Re Beginner - What Next?

I want to generate cash flow with the possiblity of appreciation. I don't have any trouble doing slight rehab work or simple repairs.

I've purchased a SFH (bank owned forclosure) with an uncle of mine 2 years ago for 60K +10K repairs and sold it for 120K 8 months later. My uncle wanted to hold onto it a little longer but since it was my first investment property i wanted to get out as fast as possible. I now realize that i should have held it for at least a year. i plan to do that in the furure. I could probably invest more with my uncle but the properties are about 1.5 hours away and I would like to do something closer to home.

Currently i have a 130k HELOC on my primary residence and am looking to invest it in RE. I have been looking for multi-unit homes, duplexes, small aptartments. I also have a friend that is looking to invest in real estate as well that could probably come up with the same amount of money. Any suggestions? I am about 1 hour north of Philly.

Thanks in advance

Comments(2)

  • fjfesta4th December, 2004

    I am one hour north/east of Philly and have been looking around in eastern PA with little success.

    I was looking at a row-house in Philly last week that I valued at $40K it sold that day for $70K.

    I am looking to Fix & Flip.

    Good Luck!

  • larbin5th December, 2004

    yea, i havn't seen too many "deals" in the philly area. there seems to be a lot more people doing real estate lately. I think i just need to start looking outside the city to some up-and-coming or undervalued neighborhoods. do you plan on doing the fixing yourself or do you have a partner/contractor that you work with?

    good luck!

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