All Forum Posts by: John M.

@MichaelBadin Yes, I have pre approvals in place for FHA loan (and a conventional loan). That is how I could put down 3.5%. But, I have run the numbers for different loans.

Hi Lana, answer your questions that yes, it will most likely be owner occupied for the first year. But, I pursing  other options.  But for the time I would occupy it, I would I still would save on the rent that I am already paying.  

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*This link comes directly from our calculators, based on information input by the member who posted.

Hi @Maritsa Cortes welcome to the BP

In West Philadelphia I was born and raised.  I am also new and I have spent the last year studying real estate and investment.  In addition to this I have spent the last year saving up money to begin investing with.  I too am looking into multi-family properties in Philly. 

I agree with @JJ GONZALEZ II, the BP calculators are a great way to run a few numbers.  The fastest way to reach your goal would be through flipping houses.  But that is also the riskiest.  If you want the fastest way to get the 10K each month would be through house flips (which auction, foreclosures, etc would require 100%) you could use a hard-money loan.   This comes with about 12% of interest, but it could still lead to you reaching your goals.  

If you are in need of leads I can recommend Alexander Brian Frederick as a New Western Acquisitions in Philadelphia (whole-saler). He has 10-30 deals in philly every month and he can send them to your inbox.

The best real estate Pod cast hands is Bigger Pockets.   Some great books to check out: 

• The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes by E.E. Mzazier
• ABCs of Real Estate, The Book on Estimating Rehab Cost by J. Scott
• The Millionaire Real Estate Investor by Gary Keller
• The Riches Man in Babylon

• The Book on Rental Property Investing by Brandon Turner

Happy investing.  

I would like also to know about your estimation rehab costs, and the rents for this area.   for What do you think the ARV will be after rehab. What do you think the rehab cost will be?

Wow, this is such a nice rehab.  That kitchen could sell the house for you.  The virtual tour is a great way to put it on display. 

@Yuiy Skripnichenko

Thank you for that clarification.   It is very helpful.  In fact Point Breeze is one of the areas that I am looking to buy a house (or build on a lot) in the next few months.   

@Yuriky Skripnichenko

Thank you for the information. It is interesting to see these details for Philadelphia.  

Would you be able to show us information related to recent (3 mon.) sales cash buyers in Philly?  I ask because it would be helpful to know areas that investors are buying.

@Mike B. -Thank you for your insight.

1)My concerns were that I could not get an accurate after repair value. 

2)Also, the whole street is a row of multi-families (triplex).  All are out of date, but a former landlord sold a set of ten of them.  There are other developers buying and making repairs. 

3) It did not seem like I could easy refinance after 12 months. (Although that is mainly because the starting price was too high.  Even for a triplex, I know that I would not have anything left for repairs at a latter date).