All Forum Posts by: Jeremy Fisher

Sounds like a pretty successful last few weeks - I doubt you will remember the $500-1000 over-budget in a couple years. Good luck with finding tenants quickly, and yes, please do post an update when that process is all done. 

Jeremy

Hey @Robert Palladino
Great thorough post. Any update? Did the purchase end up going as planned?

I live in the area on Cecil B and frequently walk past the house. One of my favorties for sure.

@Thomas Caridi love the plan! I see that area as one with potential for a lot more appreciation in the coming years. 

Hi @Brande Gilbert

When it comes to buy-and-hold rentals in the city, West Philadelphia does usually make the most sense numbers-wise. Cobbs Creek is the first neighborhood that jumps to mind when I think about buy-and-hold, but Wynnefield, Overbrook, and West Kensignton (aka Norris Square) also should be neighborhoods worth looking into. 

@Od Ntuk while there may be areas of Philly where you can buy a rehabbed house for 150k, I do not believe you would have short-term rental success in these areas. These would be C- (at best) or D neighborhoods that many potential guests would not find desirable - especially when there are really great, fairly priced short-term rentals in good A and B neighborhoods.

@Angelo Goodwin wow! looks like you did a great job on the rehab. Well done!

@Derek Rodenbeck and @Tamara

Yes, some areas of West Philly closer to UPenn are quite cost prohibitive. I was actually thinking a little bit further west; potentially in Cobbs Creek. It's quite possible to find a $100-120k single family, 3bed, 1 bath that will rent for $1050-1150 per month as a rental. These numbers might not be groundbreaking, but this would be a relatively easy start to your investing journey, especially with the low-to-no downpayment needed for your VA loan.

This potential home could probably use some cosmetic updates, but should be ready to live in if needed.   

Hi @Derek Rodenbeck Have you and your wife considered buying a home in Philadelphia, living in it for the next year or so, and then keeping it as a rental once you move to Phoenix? Might be a great way to get started, especially if you want to buy something in West Philadelphia where the rental numbers make a bit more sense than most other areas of Philly. This would also enable you to buy this property with 3-5% down, as opposed to the 20-25% down you will need for a straight investment property. 

Hi @Darrin Jackson

Great to see that you are getting started. As Matthew mentioned, here is the biggerpockets list of hard money lenders: https://www.biggerpockets.com/companies/hard-money

It will be worth reaching out to 5-10 that work in PA to go over your situation. Many won't work with a brand newbie, so that will rule out some rather quickly. If the deal is good enough, I would hope that you'd be able to find one to work with. Good luck!