Philly rents up again – how to become a landlord

Philly rents are on the rise again. Check out this recent article from Philly rents up overall, but some neighborhood rates may surprise you

If  you’re still renting, now is the time to get serious about becoming a homeowner or even a landlord. I’m working with several first time home buyers who have that vision – buying a duplex or multi-unit as their first home. That way they are building wealth while securing their first home. For example, in Point Breeze there’s a fixer upper duplex at 1815 Tasker with 2 garages. Using FHA203K renovation financing, you can make this a beautiful home, with rental income.

1815 kitchen

If you own your home, and have never thought about being a landlord, let’s talk! Now is a good time to invest in rental properties. There are tax advantages in addition to the passive income cash flow and potential equity gain.

If you buy in a gentrifying area, you benefit from cash flow, and have the possibility of significant equity growth. For example, I have clients who bought rental properties in Grays Ferry two years ago, that are now worth three times what they paid for them.

Let’s talk about your financial goals, and where real estate investing fits for your long terms plans. Please be sure to RSVP to my Advanced 1031 Tax Exchange talk on Sept 19th to learn how you can defer capital gains, while building wealth with investment properties. We’ll have networking and refreshments at 6pm with presentation by David Gorenberg, Esq. from 6:30-7:30 pm.

For information on how to become a landlord, download our complimentary LandlordGuide.

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