Househack a multifamily

6 Replies | Philadelphia, Pennsylvania

Hi,

I'm looking for a duplex, triplex or quad to buy in the Philly area: Mt Airy, Elkins Park, the Northeast. Something that I can buy at a good value and fix up. I'm buying as an owner-occupant and will live in one of the units. Any response appreciated. Thank you.

Nicole

I live in Elkins Park currently. There are some decent small multi-families that pop on the market but from what I've seen, its hard to make them make much sense as a househack considering how ridiculously high the property taxes are in Elkins Park. I would try going a bit north to the willow grove area maybe. Northeast philly may make more sense if you can find the right property, but I haven't seen a ton of small multi-family inventory and obviously the schools aren't as good as Montgomery County.

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Haven’t looked too much in mt. Airy but the taxes in the Montgomery and bucks county areas kind of kill the deal if you’re only putting 3.5-5% down and tacking pmi on top of taxes, vacancy, cap ex, and repairs not to mention if you don’t self manage later. In the north east they are kind of looking for an arm and a leg on 2+2 duplexes where the $900 rents don’t work. Just keep an eye out or have an agent let you know of any new listing especially especially 3-4units bc that’s where I generally see the numbers make the most sense. It took me about 6 months of looking everyday and seeing a few properties to find a deal that made sense to house hack where I could live for free.

Thank you all for the advice. I'm concerned about the taxes in Montgomery County too. I've been looking with a realtor for a few months now and the prices that I've seen for the type of houses I'm looking for are more than I'm willing to spend. I have to keep searching and be patient. Thanks.