All Forum Posts by: Marcell Salmond

I pretty much new to this so take my advice with a grain of salt. I purchased a duplex last year and while they still had a lease for the next couple of months, I was under the impression that I could have them vacate the property before settlement. Anyways I let them stay but let it go month to month. So to kinda answer your question, whatever their lease was before you purchased they should still be following. When tenants go month to month they're still following an agreement. If there wasn't any lease ever then it should be no problem making a new one or giving them notice of having to vacate. Again I'm new to this as well so I look forward to hearing professional advice. Hope I was able to help somewhat

Originally posted by @Jalen West:

@Steven T., I see that you are not that far away from me. Here in Philadelphia there are a range of investing opportunities with a strong rental demand. Finding the opportunity that is right for you depends on your income/NOI goals and willingness to learn. I have experience in buy and hold multi-families properties to full renovations. If you would like to run some number or discuss further, feel free to reach out. I would be glad to help you make that 2 million grow.

@Jalen West  Good morning. I'm from Philadelphia as well and new to investing. On the 25th of this month I'll close on my 1st property.  Duplex . 257k for the property, fha loan, stay in one unit and rent the other. Mortgage will be 1658.00 a month. Upstairs unit currently renting for 1100.00 while the unit I'll be in was last rented for 900. 

After closing I'll still have close to 30k in savings. My question to you is how soon and how hard would it be to buy another property? Which type do you recommend getting? 

I work two full time jobs so I have some disposable income. Any advice is appreciated 

Thank you.  Much appreciated 

hello everyone

My name is Marcell and I am happy to finally be a part of the community.  I have lurked the forums for quite some time lol and every post and the comments I found to be inspiring. 

I currently work 2 full-time jobs in the railroad industry.  One ofor my jobs in plan on retiring from and the other I am just currently using for disposable income. 

On the 25th of this month I will close on my 1st property, a duplex.  The appraisal came in at 15k less than the asking price in which I was able to acquire it at 257k.  Property is in excellent condition and was recently remodeled therefore I don't have to spend any extra money after buying. 

I am new to this experience and I'm looking for any advice or constructive criticism.  Here's a little bit about my goals

The property that I am in the process of buying (fha) I will stay in one unit and it already has a tenant in the other.  My mortgage payments will be 1658.00 a month.  Tenant is paying 1100 for the upstairs unit leaving me to pay the rest.  

I would like to buy another duplex by the end of this year.  One that is cheaper (150k and under). Am I jumping to soon?  Is this even possible? Oh, after closing on this property I'll have 25k left in my savings account.  Should I take a percentage of that and set aside for the current property?  If so, how much?  Should I use it as a down-payment on the next property?  

If anyone from Philadelphia responds, what areas do you recommend? My 1st property is in rhawnhurst section of Philadelphia. 

Again any advice is much appreciated and I apologize if I typed too much.  Thank you.