New investor in Philly

3 Replies

Hi BP, I've lived in Philly for the past two years, since moving here after graduating from Colby College in Maine. I work for Accenture as a Consultant and spend my free time picking up new sports/hobbies (squash, bowling, darts) and helping others with personal finances.

I'm new to real estate and looking to get started with my first property this year, through househacking. I have lived and rented in the Logan Circle and Rittenhouse areas for the past two years. I recently discovered how profitable certain real estate strategies can be, in part thanks to my old roommate, @Avery Heilbron , who's currently running a successful househack in the Boston area, and recommended joining this community.

My current househack plan is to purchase a near turnkey SFH 3 BR in Northern Point Breeze under $300k with an FHA loan and 3.5% down, and then rent out two rooms to friends which hopefully more than covers the mortgage and live in the third, managing the property.

I have no experience but have begun educating myself through seminars, blogs, and podcasts. I'd love to connect with other Philly real estate investors on similar journeys or agents who've helped others achieve this. 

I look forward to any suggestions, advice, or connections!

Thanks,

Matt DiAngelo

Updated almost 1 year ago

Philadelphia

Originally posted by @Matthew DiAngelo:

Hi BP, I've lived in Philly for the past two years, since moving here after graduating from Colby College in Maine. I work for Accenture as a Consultant and spend my free time picking up new sports/hobbies (squash, bowling, darts) and helping others with personal finances.

I'm new to real estate and looking to get started with my first property this year, through househacking. I have lived and rented in the Logan Circle and Rittenhouse areas for the past two years. I recently discovered how profitable certain real estate strategies can be, in part thanks to my old roommate, @Avery Heilbron , who's currently running a successful househack in the Boston area, and recommended joining this community.

My current househack plan is to purchase a near turnkey SFH 3 BR in Northern Point Breeze under $300k with an FHA loan and 3.5% down, and then rent out two rooms to friends which hopefully more than covers the mortgage and live in the third, managing the property.

I have no experience but have begun educating myself through seminars, blogs, and podcasts. I'd love to connect with other Philly real estate investors on similar journeys or agents who've helped others achieve this. 

I look forward to any suggestions, advice, or connections!

Thanks,

@Matt DiAngelo

 Welcome aboard Matt.

Hi Matt, 

Welcome to BP! Always happy to grab a coffee and chat, shoot me a PM. Don't rule out doing a house hack as you described but with a small multifamily instead. It'll really accelerate your first investment if you're renting out a couple rooms in your unit plus a whole other unit or two in the same building. 

@Troy Sheets Good call, multifamilies seem to be generally much more profitable and easier to househack. I'd still like to live within close proximity to Center City as my friends and job are both there. It seems Multifamilies in/around the city are out of my price point, and a SFH allows me to live very close to the city. A SFH is also a little less intimidating as my first investment. Maybe I should reconsider my priorities. Appreciate the tip and I'll reach out!

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