All Forum Posts by: Lori Spadaro

I am closing on a multifamily property tomorrow - yay me!  and I am using a self-directed 401K account to do this.  I will need a local cpa or accountant who is familiar with everything real estate AND self directed 401K accounts.  Does anyone have any recommendations?? 

I really appreciate everyone's thoughts on this; thanks so much!

I want to learn as much as possible about creating a self-directed 401K that will potentially be available for private real estate lending.  If anyone can recommend an attorney or advisor in the Philadelphia area that is well versed in these areas, please let me know.  Thanks.

Hey everyone - I kind of wish I could get you all in a room to talk about investing in the Germantown area.  I really love Germantown - my dad grew up there, and I like the community spirit there.  I am new to this game, but looking to purchase a buy and hold fixer upper property (preferable a duplex) in the Germantown area within the next few months.  Any good contacts (agent, lender, contractor, etc) you feel inclined to share would be much appreciated.  

Also, I applied for the Jumpstart Germantown Mentoring program - anyone have advice/opinion about that??

The primary reason is that I want to live in that area; possibly West Germantown or East Falls.  I'm going to buy a single family in East Falls and do short term vacation rentals with one or two bedrooms.  Also, there are some good multi-family units that provide good cash flow, which is my primary goal.  I have a good friend with a couple singe family units in West Philly - she rents them out by the room and does pretty well, but turnover is kind of high.  Let me know if you go to any meetups in the area.  

Hey Brian.  I am also new to real estate investing; I've decided on Germantown as my focus area and wondering if you have considered Germantown as an area for both housing investments as well as maybe a retail business along the Germantown ave corridor.  This area has a strong community and wants to thrive. 

Thank you @Al Williamson for that insight.  I hadn't really considered the longer term, though still not permanent, rental option.  I will look into that for sure.  I listened to a BP podcast recently where this was being done effectively, mostly renting to traveling nurses.  

I'm in Philadelphia and am also planning on this investment approach - check your area's regulations.  Phila. has recently decided to allow airbnb and other short term vacation rentals with an 18% hotel tax.  My individual strategy is to buy  something with small square footage in a great location for visitors.  Personally, I believe an awesome studio with great amenities (a super coffee maker, plenty of fluffy towels, etc....) in a high walk score area is better than a larger place.  I plan to live there during any non-booked times (hopefully very few) and live at my parents during the booked times.  I will initially do all management myself and see how it all goes.  I'm going to stay away from a high-rise and look for a more unique space with separate entry.  Would love to continue seeing what everyone else does!! 

Thanks Claire for the response. Do you know of any REI meetups, either in Fairmount/East Falls area or other suburbs?? Just trying to learn at this point. Thanks.

I am in the position to purchase something to function both as a part time vacation rental and part time living there. I would prefer art museum/fairmount area. Question is whether it should be a condo building (has amenities and hoa fees) or a unit in a rowhome/brownstone. Any input appreciated.