I am a Real Estate Agent in Brooklyn NY who just moved to South NJ.
I am looking to start investing in PHILADELPHIA, PA and I need advice on where and how to start. Any advice is welcomed!
Spend a lot of time where you are looking to buy, get out of your car and walk the neighborhood at all times of day. Philly changes block to block. If you're looking to rent the properties you'll have to deal with the city, BP Tax, L+I, etc.......
Research is of course the best place to start. Finding out what part of the city you want to invest in and get an idea of similar properties in that same area. I use Realtor.com to give me an idea of neighborhoods and then I look up info on that neighborhood. The Philly real estate market is a pretty good investment right now. Good luck!
Hello Jean-Paul -
Need a couple specific metrics or goals you have in mind. Flips/Rentals/Multi Unit?
Philly is a wildly diverse city.
Depending on your goal I'd recommend starting on the cusp of flourishing neighborhoods such as Fishtown, Brewerytown, or Point Breeze where deals can still be had.
Thank you everyone!
@William Cunningham , I am really looking to flip because I do not have any property manager that will help with rental units. Do you think the neighborhoods you mentioned would be good for flipping?
Great luck, see you at a local REIA.
I am partial to University City (West Philly area) and its surrounding area have gone through a great deal of gentrification and it has such great potential but the homes (mostly multiplexes) are usually pretty expensive but well worth their investment. I would love to invest in UC soon to do some buy/hold in that area. I also love NoLibs (Northern Liberties/North Philly) but once again, they are not cheap!
Since you mentioned that you want to do more flips, I would probably suggest other areas like Frankford, East/West Oak Lane, or Fishtown to do fix and flips. But keep in mind that you do not need to have a property manager if you buy (1) property. You can manage a few properties on your own even with another job. If you begin to have several properties (more than 10 or so) under your belt, that is when you would probably want to get a PM.
Best of luck to you.
Yeah definetly depends on what your trying to accomplish real estate wise. I've met with a lot of new ppl who try to fix and flip deals in areas that will never sell to a retail buyer. And buy and hold guys who won't care about comps if they like the property for their rental portfolio.
Myself personally , I don't do a lot of business in south philly. But that place is on fire!!!
Yea, let us know a little more about what you've got going on and how we can be of assistance.
Which areas cash flow well and are B, C areas in philadelphia? Do you guys have any examples of prices/purchase prices/rents in the said areas? Thanks.
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