 12 posts · 4 votes
    9y

    @Alonna Johnson BP has been a gold mine thus far! Are you house hacking your duplex as well? How has that been overall?

    @Veronica Woods I agree that nailing down that criteria can be tricky. Price and location are the easiest for me to figure out thus far. What I am looking for is help with figuring out which areas around me have a large enough inventory to choose from.

  • West Chester, PA · Member since 2017 · 12 posts · 4 votes
    9y

    @Percy N. @Steve Babiak Thank you both for the DIG info I will definitely be looking into it!

    @andrew 

    @Andrew Syrios Good to be here!

    @Antonio Artusa I'm glad you have found a suitable group of tenants. There won't be any shortage of college students in that area!

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