Hi My name is Tu le. I live in Philadelphia, PA south philly area. looking to into invest into real estate . I just change my job from full time to part time to focus more on rental properties single or multi units. I have been listening to bp podcast , YouTube anything I can to learn more about real estate. I have been really motivated and learn a lot just being here in bp for just a couple days. Next week I will be attending real estate class and real estate meet in the community to learn more . I currently own a house and have have a HELOC of $200k . But if I refinance again I'm sure it will be way more than that. I have about $50k cash ready to invest! Im looking for real estate agents to help me find good deals and where to starts. Also I'm new to this and would love to have a mentor to teach me and show me the road. Im a fast learner and willing to put the time and hour out for anyone to learn . Any advice is appreciated to start a new chapter of my life for my family .
Thank you !
Hey @Tu Le , welcome to Biggerpockets. My first piece of advice is don't make any drastic lifestyle changes before getting some properties under your belt. If you can support your lifestyle and invest with your hours part time then good for you, be conservative though. There are a lot of great REIAs in the area such as DIG, RING and other groups, check out meetup.com for more info. Great way to meet local investors and build relationships.
I'd focus on the first rental you want to acquire and start to narrow it down from there. SFR, MFR? A, B, C class neighborhood? Cashflow, appreciation or a bit of both? Self-managed or property management? Rent ready or fixer upper?
Happy to answer and questions you might have, feel free to send me a message.
@John Knisely thanks for the advice.
I have 1 baby and me and my wife should able to support the family even with me being part time. Next week I be going to one of the REIAs and will be attending more from meetup.
I'm looking for cashflow and self - managed until I can it going. It can be rent ready or fixer upper . SFR or MFR and a or b class.
I been looking on Zillow and even thinking of going to auction for foreclosure home.
I have no idea how to analyze and find out if is a good deals or not . I'd focus on the first rental you want to acquire and start to narrow it down from there. SFR, MFR? A, B, C class neighborhood? Cashflow, appreciation or a bit of both? Self-managed or property management? Rent ready or fixer upper?
@tu le welcome!
Would love to connect. I am from New York but looking into properties in Philadelphia. My mother just moved there and tells me there is a lot of movement going on in her area.
Hope to connect!
Try reading the ultimate beginners guide to real estate investing by Brandon turner or the you tube video on deal analysis, your goals and time frame to reach them will determine the numbers analyzing part, once established you should be able to set a criteria for your self based on roi, coc, appreciation, cash flow, etc..
There is a lot of activity here I think mainly because the city has an initiative to attract tourist in an effort to ramp up the economic.
the point breeze and fish town areas seem to be thriving for now, What area is your mother noticing lots of activities? Maybe it is worth for you to look into, opportunities do arise in many areas. Pm me if anything comes up
There's a big DIG (REIA) event in King of Prussia on thursday.
Welcome Tu Le! There is a lot to learn when you are first getting into real estate investing. I would read as much as you can online, and listen to all of the biggerpockets podcasts. Learn how to analyze deals yourself so that you are not just relying on someone else's numbers. Learning how to do cash-on-cash returns is a good starting point for that. I am a real estate agent/investor in the area, I have a duplex in Frankford and am looking to expand mty portfolio in the near future. Let me know if you have any questions, always glad to help!
Sorry Jessica I was multitasking!
David, Thanks for the meetup info I would be looking into possibly attending.
Thank for the knowledge and advice from everyone. I would love to connect and meetup. It seem like foreclosure auction is the best deal I see . Anyone one think any other ways beside that Or is it a good way to go ?
there's a lot of info on the foreclosures in Philly, etc, but in some instances you may not be able to get outside funding if purchase is made via Philly auction. If you're purchasing cash it won't matter.
email me for more info, or search the site.
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