All Forum Posts by: Jon Pacitto

@Account Closed thanks for the info, that sounds excellent. 

@Alex M. I've been looking due to the wildly low prices but have also spent time looking in Manayunk/Roxborough/Germantown/Mt. Airy as well and have heard there is great cash flow potential in those regions. Do you have any experience in those areas? My biggest barrier to those areas is an almost depletion of my savings with the closing costs/down payment needed. Thank you for the help!

Thanks for the insight, @Jake Thomas. The bigger issue is having a large amount of cash upfront, not as much the monthly mortgage payments. I have heard asking for a seller assist can be a very great way to combat this as well, I wasn't aware of how common it was!

I'm looking to purchase a single family in either of these ares, preferably Drexel Hill, and am curious if anyone in the area knows much about the rental market in those neighborhoods? I've heard trying to sell a home for any sort of profit has little to no chance of actual success. However, if the rental market is strong I would be more willing to think about a purchase if its rental potential is very high. Please let me know what you think, thank you!

All,

My biggest obstacle right now seems to be finding enough money for closing costs while still maintaining some savings. I'm unwilling to deplete my account to make a purchase and with the market I'm in its hard to find a smart buy with good rental potential without a decent amount of money up front. Any tips for combating closing costs? Greatly appreciated. 

@Penny Clark and @Nancy Curran thank you both for the advice, all of it sounds absolutely necessary to maintain a good relationship with the tenants. My biggest fears have basically been addressed, thank you again to you both.

Has anyone ever experienced owning a multi-family while Living in one of the other units in the property? I'm curious what it's like living in such close proximity to tenants while maintaining a working relationship with them. Thanks all. 

I'm looking to settle down for a long period of time in Western PA, are there any tips and tricks for a first,time investor in that area? I know a lot of it is very rural, does anyone from that area know what the market is like right now? 

I'm also curious about areas like Grove City PA which is a small rural/suburban borough but one that is growing and on the up and up economically. Does anyone have any knowledge of that area specifically? Thank you all!

Got it, thanks @J Scott for the great info!

I was recently told that constructing a new home has become much more expensive recently due to more and more regulations having to be met by those building the new property. I didn't think that it was something excessive to worry about but is this the case? I've always thought it would be great one day to build a home from the ground up but is it always going to be more worthwhile to start with something already built and customize it from there?