All Forum Posts by: Zachary Paul

@Jay Sechowicz

First off, congrats on finding BiggerPockets and considering the House Hacking route...it's probably the best way to get started. 

When it comes to PMI (Private Mortgage Insurance), you will be stuck paying the monthly amount until you are able to show 20% equity in your property. You can either refinance your loan or pay for an appraiser to value your property.

Best of luck in your search.

@Catherine Sells - thanks for posting this. I plan on attending; have been interested in exploring and learning more about the Brewerytown sub-market. 

Thanks!

@Greg Ortlieb- thanks for the response; always nice to hear that other people are investing in an area successfully. 

Wow - can't believe that I posted this over 2 years ago...

I currently have 2 properties and closing on my 3rd in a week. The new place is going to be my first rehab and flip - was able to buy it from an online auction severely under market.

I can honestly say that Bigger Pockets has been a key driver in my motivation and ambition to grow my business and create the processes needed to expand. 

@Greg Ortlieb - how has your experience been investing in Pottstown and Norristown? Are you doing stuff in town or the more suburban parts (also any Section 8). 

I live in KOP and have been a little leery of investing in those areas, would be good to hear some advice. I currently have rentals in South Central PA (where I'm originally from). 

Thanks, 

@Nick Laeder - welcome to Bigger Pockets, hope you have had a chance to explore the forums as well as check out the Podcasts (very helpful stuff). 

I'm originally from the South Central PA area and have a few buy and hold rental properties in Camp Hill and Mechanicsburg - great areas that have been very good for me. 

Also doing my first rehab flip in Susquehanna Township right now. 

Let me know if you have any questions about the  South Central PA market!

@Casey B. - welcome to BP. As everyone stated above, Bigger Pockets has many many many resources that are beneficial. My personal favorite are the podcasts - great to listen to at the gym or on the road. 

A great Philly resource is NakedPhilly.com - a website that is run by OCF Realty (Ori Feibush developer) which tracks and follows new development and rehabs in the city. It's mostly larger Multi-families and Commercial properties, but gives you a good idea on where the new development work is happening. 

@Account Closed - as you may already know (and is the common verb-age for investors) in Philly, neighborhoods vary literally block by block. 

I have many friends who have either bought or are renting in Point Breeze. I like the area with its close proximity to Grad Hospital and Washington Ave has many big time development in the pipeline. Rittenhouse is only 1 mile away. 

Not many rehab/low cost homes on the MLS right now - townhouses starting at $150k and up - almost no MFH in the market either.

Other areas you might want to consider if you are willing to do (or pay) for a rehab is Brewerytown and East Falls. 

I used to live in Atlantic City as a renter (before my real estate investing career) and I recommend looking at the local ordinances regarding rental properties. From what I remember Atlantic City, Ventnor, and Margate prohibit weekly vacation home rentals and the shortest term rental period allowed would be a full summer season (May - September).  

Another reason I was a renter in AC was because of the high NJ Property Taxes - they are only going to get higher especially after the millions lost due to casinos closing. 

Finally, be wary of the flood insurance rates - most of AC was OK after Hurricane Sandy (I still evacuated) but FEMA's rates are increasing annually.

As someone who has lived in AC for 3 years, I hope AC can reinvent and spur development... it was a great place to live, however, there are many obstacles when it comes to investing.

@Kevin Stolarski- great post on the pros of house hacking. 

How do you like living in the Francisville area of Philadelphia? I own two single family houses in the suburbs, but have been looking in Point Breeze on and off the past few months. 

Do you think there are some deals to be made in the area or is it looking like mostly all new construction? I have a few contacts that are redevelopming parts of Brewerytown to mixed success....