All Forum Posts by: Alex Uman

@Ryan Gravel i'm definitely not as knowledgable on the suburbs of Boston, aside from having family live in Waltham, Needham, and Wellesley. In Philadelphia though the areas all around Norristown, King of Prussia and Conshohocken have been booming! I'd also look into Delaware county as well. All the best!

While currently living and working in Philadelphia, I am pretty partial toward Boston. I also grew up in New England (CT) and loved going up to Boston and the Cape while growing up. Long term I'd love to move up there as it has the best market in New England. If you're looking for lower entry costs though, I wouldn't count Philly out. While I'm not originally from here, I love the market and the opportunity for investors of all stripes.

Wow @Sven Segers very bold of you to purchase your first property sight unseen without a contractor lined up. I personally would have done more due diligence before moving forward on a deal like that but if the ARV is realistic and high enough have at it. Best of luck on your first deal!

@Kristina Mullings Definitely a great time to start investing in Philly! I’ve been surprised by how many investors are flocking here from NYC. If you have any questions about great areas or anything in particular that differs in our city, don’t be afraid to reach out!

Legally you should have it zoned multi family and have the units separated. If the units aren't you can still do two separate leases but it would be best to properly separate them. For the single family zoning question, you could do separate leases but may run into trouble with the city if it is discovered that you are renting an improperly zoned multifamily.

Hey @Melinda A. Harleaux, I tend to agree with @Marcus Auerbach on this topic. You can rent a property in any big city in this vast country of ours and make passive income. The opportunities are endless and the decision comes down to what you want to do. You'll always do best in an area you are most familiar with. That being said there is something to be said about doing the research and finding that niche market you can corner from the ground up. Personally, I'm biased towards southeast Pennsylvania as it is my market and is growing quite rapidly. All the best in your investing journey!

@Joe P. that's a great way to look at it. Always prepare for the worst and you'll always be happy with the outcome. Let's hope the city doesn't wise up and raise property taxes. My understanding since moving here is that property taxes are so low as the city income tax is one of the highest in the nation.

@Rich O'Neill Fair enough. My office is more so focused on Philly than Delco and I base my knowledge off of what we sell/what my investors are often looking for. Glad to hear you're having luck with SFR in the county.

@Eli B. Multis are definitely the way to go when looking to cashflow in the area. Due to the higher property tax it is more difficult to get higher net incomes on SFR in Delco. Many investors I work with prefer multis for rentals and single family homes for flips in the county as opposed to renting out single family homes. Regardless, there is always something to be said about a safe investment. Even if the cashflow is lower, rents tend to be more consistent in homes that carry a solid amount of value that will continue to appreciate as the county grows. Never a bad idea to have a smaller cashflow on a safe investment that can be sold for even better returns in the future.

I will direct message you with a referral!