All Forum Posts by: Account Closed

Congrats on learning about this great opportunity! I'm in King of Prussia and I invest in Norristown. Chasing down my second SFR at the moment. Looking forward to your success.

I'd be interested as well.

I'm not a fan of debt though I did use some on my one rental purchase. Mostly, investors will say to use debt for all the reasons given above. Those reasons all appear to be mathematically sound. When buying all cash, I would just be wary of the cashflow. Without a mortgage, all properties will give you cashflow at a reasonable rent but you may miss much better deals.

Anyone have tips on how to find a rental for a large family? We have friends who need to find a place quickly but have the unique challenge of a large family (2 parents 7 kids). They are looking in South Eastern PA. 

Makes me wish I had a huge fixer-upper in the works...

Kay,

Welcome to this crazy REI world. I'd recommend improving your knowledge first. I read a half a dozen books and met with a few other investors before I bought a property in Norristown from a wholesaler. I needed to use every backup plan that I had due to a variety of issues that came up, some avoidable, some not. My costs ended up being 50% higher than original projections. It was highly stressful. But I'm looking for my next deal now.

If I had to do it all over again, I would take Matt's advice and buy a duplex for my primary residence and rent out the other side. That is the best way to manage risk that I have seen anywhere. Also, I would have read BiggerPockets way more.

If your goal is to support yourself, Matt's advice significantly reduces your living expenses while teaching you about REI in a hands-on manner. It is a double-win. If you truly want to be support yourself in a year, you should find stories of people who have done it and talk to them in person to get a sense of how much they hustled. If you still have to work a 9-to-5 like me, I think your timeline should be much longer.

Keep learning and keep your eyes wide open. Godspeed.

Definitely check on the historical issues in Norristown. You may be required to leave the windows unboarded. I can put you in touch with my contractor if you wish. He has done work in Norristown for years so he might have some ideas. I think bars are your best bet.

Jared,

I was just considering my first multi-family and I wanted to mention zoning laws since I didn't see anyone say it yet. Be sure that what is offered as a duplex is actually in a zone for multi-family property. You might be buying an improperly rehabbed SFR. Don't believe the realtor.

Thanks for asking this question. I'm curious about when to use which vehicle as well. I'd appreciate any other threads to read. I'm off to search the forums.

Sounds like a great idea!

I've used Leamy electric for years on my house. He sounds like he would fit your description. I've recently been using Bob Stemple for plumbing, only one job, but I will be calling him again. I've only done one rental property and I haven't used either of them in that context but I would call them in if my property manager didn't already have a good crew.

http://www.leamyelectricinc.com/

http://www.robertstempleplumbing.com/