All Forum Posts by: Tom Doherty

@Holly Thomas Welcome to BP! I'm originally from the Delco area so I know it pretty well. I agree with Rich, Lansdowne is in the B, C class. Depending on the financing and what you are approved of, there might be other options as well. Obviously the numbers have to make sense. What I noticed about a few multi family properties in that part of Delco is if you can find a Triplex then you are essentially living for free (not factoring in other cost) because a duplex and triplex are somewhat in the same price range. 

Here is what I recommend

1. Get in contact with a mortgage broker to see what your financing options are. 

2. Get in contact with realtor who understands multi unit properties and can give you solid advice on the rental market.    

3. I wouldn't rush into it but check out a few properties first and get a feel for the type of properties and the maintenance that comes along with it. 

Overall, this is a great strategy to almost live for free and when the time comes to keep it as a rental going forward. Please let me know if you have any questions, more than happy to help. 

@William KJ Kulik Welcome to BP! Congrats on graduating from Rhode Island. I graduated 7 years ago and rented for a couple years in Manayunk with friends (I did and still have student loan debt) I now own a home in Philadelphia in a good solid area. Here is my advice...

- Housing situation - I recommend the house hack approach if you are able to get some of your friends to rent from you to cover the mortgage. First, get in contact with a mortgage broker, I'm sure they will tell you that you need at least 2 yrs under your belt first. It looks like you are living at home, I would stay at home as long as possible to save as much money as possible. I look back at when I rented in Manayunk and I spent about $20k in rent for 2 years. I wish I stayed home to save money. 

- Location - I cover Philly, Delco, Chesco and parts of Montco. Obviously it comes down to the numbers/location and condition of the property. Philly is in the the #1 spot but that will likely come at a higher price but there are deals out there. 

- Student Loan Debt - It depends on how much. Some people may disagree but I recommend not paying it off and saving for that first property. It will be helpful to get in contact with a mortgage broker to see what you would be approved for with the student loan debt. As long as you buy right, you'll be in a better situation if you are able to save for a home and buy a good quality property and live for free.

Congrats on figuring this out sooner than later. I wish I was in your situation when I graduated 7 years ago. Message me with any questions. Good Luck.

@Keith W. Great info! I appreciate it.

BP - I'm reaching out to see if there are any investors that can provide advice/info about investing in Pottstown and Norristown? Specific to buy and hold investing. Any success? I appreciate the help and advice. 

@John Knisely That makes sense. I appreciate the help. 

BP - Anyone in the Philly market able to help me with the following question....

- What is more accurate? The MLS or Phila.gov website regarding who the owner is of a specific property? Thank you for the help!

This three bedroom twin home is just minutes from Widener University. This large dwelling has it all. The first floor features a living room, dining room, and kitchen. This home includes a great fenced in back yard along with a one car garage. The rooms are large with carpet throughout. Your new home even has a cozy fireplace in the living room. I-95 is a short drive from your new home leading to Center City Philadelphia or Wilmington, Delaware. Major shopping centers, schools, and public parks are a short distance away. Ready for immediate possession. $900 in rent.

BP - I'm looking to connect with any investors in the Delaware County (Delco) area who are looking for their next project, either a fix and flip or buy/hold strategy. I previewed a handful of distressed properties yesterday. Please contact me for additional information about these properties. (These are MLS properties) Areas of focus... Upper Darby, Westbrook Park, Lansdowne

[email protected]

6103315062

@David Boroughes - Good info. I appreciate it!