Philadelphia Investing - BRRR, Buy and Hold Rental

3 Replies

Hi BP,

I'm looking to invest in my first property (multi-family preferably but would consider single family) in East Falls, Germantown or Manyunk. I'd like to get recommendations for a RE Agent specific to those areas. If anyone has any advice for those areas that would be much appreciated also.

I picked the areas because it's close to my daughters college and figured that would be a good place to start so that she could live there while she's at school.

Thanks,

Joe

@Joe Steinheiser , this is a great strategy! Have you considered having both your daughter and yourself purchase the property in both of your names? The reason I ask is there are certain loan programs that she may qualify for with you as a coborrower that offer some different loan terms to owner occupants (as low as 3.5% down and usually a point or two lower interest rate sometimes without PMI). If it's being purchased as an investment you would generally be looking at a higher interest rate, shorter loan terms and larger minimum down payment. Just something to think about. Let me know if you have any other questions in mind or if you need any other recommendations for lenders, home inspectors, etc.