I'm in the process of finding my first rental property. I'm looking in the Philadelphia area, the only challenge is I'm not too familiar with the area. I've been talking to a couple of people I was told Brewerytown, zip codes 19145 and 19148. I'm looking for multifamily 3+ units, renting for 900+ and I don't want to be in a rough area.
Are these the best areas to buy properties in? What are your thoughts?
Thanks in advance
Yes those are good areas
@Chris Purcell Thanks! Is it true that property in Philly are cookie cutter and roughly cost around the same for repairs?
I am from New York but I heavily invest in Philly and move off market deals. Send me a PM if want to chat some more.
Those zip codes are hot but the competition is high and things are moving VERY quick. Make sure you’re dealing with the right people. Many folks get jerked by contractors down here, a lot of investors have lots money to people claiming to be contractors and wholesalers.
I'm also a new investor looking for a first property in Philly. I recently moved to the Philly area and think that there are great opportunities.
I'm narrowing my search to Brewerytown. I think that the zip codes that you shared are NOT Brewerytown. What I understand to be Brewerytown is almost entirely in 19121.
Both of 19145 and 19148 are in South Philadelphia.
I agree with Chris, those are most definitely good areas to invest in. In fact, I work closely with Chris and I recently sold him a great rental. If you need help finding deals in the area, I move 20-30 properties every month. Let's get in touch and talk about how I can help you get that first Philly rental.
I am also interested in buying in the Philadelphia area preferably near Temple and Upenn. I currently own a Home improvement company licensed and insured in NYC & New Jersey. Is anyone familiar with these areas? I have seen very cheap properties that need work which Can work for me. Any guidance is appreciated.
Philly is block by block, investing in an area that you don't know anything about is probably the worst decision anyone can make. If you live in NY I would suggest trying to find a rental property closer to you rather than out of state. The zip codes you mentioned are some of the hottest zip codes in the entire country and finding a multi-unit will be very difficult.
@David Bokman Agreed one could get mixed up value wise simply going from block to block in the same area when analyzing philly.
I'm currently building new construction and completing a rehab in that area. While it's a good area to invest I have to agree with David. Out of town investing can be difficult especially in those areas. Contact me if your interested in discussing further.
Philly is hot right now. I recently, helped an investor client find a multi unit. It's about thinking outside the box and knowing the neighborhoods like I do. I partner with a great contractor, and I can presonally project manage flips. If you need any assistance feel free to contact me.
@Joseph Ems can you help me as well I’m looking to invest in philly!