Hi BP fam! This is my very first forum post. I wanted to introduce myself and find a network of other RE investors in my area. I am a University of Delaware Alum, Delaware native, and current MPH candidate that happened to stumble upon Bigger Pockets and the idea of real estate investing. I am so passionate about the work I do in public health, but realize that this field will not be able to support my financial goals long term. I am 24 and realize what a great opportunity it is to get started early!
I am hoping to connect with others in the Wilmington, DE area to learn about their experiences, successes, and failures. My plan at this point is to purchase my first property in the upcoming year to live in while in graduate school, and then later rent out. Would love to connect and chat about the Wilmington market, finding off market deals, and just get to know you!
Hey @Corinne Bogan. There's a few of us that come around here from time to time so please feel free to ask any questions. Me and @Cassandra Sifford basically have weekly calls updating on what we're doing and we met on here so it's a good community. What area in Wilmington are you thinking about?
Guaranteed Rate has a good loan program where you can get 3-5% down as conventional financing. Better alternative to an FHA that has more restrictions. If you can find a 2-4 unit that would be best case scenario!
@Tyrone Jackson thinking about the West Hill, Midtown Brandywine, Happy Valley, and Cool Spring neighborhoods. Would love to find something in Trolley but I don't think the #s would work. I'm trying to balance prioritizing a neighborhood that has the potential to appreciate but also one that I feel safe living in for a year or two. I would love to sit in on an upcoming call and say hello if you and Cassandra are open to that!
@Matt Darkow thanks for the insight! I've also been thinking about a duplex but don't know how hard they are to come by. Any suggestions for investor friendly agents in the area?
@Corinne Bogan those areas are tough to come across. Your best bet is off market there. You could call different agents and let them know exactly what you’re looking for. Wholesalers and other owners occasionally put up offers in the DelReia Facebook page. Post any requests in there and people always answer
What kind of work do you do in Delaware? Buy and hold or more so flips?
@Corinne Bogan hello Corinne and welcome to the DE RE community. It’s great, at your age, that you realize what you need to do for your financial future. Buying a place now with the opportunity to rent is a great strategy, especially with these mortgage rates so low. If you can find a multi unit, that would be ideal, but like mentioned above, they are harder to come by. I would recommend also consider the Little Italy, Union Park Gardens, and St Elizabeth areas. The DELREA FB page is a great resource for info and networking. Also, google “greater wilmington housing providers”, they are a Wilmington based landlord group. Most concentrated network of Wilmington landlords in the area. I believe they are having monthly virtual meetings at the moment. Very low yearly fee(maybe $40). Good luck and please feel free to reach out with any questions. Eric
@Matt Darkow I just do buy and holds mainly, I have 3 in Wilmington currently. Debating on offloading some of my properties recently though cause the value is nearly double on all of them. I'm indifferent to location, the worse the area the less competition, and appreciation doesn't matter to me as much as cashflow. How about yourself.
@Corinne Bogan sure I was going to call her sometime next week to go over a creative deal I'm in the middle of. We would love to add people to our little accountability group. PM me your information.
@Corinne Bogan Welcome to the fam! We're happy to have you on our calls and are excited for your journey! Please let us know if you have questions. We're all here to help!
@Corinne Bogan Congrats on getting started early. I live and invest in the Wilmington area. I predominantly wholesale, but we do buy rental properties when the deal makes sense. We typically come across a few deals a year in the areas you mentioned, when I get something I would be happy to let you know. Good luck and feel free to reach out if you have any questions.
@Tyrone Jackson Right now we only do buy and hold. I like to stay away from the really bad parts of town though. We focus primarily on cash flow as well. Any appreciation would just be icing on the cake.