I recently found an interest in this real estate investment business through a bunch of arrows in my life that ll pointed in the same direction. I'm committed to expanding my portfolio over the next few years. I'm still trying to figure out my niche but I'll be moving to Philadelphia soon so I'd like to start there. I found a property that after analysis met some of the benchmarks discussed in the beginner's guide. I did have a few extra questions regarding the condition of the property as well as how accurate the rents published on the listings were for the 3 units in the triplex. As I found it on realtor.com I opted to "email the agent" and received a call from I think the brokerage firm approximately .01 seconds after hitting send. A few calls later I was finally connected to a buyer's agent. How do you know if someone is a good agent for you? I think I'd like to focus on multifamily in the Philadelphia area, should I be pursuing an agent through these forums?
Hi @Mark McNaughton , real rental prices are marketed through Zillow , Trulia, and Hotpads in the Philadelphia market. If you look around on any of the sites listed above and set the filter criteria to something comparable to what you are looking for you should find a reasonable answer.
I would recommend working with an agent that either invests themself or works primarily with investors rather than just the first persons from realtor.com. They may not understand how to properly evaluate an investment property.
For rental comps, I pull data from the MLS, Craigslist, rentometer and government supplied data in addition to the places mentioned above. I average it out and adjust slightly up or down based on local knowledge and how the specific area is trending.
In my opinion house hacking a multifamily is the best way to build wealth while getting involved in investing and learning how to manage tenants.
I house hack in Philadelphia currently. Feel free to reach out with any additional questions!
@Garrett Sowle great timing haha! Great minds think alike.
@Mark McNaughton Welcome to BP! Where are you moving from? In terms of rental rates, I would pull comps from the MLS and other websites. It also helps knowing the area. There's a ton of "investor friendly" agents on this site and throughout the Greater Philadelphia area. Like the previous gentlemen mentioned, I would look for an agent/team that invests personally and/or primarily works with investor clients. I would interview a few over coffee and see who you feel most aligned with. Let me know if I can be of any further help!
Thank you all for the sound advice, I'll be following up with some agents when I get settled down in the Philadelphia area.
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