All Forum Posts by: Victoria DeCristoforo

Thank you! @Rafael Floresta

Thanks a lot @Paulette Midgette

 Will definitely keep in mind.

Hi @Rafael Floresta,

Not 100% committed, but I have done a lot of searching there. I have been searching all over Northeast Philadelphia mostly but also check other areas as well. Thanks for the tip. Do you know how to hear about REIA groups?

I cannot thank everyone enough for the insight!

@Troy Sheets,

I think as a landlord paying the water for the tenants is fine. This potential lanlord left the water up to the tenants and added that it was up to us to split out the bill which is never a good idea in my eyes. This could cause tenant friction and should be avoided if possible.

Thanks @Ryan Fagan,

That helps a lot. I also agree this seems to be quite overpriced for the nieghborhood. I will keep the 1.3% rule of thumb in mind and also noticed right away the gross income did not match what the rent was listed for. I will definitely have this all verified!

@Troy S.,

Good news, this duplex does have separate utilities which I was happy to learn. Saw a potential apartment where the landlord mentioned a shared water bill and I was immediately turned off.

As far as where I am interested, I am not sure. I am currently looking all over the northeast since I have a little more knowledge, but not much, about the market and locations. The northeast is more full of duplexes than is it tris and quads, and frankly, I have not looked much in to them. Since you mentioned, however, I will take  a closer look and not rule them out completely.

I also checked out your blog earlier about the Brewerytown flip and it seems like a challenge but looks good! Hoping to get a little brick action in my home someday, love the look.

Thanks for the advice!

I did not plan on looking too seriously in to the Rent to Buy option but I am thinking a comparison will help determine that. So far it seems I would be leaning toward a mortgage, if all seems worth it. I guess I shall wait to hear back about a mortgage to do the calcs listed above and have some notes from previous podcasts on them. Thanks for the reminder and the tips where to find more in the book!

Definitely will, thanks for the link!

Hi all,

My name is Victoria, often referred to as Tori, and I am new to BP! So far the experience has been great! Here's a little bit about myself:

I am 24 and a Staff Accountant for Pep Boys Auto in Philadelphia, PA. I enjoy my job but Real Estate Investing struck an interested when I first started searching to move out and live on my own. I do not have any experience so this website is helping me a lot with the amount of information I have to learn.

I am looking to start out by purchasing a duplex, living in 1 unit and renting out the other. I feel it is a great way to start off! There is so much to learn.

I look forward to meeting new people and learning more about REI.

I also posted a forum a few minutes ago about a potential property, go check it out!

http://www.biggerpockets.com/forums/88/topics/186416-philadelphia-duplex-mayfair-section--first-buy

Hi all,

I am new to Bigger Pockets and have been doing all the research I can on my free time to learn about real estate investing. I am looking to purchase my first property, a duplex or "multifamily home". I have a friend who is a real estate agent and has been sending me lisitngs from the MLS when she sees one fit. I came across a property and am wondering if it would be a good purchase for a first home buy/ investment. Here is a little background:

Very early in the year I was apartment hunting and taking a look at apartments to gain knowledge and learn what questions to ask for when the time came when I would find one that fit. I visited a duplex, pulled up out front and noticed a For Sale sign on the lawn. The landlord confirmed that the property was currently up for sale. At the time it was on the market for $179,000. I let the apartment go but took his card in case I might be interested in the property later down the line (sort of hoping it would be available still).

Yesterday, my friend sent me two properties on the MLS and low and behold the duplex I originally and unexpectedly looked at is still available. Its pruchase price dropped to $174,900. Here are the financials, as listed on the MLS:

Gross Ann Inc: $19,620 Total Ann Exp: $4,105 NOI: $15,515

Gross Rent Mult: 8.91  Cap Rate: 8.87

Ann Elec Exp: $300  Ann Wtr/Swr Exp: $900  Ann Ins Exp: $1,000

This is a two-unit apartment in the Mayfair section of Philadelphia, PA, both 2 bdrm (although I would consider the second bdrm a den since it was very small). One is occupied at $735/mo. and one unoccupied at $775/mo. I would plan to live in the unoccupied unit. The building looks to be in good shape and up to date with each unit at 1,600 sq ft, 2 car garage, newly upgraded electric, 06 roof and 10 yr. heaters (assuming this information is true).

I wanted to attach a screen shot of the information but am still learning how to use the tools on the forum so I am not too savy on attaching infor and docs. At a glimpse this looks to be a good first buy and I am currently waiting to find out some mortgage information.

I am wondering if this might be a good property to really consider. I am sure more information may need to be provided and I am hoping to maybe update this as I receive it. Any suggestions on how to move forward or any additional analysis tips would be very helpful. I am looking to chat about this and see different views  and maybe gain some insight on how to analyze given a certain amount of information and so on. Any input will help. Thanks!

PS. The landlord also mentioned he would consider a "Rent to Buy" situation which I know very little about. It is obviously something to consider but I wouldn't put it as a top option.