All Forum Posts by: Francis Nguyen

Welcome @Jaret Lara! You are taking the right steps by joining BP and listening to their podcasts. I am an investor agent here in Philly and am pretty familiar with the market here as well as the surrounding suburbs. I would recommend joining REIA or DIG just to get around investors and to just talk real estate.

 Where in particular are you looking into for your first project? How much are you looking to profit on your first flip or rental? What are your goals for this year? These are just some basic questions but will definitely help narrow down some criteria in moving forward!

Hey @Will Graves. Every comment on this thread is offering valuable advice. I believe that the best way to accomplish your goals is to reverse engineer and work your way back. I personally wouldn't recommend on obtaining a license just yet, as this is going to be your first investment and there is so much information online as well as BP. 

You mentioned that you lived in Philly so I assume you have a general knowledge of certain areas. Is there any specific pocket you are looking into and what amount of cash flow are you looking for? I am coming across many multi-family units and can help point you in the right direction. 

@Kaleb Bauer There is a learning curve and you will definitely have go through the struggles as everybody does when first entering real estate. With that being said, it would be extremely helpful for you to find a mentor or someone that you could refer to as you go through these experiences. Build your network, stay active, and don't be afraid to fail. If you have any questions, I'm more than happy to help in anyway I can. Good luck!

@Robert Palladino I agree with the responses on this thread. There is no reason for you to forfeit the earnest money. Since the property is rental ready, I would explore Section-8 and just market the property through social media sites or CL. There are always people looking, even in difficult times like these. Rental rates in the area are like you stated so even if you were to let this sit for a few months, the cash flow once you do find a tenant would be able to make up for this. I hope this helps. 

@Zocky Zhang I was looking into this and came across this. Hope it helps

Yes, you can claim a credit on your Maryland state tax return for local taxes paid in Pennsylvania. Per the instructions to Maryland Form 502CR (under a special note), "If you had wages subject to tax in a locality in Pennsylvania, you may file Form 502CR to claim a state and local tax credit.

Thanks for the info. I will certainly keep that in mind.

I agree with Ed. There are deals everywhere but until you can figure out what you are looking for decisively then it would be difficult to find. You can't find something that you don't know what you are looking for. I am a Investment real estate agent here in Philly and I have had to sit down with a few clients to narrow down specific criteria, what kind of returns they were looking for, monthly goals, and annual goals. The more specific you can be in what you are looking for the better! Let me know if I can help with anything. I am always looking to build new connections! @Patrick Hagerty

I have a client that closed a deal with a squatter. What is the process like for either eviction or ejection?

@Kyle Altenau I completely agree with you. I am an Investment real estate agent here in Philly and it is extremely important to consider neighborhood boundaries. You would not be able to find anything in Fishtown and East Kenzo currently for less than $150K unless it was an absolute shell. @Ekow Essel Congratulations on moving towards your first investment! Very exciting stuff. Are you looking for a flip or rental for your first project?