Updated almost 5 years ago on . Most recent reply
Advise for a first time rental investment buyer
Good morning. I’m a new investor in the Philadelphia, South Jersey area. I’m at the very beginning of this whole process. I would like to connect to other investors in the area. I’m looking to buy a rental in Philadelphia (near university city) and Grays Ferry. I’m also looking into Gloucester city in nj. Im looking to hold and rent the properties. I’m still scooping up areas, analyzing deals and learning the process but if anyone here knows the area I would appreciate some advice and tips.
I’m looking for a good real estate agent in Philadelphia. Someone who knows the market and has the mindset of an investor.
To finance my down payments I’m considering refinancing my home and cash out 150,000 that I could use for down payments on properties. I think this would allow me to buy at least two or three properties but I’m not sure if this is a wise thing to do. The reason I’m considering this is because it will allow me to advance faster but I’m inexperienced so I’m not sure if I should take it easy at first.
My last question is how long should I wait until buying a property. I know I’m supposed to educate myself first which is what I’m doing , but I see properties in the market and I’m so eager to buy them!! Specially at this time of the year when things have cool off a bit. Thank you for your advice!