All Forum Posts by: Zachary Paul

@Greg Bishop - welcome to the BP Forums! 

I love yunk/rox, it's the perfect area for house hacking and real estate investing if done right. 

I'm based in King of Prussia, but spend time all over the region from Center City Philly to West Chester to Chestnut Hill checking out properties and doing my own investing. If you have any questions or need assistance, feel free to reach out. 

Best of Luck,

Zach

@Kevin Leslie - congrats on starting your real estate investing career and considering house hacking! It really is a great way to get started and is something I wish I started doing in the beginning.

One thing that hasn't been mentioned yet is that when you are looking at the difference between Philadelphia and Main Line (suburbs) is that there is a large different in closing costs. In Philadelphia County the transfer tax is 4% (of the purchase price) with the buyer and seller typically splitting. In the suburbs, it is mostly just the PA standard 2%. 

Also there is a salary wage tax when it comes to either living or working in Philadelphia. Here is more information on that: http://www.phila.gov/Revenue/businesses/taxes/Page...

If you have any other questions or concerns, feel free to hit me up. Again, best of luck. 

@Carlos Guzman

First off, welcome to Philadelphia and PA! Hope you are enjoying the area. 

When I got my Real Estate License, I first tried to study by using Real Estate Express, however, doing the studying all online was difficult for me personally...I was not able to ask anyone questions or get good real life examples. With that being said, I know a lot of people prefer online classes so that they can study at their own pace. 

I eventually took the two courses (RE Practices and Fundamentals) in an actual classroom with Polley Associates (https://www.polleyassociates.com). I passed both tests on my first try with 90% on both tests. 

My final thoughts are that it probably depends on your learning style on what would work best for you. 

Best of Luck!

@Jamir Burney - welcome to Bigger Pockets, probably THE best source online for Real Estate Investing. 

I highly recommend listening to the weekly podcasts and determining what interests you in real estate. There are hundreds of ways to be successful and profit from real estate...it's all about finding what you are passionate about and works for you. 

Best of Luck!

@Jason K.- are you working with a Real Estate Agent or Broker to market the property and get it on the MLS? It is also important to learn how the property is zoned and what uses are allowed.

A good agent should already have contacts of local developers and investors who are looking for new projects. 

If you need any assistance let me know. Best of Luck. 

@Igor Avratiner- I agree. I wrote down what the properties went for and after reviewing later, it seems as though a few were good deals but most were just "meh" mediocre. 

I enjoyed it and plan on going back again just to continue to see how the process works and track to see who the main bidders are and what kind of properties they are buying. 

I've flipped a property that I bought from Auction.com...that site seems to have better deals...

I was at the Philadelphia County Sheriff Sale yesterday. I didn't buy any properties, but was a great experience to truly see how the process works. Did any other BP members go...any success stories from this auction? 

@Mike Conner- nice. West Mount Airy is a pretty awesome place to live with its proximity to Wissahickon and quick drive to Center City. 

Roxborough/Manayunk and Phoenixville are nice too - in the summer I try to bike the Schuylkill River Trail every Sunday. I've seen decent multifamily properties in these areas for $225k-275k with varying amount of repair. 

If you have any questions about those markets or others feel free to shoot me a message. 

Best of Luck. 

@Account Closed

Great strategy! I love the Greater Philadelphia market and as some earlier posters have said, there are so many different sub-markets and neighborhoods that vary in price and housing condition. 

I've spent a lot of time checking out Multi-family properties in East Falls and Manayunk, and your price range of $200-250k is definitely attainable (maybe not 100% turn-key, but pretty close). 

Not sure of your specifics (i.e. work commute, etc), but other neighborhoods in Philadelphia county I would recommend to check out would be Point Breeze, Newbold, East Passyunk, Pennsport, and Brewerytown - you may be able to find something in your price range. 

Best of Luck. 

@Mike Conner 

Starting off with a live-in Duplex or Triplex is a great strategy. 

Do you have an idea which specific area you are looking at? My brother lived in the Cedar Park area when he went to school at University of the Sciences...I think it's a great area with upward potential. 

Best of luck.