All Forum Posts by: Eric Greenberg

I dont invest in manayunk but have a bunch of friends who live there. Id say there are a good deal of non-student renters in that area as well and wouldnt be worried. Id also think about making your 1st rent term longer than 12mo to end in the summer for easier rents in the future 

Im not sure where you are around Philly but I would verify that you do not need to pay for trash with having a MFH.  I would also add in an expense for snow removal unless your management company is planning to handle that.

I also think vacancy is a bit on the low side and would use ~8% (1mo/12mo).

Same with CapEx, unless the place was recently renovated. $100/month yields $12k in 10 years. If both units have HVAC systems along w the roof, kitchens, etc that could be light when things start to need replacing.

I agree with Dan.  Might be helpful to post in the Philly forum and add some more details like areas you are looking in, price targets, will you be doing the work or hiring it out, etc.

You wont have any zoning issues if you are looking at single families and renting out rooms. Id start with your budget, what areas of the city you would actually want to live in, then start looking at rent numbers to see which of those locations makes the most sense.

Philly can be a great place to house hack with the low(ish) home prices for a major city in the northeast. Are you planning on house hacking a single or multi family residence? Good luck on your journey!

Hi Ricardo, it might be easier if you gave some more details on what you all are looking for to help narrow down the search. $40k using a FHA loan means you could buy a $1M+ dollar property. Id be curious your price target. How many unit MFH are you looking at? What areas of South Philly are you looking in? Any reason to only look in South Philly and not the rest of the city? Then break down your assumptions so far for maintenance/capex/vacancy/etc. That way folks might be able to help a bit more.

-Eric

Reach out to @Rich O'Neill and his team

Thanks Yuriy!

Congrats on the first property! 

I would make sure that the numbers make sense as a long term rental as well. Does the zoning conform to the potential new STR changes?