All Forum Posts by: Alan Asriants

As rick mentioned, simply getting your RE license won't make you a better investor. You will learn far more about investing through BP, podcasts, and books then you would studying for your RE license. But... working in the business will help you learn the trades and the ins and outs behind the purchasing process which is valuable to you as an investor. By working with clients and especially investors you will expose yourself to many properties types simply by conducting showings. You will also be able to fully use MLS and public records for your investigating time. Scheduling appointments for your own investments is super easy and can be done without relying on someone else. If youre actively buying through the MLS as an agent you can save a good amount of tax free money using your commissions as sellers assist.

I always try to figure out how much the tenants monthly bills are. I first account for rent, then I look at car payements, then revolving CC payments, student loans, I estimate utilities, groceries, and only then I subtract their NET income. If its too tight, I pass. I want at least 500/m in buffer (This is for one person). If its a family and there are more dependents I would want to see more money left over every month. I don't want to put people in a position where they are tight every month. Not fair to them and a risk for me

Hey @Jeffrey Burdo,

I think that the best way to get started is to first figure out what your goal is with your first investment:

Are you looking to flip something, airbnb, or a traditional long term rental?

Then you could figure out what areas you are interested in investing in. Knowing your area is the best way to get out of the "cold feet" mentality and start actively looking for deals. You can get to overwhelmed if you dont know where and what you are looking for. 

Once you know your area, understand your property type. Do you want a Multi family or single family? The area you select in PA/greater Phila will determine property type

This can arguably be done first - get a preapproval. Know what you can afford. If you don't know your budget, you will be overwhelmed with the options you can have. Knowing your budget is a great way to narrow down and get out of analysis paralysis. 

From there, its simple calculations that determine if a property is worth it. If you want to connect and talk more, feel free to reach out

best of luck 

Hey @Joseph Matyas and @Brian DeLuca. I find that the MLS is my favorite tool for searching multi family. I think Realtor.com does a decent job, but I know that other sites are not that good at searching for MF listings. If you know the area you are looking in feel free to reach out and I can send you listings directly from MLS. Happy to connect, if you guys want to talk more about investing in Phila.

 Jussi I agree, Philly is an interesting market because you can charge very similar rents in Neighborhood A and in Neighborhood B, but entry price for neighborhood A might be 200k and neighborhood B might be 320K. The type of area will of course lead to different types of tenant base, appreciation, etc. I have noticed that rents are starting to cool off and only very nicely renovated units are getting top dollar. Finishes, features, amenities, and style are now starting to play a bigger role on your rental amount. Days of cleaning a 10 year old carpet and adding handles to cabinets to get top dollar rent are gone. 

Hey Rami, welcome to the community. Happy to connect and share my experience. Reach out anytime 

My first reaction recommendation would be to purchase another house hack mulit family using FHA, but as you mentioned, the family size make living in something like a 2 bed very tight. If you can swing it for at least a year, you can move out and use a low money down conventional loan for a more long term property while using the cash flows from your two multi fams to pay the single family mortgage. If you can do it for a year, financially it makes sense to get another multi fam, then buy a single. Once you buy a single using low money down, it might be tough to convince the lender to buy a multi fam using FHA again. You would then have to have an explanation as to why you are decreasing your standard of living.

Luckily I havent had turnover to see if my personal properties have seen a rent decrease but I have been noticing that the rental listings coming out are not getting as much traction. This is mainly from the landlords who "put lipstick on a pig" and are trying to get top dollar. couple months back it would work, now tenant demand is lower, so only the better products can yield higher rents

Hey Brian, I think that the more research you do on your tenant the better. Usually with a simple background check, credit record, and income verification you can get a general idea about the person. I have found that calling the previous landlord, especially the landlord prior is one of the better ways to get an idea of the tenant. The more you know the better. Good luck

Hey Ben and Welcome to the BP community! We appreciate your service. I am local to the Phila area and was born and raised here. Been investing in RE since 2020 and helping investors buy and sell as an agent. Happy to connect and help in anyway I can from my experience investing in the city. Reach out anytime !