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All Forum Posts by: Larry Williams

Larry Williams has started 1 posts and replied 5 times.

Post: Who can help me make to best next move?

Larry Williams
Posted
  • Posts 5
  • Votes 2
Quote from @Anwar Nasir:

Leave a contact number with a short message and I'll get back to you as soon as possible.

610-322-8521👍🏽

Post: Who can help me make to best next move?

Larry Williams
Posted
  • Posts 5
  • Votes 2
Quote from @Wale Lawal:

@Larry Williams It's wonderful that you have a property gifted to you and that you are interested in real estate at such a young age. Here are some thoughts and advice on your questions:

Pulling Equity for Repairs and Down Payment
Neighborhood Considerations
Networking
Financing
Research and Due Diligence
Property Management

Take note that real estate investment necessitates thorough preparation and research. It's fantastic that you want to talk to seasoned investors and ask for guidance. Getting knowledge from other professionals in the field may be quite beneficial. 

I hope your real estate goals are fruitful!

Thank you so much I appreciate it!

Post: Who can help me make to best next move?

Larry Williams
Posted
  • Posts 5
  • Votes 2
Quote from @Anwar Nasir:

Larry you are in a great position because regardless how much cash you already have on hand, you can use the equity of your free and clear property as a down payment on a triplex. Two of those units should cover all your expenses and give you pretty good cash flow, but that depends on where you purchase the property as well as condition. Remember that you can continue living where you are and then the triplex will have three rented units. When purchasing a multifamily it will be the revenue generated from the property that will count most, not your $27,000 income from your job.


Very true thank you for your insight. I’m having trouble finding properties that meet the 75% rent rule. Do you have any suggestions for high rent neighborhoods with decent prices? How do I find multi family that qualify with such low inventory/high prices? I’ve been shifting my focus from the mls to off market. 

Post: Who can help me make to best next move?

Larry Williams
Posted
  • Posts 5
  • Votes 2
Quote from @Matthew Tregoning:

What's up Larry!

I was a little older than you when I bought my first "live-in-flip" and house-hack! If you are interested in short-term-rentals, make sure your property is properly zoned for it. If I could do my first house-hack over I certainly would've bought a property that could've made an awesome STR when moving out. Great way to supercharge your path to financial freedom.

That’s a great piece of advice, thanks!

Post: Who can help me make to best next move?

Larry Williams
Posted
  • Posts 5
  • Votes 2

Hello everyone my name is Larry I’m 19 and I am looking to get advice on my first house hack in the Philadelphia area and network with fellow investors and real estate professionals.

Currently I have one property in North Philly gifted to me from my parents (ik they’re awesome) that I own free and clear worth 100k bringing in 800 monthly gross. I want to get into my first hack and I need advice on

  • should I pull equity from my property to cover repairs and down payment
  • What neighborhoods should I consider with my price range being 200k for a small fha multi family (I’m not entirely sure how much I can qualify for yet. I make around 2700 gross from my job. My job is in audubon so I’d like to stay within 45 min commute)
  • Where are the best neighborhoods to invest for mid and short term rentals within my price range. I’m considering student housing and air bnb to fill gaps of vacancy if there is any

There is a lot of other things I need help with and I am looking to connect with as many people as possible. Thanks in advance and I appreciate this community for educating me thus far.