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Real Estate Investing Using the MLS | Finding deals ON market in Philadelphia and Delaware County

How do you find good deals in the Philadelphia area on the MLS in today’s market? You may be skeptical that you can find a deal on the MLS in markets like Delaware County when all the investor gurus tell you that you that the only way you can make money is to find deals off market.

In this video, I share five tips to find great real estate investment opportunities in Philadelphia on the MLS

00:00 Overview
02:46 Stats for off-market deals sold by owners
03:43 Tip 1: Build a relationship with a local realtor each market
06:46 Tip 2: Monitor the seasoned listing on the MLS
07:32 Tip 3: Monitor price adjustments on the MLS
08:21 Tip 4: Read the descriptions for seller headaches
10:20 Tip 5: Think about other deal terms other than price
12:20 Point on wholesalers

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Pros and Cons of Section 8 for Landlords in Philadelphia

Should you consider renting your property to a tenant who may need a Section 8 voucher from HUD to be able to afford to live in your property in Philadelphia or Delaware County?

You may hear from some of your landlord friends who have Section 8 tenants in Delaware County or Philadelphia that the money is as good as in the bank however you worry about what you have heard horror stories about how a section 8 tenant damaged a property.

In this video, I will review the pros and the cons of Section 8 as a landlord in Philadelphia and Delaware County PA.

0:00 Overview
2:37 Pro #1: HUD Section 8 Rent Schedule
5:10 Pro #2: Direct Deposit of voucher
5:40 Pro #3: Local Housing Authority on your side
7:05 Pro #Section4: 8 Voucher as an asset to tenants
8:12 Con #1: Section 8 Tenant could still get behind in family portion
8:50 Con #2: Section 8 Tenant complaint inspections
10:06 Con #3: Housing Authority sets final rent for Section 8
13:52 Con #4: Additional HUD lease rules
15:00 Additional tips to keep in mind about local housing authorities in Delaware County and Philadelphia

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Buying and Living In a Duplex: How to Pick the Right Property

What should you keep in mind when you are trying to find a duplex or triplex that you can use as your primary residence and also as an investment?

In today’s video, I will share with you 5 tips questions you should ask that will allow you to buy a multifamily with the least money down and with the lowest rates as an owner-occupied borrower.

0:00 Overview
2:45 Do you want to live there?
5:34 What is the potential cash flow?
9:00 Does the layout help you or hurt you?
10:45 Timeline to find tenants?
12:15 Are the leases flexible?
13:25 Occupancy requirements for house hacking

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Benefits of a Financial Planner Who Gets Real Estate Investing

How can a financial planner protect you from making financial mistakes as a new investor?

Are you finding it difficult to find a financial advisor that doesn’t give you a blank stare or worse yet try to talk you out of going too far down the real estate investing journey?

In today’s video, I will show you how a financial planner who is knowledgeable about real estate investing can help you better reach your overall personal financial goals whether its more financial freedom today or wealth that can be passed on to your family. I am sharing an interview with Cynthia Meyer of Real Life Planning, who is a CERTIFIED FINANCIAL PLANNER™ and holds the CFA® charter.

00:00 Intro
03:20 Cynthia’s role as a financial mentor to rental property investors
05:39 What should be in a financial plan for real estate investors
06:23 Why financial planners are famous for discouraging real estate investing
07:45 Areas of financial planning focus as you scale
11:22 Financial planner who invests in real estate
12:51 How do you know whether it is a good time to invest
16:08 Confusion over what makes a good real estate investment deal
17:24 How do you set expectations on a “good enough” deal
20:35 Risk management questions as investors
22:34 Biggest risk is in your 1st property
24:15 Managing vacancies
25:18 Avoiding the mistake of overleveraging
28:54 Taking a holistic view of debt
32:00 Nothing goes up in a straight line in real estate investing
34:05 Challenges for short-term rental investors in 2023
35:10 Achieve your life goals with the right financial plan
37:18 More on the higher risks with your first rental property

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Ask These Questions BEFORE You Buy a Property With Existing Tenants

Is buying a rental property with a tenant already there a bad idea? How will you know whether the tenants that you inherit will be a headache?

In this video, I will show you how you can better protect your interests when buying a property with existing tenants so that you make more money.

Here are 5 questions you should ask while you are evaluating a property with existing tenants.

00:00 Protecting your interests with inherited tenants
02:06 Type of lease?
03:39 Balance of security deposits held?
04:45 Long term tenant?
06:05 Tenant payment history?
07:06 Ease of managing the tenant?
08:59 Other due diligence tips for buying rental properties

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Are home inspections worth the money? Tips for investors and home buyers

Is the home inspection a step that you can afford to skip when buying a property as an investor or even a traditional home buyer, especially with an as-is sale? In this video, I speak with Ross Kennedy from Kennedy Home Inspections about how you can best use a professional home inspection for due diligence and leverage during negotiations.

0:00 Overview
2:35 Kennedy Home Inspections background
3:47 How you can be fooled by online photos
6:00 Sellers getting home inspections prior to going on the MLS
8:13 How do you approach home inspections for As-Is sales
10:55 Using home inspections to get swag at renovation budget
12:00 Major vs minor home defects
15:40 Importance of specific wording on home inspection reports
18:02 Where buyers should focus attention during home inspections
21:45 Learn about the most important systems of the house vs. cosmetic repairs
22:58 Misunderstood defects
25:19 When an old house becomes a problem
28:10 The facts about knob & tube wiring
31:55 Difference between local municipality requirements and home inspection checklist
35:56 Appraiser’s (or lender’s) repair checklist
39:00 How the house tells the story
41:00 Setting expectations about what could come up at a home inspection
44:05 Discovering renovation work done without proper permits
47:00 Value of knowing overall health of the property

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Financing a Small Multifamily Property! Benefits of House Hacking

Many new real estate investors worry about coming up with the down payment to finance a rental property. In this video, I speak with Katy Sychtertz from Princeton Mortgage about how you can put less money down when buying a multi-unit property like a duplex or triplex if you live in the property.

0:00 Overview
2:55 Defining Owner occupied vs. Investment only loans
4:38 How lenders view risk on investment only loans
5:49 Lender as a partner vs. cash buyers
7:22 Similarities and differences in loan process
8:12 Rental income help in qualification of loan
10:08 Appraiser’s role in rent rate
11:30 Residency obligation explained
12:38 Asking a current tenant to vacate to fulfill residency requirement
14:58 Deciding which multi-family unit you will live in
15:49 Scale of down payment from 2-4 units
16:38 Financing for renovations coming back
17:34 How often can you repeat a house hack?
22:05 Advice about showing rental income on tax returns
24:40 Few thoughts on mortgage rates

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Where should you buy your first rental property?-Selecting your initial criteria

How do you pick your initial real estate investment criteria as a newbie when you don’t want to close yourself off to a good opportunity? If you are a busy professional, it is easy to get overwhelmed in your quest to make sure you dodge getting into a bad investment. This is an excerpt from the live Getting Started With Rental online workshop hosted by Veronica Woods and Samira Kiett.

0:00 Overview
1:16 Challenge with selecting your initial investment criteria
2:27 Considerations when investing out-of-state
3:04 Philadelphia as a good option for rental properties
3:58 How to match your budget to your investment criteria
6:51 Trade off with buying in markets with less appreciation
8:48 How to match repair project complexity with experience and risk tolerance

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Renovation contract mistakes: Planning tips for rental property investors

In this video, we discuss how the scope of work document can protect new real estate investors from surprises and conflicts.

We chat again with home inspector and contractor Curtis Niles of Armor Home Inspections (https://armoredhomeinspections.com/) to highlight the value of a clear written contract.

You can watch Part 1 here:    • Renovation planning tips for rental p…  

You can also find Armor home Inspections on Facebook at https://www.facebook.com/ArmoredHI/

Key moments in the video
1:52: Lack of detail in the requirements given to GC
4:12: At what point should contractor be paid
6:23: The importance of the written contract
7:40: The mistake of getting the wrong contractor
9:40: How much does GC outsource to subcontractors
12:00: Contractors who ask for a lot of money upfront
15:03: Having a good renovation experience as a new investor

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Renovation planning tips for rental property investors

In this video, we discuss how new investors can best leverage their home inspector along with a general contractor to get better renovation estimates and have less budget surprises.

We chat with home inspector and contractor Curtis Niles of Armor Home Inspections (https://armoredhomeinspections.com/) to cover the tips from the home inspection report to the scope of work document.

You can also find Armor home Inspections on Facebook at https://www.facebook.com/ArmoredHI/

Key moments in the video
1:13 Overview of using renovations to add value for investments
4:38 Tips for developing preliminary budget estimates before you place offer
6:43 Rules of thumb for costs per square foot in Philadelphia area
9:25 Role of home inspector vs contractor
11:23 How to maximize the timeline with inspectors and other home experts
13:43 What should be on your initial scope of work document?
15:43 When do you need a structural engineer to review issues?
21:12 What is project management?
25:38 Getting help as an out-of-state investor with project management

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