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Old 01-04-2013, 07:55 AM
 
1 posts, read 1,416 times
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Hi, I am looking to purchase in an investment property / home in the Philadelphia area (preferably the main line) and it seems most townships have ridiculously strict rules on what you can do with your own house. Ideally, I would live in the property and rent out enough rooms legally so that I can live in my house for free and have my tenants pay the mortgage without having to sweat about illegal occupancy rules. I know most of Philly caps the number of unrelated people @ 3, upper merion at 2, lower merion at 3, and Haverford township @ 3 if you don't live there and only 1 renter if you do. Has anyone out there researched this or has done enough real estate investing in the area to know this? How strict are the townships up route 422 like collegeville, oaks, royerford etc? What is the best overall town to invest in (with income taxes etc taken into consideration). Note I also want to avoid Philly to avoid the city wage tax. It appears the the Ardmore park area located near all the main line conveniences is the most undervalued, with many 3-4 bedroom homes selling in the $160k - $250k range even though annual property taxes are about $4k+. Thoughts?

Last edited by bullmarket87; 01-04-2013 at 08:30 AM..
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Old 01-04-2013, 12:34 PM
 
Location: a swanky suburb in my fancy pants
3,391 posts, read 8,781,978 times
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The only place I can think of where that is really popular is Northeast Philadelphia. I have no idea what the rules are but Narberth has a lot of houses that have been converted in to rental apartments and condos.

Last edited by bryson662001; 01-04-2013 at 12:47 PM..
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