Newbie Looking to Invest from Delaware

6 Replies

Hi Everyone, 

I am from New Castle County Delaware. I am currently looking for BRRR properties within my area. I'm interested in multi-family rentals or single family rentals within Newark, DE area for college student rentals. If anyone is in my area, would love to partner up with someone and could always use some mentor advice.

Also, was wondering if anyone had any valuable advice to first timer possibly buying a property without being able to ever set foot in it? Example, buying a rental across the country, and having rental management take care of business. I know this is done on a daily basis, but want some hard truth to if this would be a goal for someone with more experience than someone that has never done anything like this before. 

Appreciate any help. 

Hey Devin,

Fellow New Castle County DE investor here. I have been doing the BRRR for a few years now, will be happy to answer any questions you may have.

My goal is to keep it local, none of my rentals is more than 20 minutes ride from where I live. I manage them myself. Buying across the country sounds like a recipe for a disaster, you can check the discussions on Bigger Pockets and you would probably find 10 horror stories for every success story. But I have never done it myself, maybe I am wrong.

NCC investor here also. I agree with @Rumen Mladenov about keeping it local and you will find the majority of small-medium investors keep it local. Regarding investing in student housing near UD, good luck. Those places are expensive (rent/purchase price) and really don’t come on the market often, if at all.  

@Devin Patrick McCauley - Please stop by if you can

DIG – Delaware State Real Estate Meetup

Tuesday, October 24th, 2017

6:30 PM to 8:30 PM

4th Tuesday of the Month

Location: The Greene Turtle 425 Stanton Christiana Rd, Newark, DE 19713

Speaker: Stefanie Marabella, Credit Coach, Business Development Manager, Select US LLC

Topic: What's in a score...how FICO scores are calculated?

What's included, what's ignored.

How to improve your credit score.

The benefits of credit scoring.

Credit score facts and myths.

Welcome @Devin Patrick McCauley .  The Newark student housing is tough.  The "Big Boys" own most of the prime UD housing and make it tough for us.  You will struggle to find anything with the correct "non related housing permit" for anything less than 350K.  And that 350K better be cash that can close quickly.  The rent you can get per bedroom around UD is insane compared to anywhere around.  You cant buy a house without a permit because, I do believe, the city of Newark isn't grating anymore.

Good luck.

Thanks for the replies. I figured Newark would be very hard to search in. I currently live in Middletown and am also interested in properties here due to the school district. I’m basically open for anything at this point. I’m very hands on and have basically flipped my own home and planning on tapping in the equity with a HELOC. Just need some local knowledge to get my foot in the door.

Some other questions is how are people finding housing? MLS, Craigslist, Auction websites, driving?

@Devin Patrick McCauley to get access to MLS, I'm told you could become a realtors assistant. Craigslist is flooded with investors so there will always be competition. I've never bid on an auction site, but be sure to read the fine print about the title. Don't want to buy something cheap and then inherit 300K in liens. Driving for dollars is the best way to have the least competition. If you find a house, look it up on New Castle County parcel website to see if it is owner occupied for not so you know where to send your mail.

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