Out of Town

7 Replies

I live in New York, NY. I'm not interested in investing in NYC or White Plains (where I work) due to taxes, regulations, etc. I am interested in the Philly market. I'm from near Philadelphia originally, and I can get there pretty easily. I have two questions that I would absolutely love to learn about:

1. Does anyone have advice or forums/blogs links about how to vet a city that you don't live or work in? What kind of research can I do from afar? 

2. Should I take a $10 bus to philly one day of every weekend to get to know the market? 

Thank you so much for your help!

Hey Evan, here's some info that was gathered for doing due diligence in Philly from afar, hope this helps

http://www.phila.gov/li/Pages/default.aspx -Philadelphia Licenses and Inspections, One way to protect yourself is to contact the City's Department of Licenses and Inspections to determine what outstanding code violations, if any, exist in the property. (walls collapsing, unsafe, vacant property, etc)

http://www.phila.gov/revenue/realestatetax/ -Philadelphia Revenue Department, Look up real estate tax here, Office Of Property Assessment (OPA) determines the value of the property on which taxes must be paid.

http://assuranceabstract.com/ Full service title agency serving Philadelphia, specialize in REO distressed property closings in Philadelphia

Philadelphia Courts Civil Docket Access

http://courts.phila.gov/ - Philadelphia Courts Website

http://www.phila.gov/records/DocumentRecording/tipstitleinsurance.pdf

Hope this helps

@Evan Thomas - Philadelphia is a great market for New Yorkers who are looking for a less expensive investment option. 

I would suggest to start checking out the Real Estate section online of the Philadelphia Inquirer and Philadelphia Magazine. They will give you an idea of what kind of new construction is going on in Philly. 

I would also suggest to work with a mortgage provider to get a pre approval so that you know what you are able to mortgage - investment properties typically require a minimum of 20% down payment.

I am a licensed real estate agent covering Philadelphia, Chester, Montgomery, and Delaware counties. Feel free to reach out if you have any questions or need assistance.

Best of luck. 

@Evan Thomas To answer your questions:

1. I would suggest networking with a few agents in the area that you would like to begin investing in. Build a relationship with the agent and if you are in the area meet with them.

2. definitely learn the area on  your own as well by going to the very place you would like to invest in and finding out more. 

Hey @Evan Thomas,

How are you and welcome to BP!

If you need any assistance in Philadelphia let me know. Currently coordinate REIA sub groups and co own a property management company here in Philadelphia.

Let me know if I can be of assistance.

Regards,

Joe Scorese