All Forum Posts by: Leo Day

Hi Everyone!

Looking for a great Philly Home inspector. I am a local real estate investor and will be looking to do fix & flips and BRRRR properties. Any referrals would be greatly appreciated!

Thanks, 

Leo

Fantastic, I just touched based with Daniel this morning. Thanks for the heads up!

Hello, 

I am a new investor looking to make my first purchase in the time frame of 1-6 months. I currently rent at this time and my lease is up in September, so the hope is to have my purchase before then and rehab started. My plan is to purchase a multi-family Duplex/Triplex/Quad BRRRR property that I can purchase and fix up. I will be in one unit owner occupied and rent out the others.

I am currently building my team at this time. I am looking to connect with a contractor in the Philadelphia area with a proven track record of past successful projects along with great reviews from satisfied customers. 

My hopes were to connect with each other and explore the opportunity of working together in near future. Preferably someone who is comfortable working  with new investors. I would love to hear how your team operates. 

If any current investor has any contractor they love in the area and would like to send my way, that would also be greatly appreciated as well! 

Thanks for the help. 

Leo

Hello Everyone, 

Im currently very scattered right now and could use some good career advice. I've been wanting to get into real estate for a while now. I have passed my PA real estate salesperson exam however am not currently licensed yet, still looking for the right brokerage. 

My question is whether or not to go all in on being an agent or keeping my day job and just slowly investing on the side? I currently work from home, have a very low stress, cushy 50k job, great benefits. I don't enjoy the work I do but it's not challenging and I often have lots of time on my hands. Basically, it's ok. I don't love it, I don't hate it. 

I have been interviewing with a top producer in my area of Philly/NJ area. He wants me to be an assistant to him rather than a full time agent. I see this in a few ways.

1. It would be beneficial being his full time assistant , learning the ins and outs of the industry. Seeing how a top producer works and operates then exploring a year or two from now going out on my own? Cons- very low pay, low base salary of $30,000 with commission incentives, poor benefits. The work being primarily Showings/ Admin/ ISA lead generating. Another key thing to note is if I were to take an agent position, it would likely crush any opportunity for a lender on my first purchase. 

2. Just becoming a full time agent elsewhere and work towards building my own book of business. I understand you need to start somewhere, I just don't know if it would or would not be beneficial being an assistant in the beginning or just jumping into it right away. 

3. Keeping my current job, hang my license somewhere as a part time agent and work at this on the side? If I were to keep my job, I would likely be up for a promotion sometime soon and could possibly increase my income close to 60k. I also have my grandmother who is looking to sell her home soon and a family friend as well. Also as a part time agent, I can use the buyers/sellers commission I receive to reinvest into more properties. Do I just keep racking up cash to keep investing at my salary job or roll the dice being an agent, learning the industry in and out and possibly if successful increasing my income down the road? 

My hopes are to just listen to a few opinions from people with more industry experience than myself. Any input would be greatly appreciated. 

Thanks!

Hello, I am currently in the process of starting my real estate journey. I am looking to make my first purchase in the Philadelphia area. My plan is to house hack by living with friends and having them pay the rent so I can live for free. I am looking to put 3.5% down along with paying the PMI fees with the other expenses. With this low down payments I can pump a lot more of my savings into the rehab to eventually refinance in 6-18 months.

I am still currently employed working from home however, prior to Covid 19, I was currently in the market of switching jobs. Jobs locally in the Philadelphia area as well as Boston and New York. That is now currently put on hold. I know to qualify for the 3.5% down payment it must be owner occupied which would not be an option for me if I was to accept an offer in Boston or NY. I would have to move. Nothing is certain (especially with this crazy time) but I would like to know my options if I was to make an offer on a home in the next month. 

So essentially, my question is can I still get this loan in the next month if I was to accept a job offer in a different state within less then a year? Or what may happen if this goes into action, I get the loan, proceed with my house hack and suddenly I may have to move mid year? Please let me know! 

Thanks!

Hello Everyone, 

This is my first time ever posting on BP. I am a frequent podcast listener and read all of it's material. I am a single 24 years old male ( currently living at home with family to save money) looking to purchase my first house hack and get into real estate investing. I have about 50K to my name and no debt, ready to make that first leap. I also have friends of mine looking to move out as well that would be potential roommates for this house hack. That being said, I can only read and listen so much until I actually make a move which is where I am struggling. I am already pre-approved as well as working with an agent to find this first home. Here are some of my main questions I hope you can assist me with.

1. Is it better to purchase a home that needs no repairs at all or needs repairs that I can fix? Note** - I am not handy at all but I do know a few contractors through word of mouth. 

2. Would you recommend going all in financially If I believe this will cash flow positively? 

3. Single Family vs Multi Family? 

4. Should I look to invest a 3.5 low down payment and pay the PMI insurance or invest 20% down (Majority of my capital)?

If you could assist me with some of these questions that would be great. I feel like I am very close here, just starting to get the pre-purchase jitters being a first time buyer investor and want to make sure everything goes smooth-ish. 

Thanks