Hi everyone! My name is Matt Mulrenan I recently graduated from Temple University in Philadelphia. I am starting my career at IBM in New York this August. I am looking to purchase one or more properties within the next two years. I am unsure how many properties I should consider. I have a fair amount of savings I can put into a down payment. I am familiar with the Philadelphia market because of my time at Temple. I am looking for advice, opinions or anything in-between! Would love to develop a mentee mentor relationship
I am still learning the best way to communicate on this website. So, in the meantime here is my LinkedIn: https://www.linkedin.com/in/ma...
Real Estate Agent · Columbus, OH · Member since 2020 · 126 posts · 121 votes
5y
@Matthew Mulrenan I would say you are on the right track! Philadelphia is a good market. If you decide to look outside of Philadelphia I would check out Columbus Ohio.
Wholesaler · Philadelphia · Member since 2020 · 45 posts · 72 votes
5y
@Matthew Mulrenan Hey Matt, congrats on getting started... As exciting as it is to immediately think scale, there can often be problems/unknown factors that arise with the first few properties. I would start with buying one and focus on ironing out any kinks in your system. Are you looking for flips or rentals? And do you have a team (contractors, lenders, agents, etc.) or are you looking to make some connections?
I'm a licensed agent but I've been primarily wholesaling for the last year or so. I also work with many lenders in the area and have a few close relationships with contractors. Let me know if/how I can help!
Real Estate Agent · Columbus, OH · Member since 2020 · 126 posts · 121 votes
5y
@Matthew Mulrenan I would say you are on the right track! Philadelphia is a good market. If you decide to look outside of Philadelphia I would check out Columbus Ohio.
Hi everyone! My name is Matt Mulrenan I recently graduated from Temple University in Philadelphia. I am starting my career at IBM in New York this August. I am looking to purchase one or more properties within the next two years. I am unsure how many properties I should consider. I have a fair amount of savings I can put into a down payment. I am familiar with the Philadelphia market because of my time at Temple. I am looking for advice, opinions or anything in-between! Would love to develop a mentee mentor relationship
I am still learning the best way to communicate on this website. So, in the meantime here is my LinkedIn: https://www.linkedin.com/in/ma...
Congrats! If you are working in NYC then I imagine you'll have a pretty w2 to show lenders, which some will allow college to account for years of work, so you could be looking at a sizable lendable amount. My advice would be to figure out what you want 30 years from now, then based on that, pick a market, dive in, find your team, and start investing.
This is a great forum with very knowledgeable members that will help to guide you in the right direction, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance. You will be able to share your story and receive plenty of helpful feedback from experienced members.
Investor · Philadelphia, PA · Member since 2019 · 618 posts · 430 votes
5y
Like others above said, figure out if you want to flip/buy and hold/etc and go from there. I wouldn't focus on much past the first property personally. You will learn a plethora of information from the first.
Then I would figure out what your budget it and what areas of Philly you are looking to buy in. That will help determine what areas/types of properties you can buy in those specific neighborhoods. Since as you know there's a big difference for on campus properties vs 4 blocks away for example.