Just wanted to take the next step and introduce myself after lurking for a while. Brand new investor from NJ with a lot of varying interests. I work for a major food manufacturer and finally received the kick in the *** I needed once we were acquired by an even bigger food manufacturer. I've been a podcast listener for about 6 months and want to thank the Bigger Pockets community for the wealth of information provided there and on these forums. I'm currently researching my first deal and the goal is to have 3 or 4 behind me by the time I am unemployed so that I can focus full time on becoming a rei business owner.
Just finished reading "Building Wealth One House At A Time" by John Schaub and must say it's a terrific book and I will probably read it a few more times in the next couple years. Next on my plate is "Investing in Real Estate with Low (or No) Money Down" by BP's own Brandon Turner.
My vision for the future is for putting together large multifamily syndication deals. I plan on spending the next couple years learning as much as I can through flip and buy and holds. Sales is a strong point of mine, so I'm going to try and do as much as I can with that focus in this space.
Once again, thanks for all the information and discussion. You can't put a dollar value on what people get out of these forums.
Hey @Michael DeLuca , Congrats on your decision to embark in the incredibly lucrative world of house flipping. Philly is an amazing market with huge returns possible if do good work. I would highly recommend looking into Point Breeze, Brewerytown, and Gray's Ferry for markets to buy houses in. My investors have been loving the profit margins in these areas and I'm sure you will as well. Point Breeze prices are starting to rise and Brewerytown is seeing a similar trend, however, Gray's ferry houses are still cheap with ARV's in the 230-260k range. If you need any help finding or analyzing deals, let me know!
Hey Micheal! Welcome to BP. Philadelphia is a great market to get into buy and hold. It is getting increasingly competitive as more investors come in from NYC and overseas, but there are still great deals to be found. I would highly recommend buying in the path of progress (West Kensington, Port Richmond etc). The houses are still cheap and the cash flow margins arecrazy. I would also recommend areas like Frankford if you are just looking for great cashflow and not so much appreciation. I'm an agent/investor in the area, let me know if you have any questions.
Brendan and Alexander, thank you for the pointers. I'm always looking for advice and criticism and I plan to be more involved with the BP community. Port Richmond is definitely an area I've been looking at. Recently had someone approach me with a portfolio but I'm not prepared for that yet.
Welcome to the forums. I'm pretty new as well. I live in South Jersey but my first property was (and still is) in Bella Vista in South Philly. It's a constant performer and the neighborhood is still being developed. And Jersey has offerings as well. Best of luck.
Welcome to BP @Michael DeLuca ! What's your next step?
Odie, my man thanks for asking. I'm currently analyzing a few deals (3 out of state buy and holds) while working on this South Philly property. I appreciate the ask, accountability!
Welcome to Bigger Pockets.
Originally posted by @George Blower :
Welcome to Bigger Pockets.
Interesting...so you've bought a property in South Philly already? Where are the 3 properties you're analyzing out of curiosity?
Hello! @Michael DeLuca
Welcome to BP, and congratulations on making the decision to invest in your future via real estate.
I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.
First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:
The second is a post that will help get you focused with your real estate investing goals:
The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.
I love answering questions if you have any! Good Luck :)
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