Rookie investor looking for first rental property

Philadelphia, Pennsylvania
Starting Out
10moFollow

Rookie investor looking for first rental property

Shenjuti ChowdhuryPro Member
Member since 2022 · 3 posts · 6 votes

🌟 Hello Bigger Pockets Community! 🌟

I’m excited to introduce myself as a rookie investor eager to dive into the Philadelphia real estate market. I’m currently looking to purchase my first rental property, ideally a 2-4 unit building near UPenn and Drexel.

I’m reaching out to find an investor-friendly real estate agent who can guide me through the process and share valuable insights. My goal is to build a solid foundation now and expand my portfolio in the future.

If you have any recommendations or tips, I’d love to hear from you! Looking forward to connecting with this amazing community. 🏡✨

Thank you!

4Reply
318 views

Most Popular Reply

Stuart UdisPro Member
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
10mo

Student rentals are not always the easiest first investment. Even beyond the management challenges, the well-located buildings near UPenn and Drexel generally do not offer much rent growth or appreciation. Also, both universities draw from affluent families, which means the fringe properties tend to be less desirable so the well located properties are all you should be looking at.

It is also worth weighing the political environment. The councilmember for that district is unpredictable and has already pushed forward several progressive housing reforms, which should factor into any long-term investment plan.

I am still bullish on Philadelphia overall, but I do not see much value in buying rentals near the campuses. The upside is limited

[email protected]
3Reply
See this reply in the discussion

11 Replies

Jump to latestLatest
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    10mo
    Quote from @Shenjuti Chowdhury:

    🌟 Hello Bigger Pockets Community! 🌟

    I’m excited to introduce myself as a rookie investor eager to dive into the Philadelphia real estate market. I’m currently looking to purchase my first rental property, ideally a 2-4 unit building near UPenn and Drexel.

    I’m reaching out to find an investor-friendly real estate agent who can guide me through the process and share valuable insights. My goal is to build a solid foundation now and expand my portfolio in the future.

    If you have any recommendations or tips, I’d love to hear from you! Looking forward to connecting with this amazing community. 🏡✨

    Thank you!

    Hey @Shenjuti Chowdhury, welcome to the BP Forum! What is your price range/down payment amount? Are you looking for turn-key properties or something along the lines of a "fixer upper"? 

    [email protected]
    1Reply
  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    10mo

    Student rentals are not always the easiest first investment. Even beyond the management challenges, the well-located buildings near UPenn and Drexel generally do not offer much rent growth or appreciation. Also, both universities draw from affluent families, which means the fringe properties tend to be less desirable so the well located properties are all you should be looking at.

    It is also worth weighing the political environment. The councilmember for that district is unpredictable and has already pushed forward several progressive housing reforms, which should factor into any long-term investment plan.

    I am still bullish on Philadelphia overall, but I do not see much value in buying rentals near the campuses. The upside is limited

    [email protected]
    3Reply
    • Alan AsriantsBusiness Member
      Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
      10mo
      Quote from @Stuart Udis:

      Student rentals are not always the easiest first investment. Even beyond the management challenges, the well-located buildings near UPenn and Drexel generally do not offer much rent growth or appreciation. Also, both universities draw from affluent families, which means the fringe properties tend to be less desirable so the well located properties are all you should be looking at.

      It is also worth weighing the political environment. The councilmember for that district is unpredictable and has already pushed forward several progressive housing reforms, which should factor into any long-term investment plan.

      I am still bullish on Philadelphia overall, but I do not see much value in buying rentals near the campuses. The upside is limited


       Hey Shenjuti,

      I would have to agree with Stuart here. I talk to a lot of aspiring investors looking to buy Student rentals in Philly, but the reality of student rentals in Phila is not as pretty as it seems. UPenn and Drexel are better campuses to look at than Temple. Another campus that is decent to look at would be Saint Joes. The thing with buying Student rentals in Phila is that your proximity has to be very close to the university. Its not like Penn State (where I went to school) where you can buy student rentals 1 mile plus from campus and still operate a successful rental business. In Phila, the neighborhoods change drastically and being too far away limits your student rental pool making your rental much less attractive and competitive to prospective students. And if you miss the school season, you could be vacant for months trying to find students to rent to. 

      Personally I recommend neighborhoods that offer more year round stability like MT Airy, Roxborough, NE Phila and even the suburbs. If you ever want to connect, reach out anytime! 

      [email protected]267-767-0111
      Alan Asriants - New Century Real Estate 590 Reviews
      View Page
      2Reply
  • Asif Gill
    Real Estate Agent · Philadelphia, PA · Member since 2012 · 24 posts · 7 votes
    10mo

    Stuart Udis and Alan Asriants' assessments are spot on.

    My suggestion would be to start with 2 to 4 unit buildings in the Northeast Philadelphia. This area is diverse enough for vastly different price points and there's never a shortage of renters looking for 1, 2 & 3 bedroom apartments. 

    1Reply
  • Mackaylee BeachPro Member
    Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 492 votes
    10mo

    You're embarking on a journey that has the potential to be both rewarding and fulfilling.Here are a few tips to help you get started:

    1. Research the Neighborhoods: Each neighborhood has its own unique character and dynamics. Spend time exploring the areas you’re interested in to understand the market trends, rental rates, and community vibe.
    2. Network with Local Investors: Joining local real estate investment groups can provide you with valuable connections and insights. Experienced investors can offer practical advice and share their experiences, helping you avoid common pitfalls.
    3. Understand Financing Options: Explore different financing options and find out what works best for your situation. Whether it's a conventional loan, an FHA loan, or other types of financing, knowing your options will help you make informed decisions.
    4. Perform Due Diligence: Before purchasing a property, conduct a thorough inspection and analysis. Look into the property's history, potential repair costs, and any legal issues that might arise.
    5. Build a Reliable Team: Having a trustworthy team—including a real estate agent, property manager, contractor, and accountant—can make the investment process smoother and more successful.

    Remember, every big success starts with a single step. Stay curious, stay informed, and don't hesitate to reach out to fellow investors for support and advice. Best of luck on your real estate journey, and may your first investment be the start of something great! 🏡✨

    [email protected]
    1Reply
  • Will GastonPro Member
    Rental Property Investor · Columbia, SC · Member since 2010 · 1k+ posts · 2k+ votes
    10mo
    Quote from @Shenjuti Chowdhury:

    🌟 Hello Bigger Pockets Community! 🌟

    I’m excited to introduce myself as a rookie investor eager to dive into the Philadelphia real estate market. I’m currently looking to purchase my first rental property, ideally a 2-4 unit building near UPenn and Drexel.

    I’m reaching out to find an investor-friendly real estate agent who can guide me through the process and share valuable insights. My goal is to build a solid foundation now and expand my portfolio in the future.

    If you have any recommendations or tips, I’d love to hear from you! Looking forward to connecting with this amazing community. 🏡✨

    Thank you!


     This thread on student housing may be helpfuL Nearing 1,000 College Tenants - Here's What I've Learned

    0Reply
  • Placeholder Placeholder
    Member since 2025 · 1 post · 1 vote
    9mo

    Welcome! I’m also new and focused on Philly real estate. Currently building capital and learning the market — appreciate you starting this discussion.

    1Reply
  • Jussi Lundstedt
    Rental Property Investor · Philadelphia, PA · Member since 2021 · 13 posts · 5 votes
    8mo

    I've been investing in Philly for several years and scaled my portfolio. While I think Philly can offer a good balance of cash flow and relatively consistent long term appreciation, I'm not crazy about small multi family here and tend toward SFH in areas (19122, 19133, outer edge of 19125) where younger people are keen on living. The city is kinda tough on small multis from a zoning perspective, and due to low inventory and people trying to house hack, I haven't seen too many deals that make sense purely as an investment. I'd look to buy a value add SFH in a developing but good neighborhood instead - the areas I do are not necessarily the only options.

    1Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    8mo

    I don't know the Philly market but a couple tips are to do a sewer scope and also vet inherited residents. 

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
  • Sheryl Sitman
    Rental Property Investor · Philadelphia, PA · Member since 2015 · 479 posts · 362 votes
    8mo

    @Shenjuti Chowdhury 

    Welcome to Philly investing!
    First I am wondering how/why you drilled down to 2–4 units near Penn/Drexel. Not saying it is wrong, just make sure you understand that "product" and are building the systems and team necessary to make it work well.

    • Student housing is not “set it and forget it.” Turnover is typically annual, which means recurring vacancy periods, turnover costs, and re-leasing costs every year. Those expenses materially affect returns if they’re not modeled conservatively. Then there is dealing with students and their parents...
    • Maintenance costs are often underestimated. Higher and rougher usage leads to faster replacement cycles  especially in student-heavy rentals.
    • Student demographics are shifting. check for university housing expansion and changing off-campus preferences.
    • Multifamily adds operational complexity. You’re managing multiple households, shared spaces, noise, and expectations — all of which increase management needs.
    • Your agent’s role. Agents are limited in what they can say or advise on regarding neighborhoods, performance, risk, and financial outcomes. They can provide comps and market context, but the deal analysis and financial modeling sit with you. They are not responsible for ensuring you are making a wise investment.

    If you need recommendations at any point in your journey, I have built out an extensive network of reliable resources - feel free to reach out You already got some excellent guidance here from @Stuart Udis and @Alan Asriants Good luck!

    1Reply
  • Connor Quigley
    Real Estate Agent · Philadelphia · Member since 2021 · 23 posts · 6 votes
    8mo

    Hi Shenjuti,

    I agree with some other posters, and I think you'd have to be extremely familiar with a particular area to be successful. The areas near the schools change block by block, especially at Drexel. 

    Source: I went to Drexel. 

    I am familiar with both areas if you want to connect. I am a Philly agent. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free