I have always wanted to own my own place. Whether it is a condo, duplex, a trinity or a house, having something of my own had always been a lifelong dream.
Hanging out with my Asian crew, I've learned that owning properties is how people get to comfortably retire. My friend Alan, his wife and their parents invest to buy properties, spend tens of thousands to revamp and then either sell it for profits or rent it out. His retirement plan is to rent out about 6 properties and get paid a few thousand dollars a month, it's definitely more than my salary for sure. Since everyone is moving into the vicinity of my friend and I do want to be able to hangout with them often without being driven back and forth, I'm looking into the neighborhood in deep South Philly.
The couple is wired into the market in South Philly and every time something come into the market, they get alerted and go assess if that's something with investment potential. After telling them that I'm in the market for my first home, they scouted around and found this little gem with a drop dead price. It's advertised as a 3 bedroom with 1.5 bath for $70,000, less than $300 a month. Just for the price, I should definitely buy it. Alan told me that I could rent it out for at least $750 a month. I mean who could refuse earning $450 more a month?
But when I get there to look at the place, I wasn't exactly thrilled. Maybe it's my lack of house-hunting experience or an eye for things. Yes, the structure was sound but the place looks small and older like something from the era I was born in. I'm not into the wood panels and the old appliance, the decidedly small kitchen, the small linen closet size bathroom that opens to the small living room. The unfinished, bang-your-head-to-the ceiling, creepy, scary-movie-ish basement, ceiling fans from another era. The carpet needs to be changed, the neighbor had broke through the fence so his dog can shit on the backyard. When I'm inside the house, I can't help but feel saddened.
Maybe I'm too particular, I refuse to have a basement that's unfinished. It's a damned waste of space. Alan told me that it's a big hassle to finish the basement since there's no easy way to take the dirt outside but carry it one bag at a time. It's going to be a huge annoyance, so I'm really not inclined to buy it. Another friend that came with us thought he'd buy it to rent out so I politely conceded. I just can't imagine living there. Although walking down the street a couple of houses over, there's a family who renovated the whole thing and looked really nice. Maybe I just didn't have the patience or imagination for this stuff. Anyhow, the house was sold in 24 hours to another buyer, so the house market is really jumping right now.
Here's the
listing and additional photos.
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