Hi BP community! I am new here and look forward to meeting some awesome people.
I am a NY multifamily investor looking to expand my portfolio out of state. Recently read/heard a lot about Philadelphia real estate, and interested in Fishtown or West Philly closer to schools specifically. Are these good areas to invest or already super inflated? Curious to hear from BP community who's familiar with the market.
Hey @Elizabeth Tin , as an agent in Philly, I strongly recommend investing down here! Compared to NY, annual taxes are pocket change and appreciation is happening very quickly. I would recommend looking into cobbs creek, mantua, and powelton in West philly for multi’s. There are rows and rows of duplexes in these areas and their relatively to Chestnut/Market/walnut st and the universities make them attractive areas.
Although I love Fishtown, inventory is very limited and most investors are starting to get priced out. I recently did a deal over there with a great spread, but it was not an easy find.
Hey! I would definitely say that Fishtown is over inflated at the moment. I would recommend looking into West Kensington, Frankford, and Port Richmond- You can still find great deals there withe excellent cashflow, and I believe the path of progress will continue to march into those areas and increase values. I have two duplexes of ym own there and have helped many investors get into these areas, let me know if your interested.
@Alexander Brian Frederick Thank you for your insights! I just sent you a message!
@Brendan Markle Thank you for your insights! Yes, I heard of West Kensington, Frankford and Port Richmond are also great areas to look into. Would love to connect and learn more, also just sent you a message! Going to Philly this weekend, hoping to see some properties.
How are you.
West Philly has many neighborhoods and some have capped and most have growth opportunities. In regards to Fishtown, the immediate neighbored has capped where some of the neighboring neighborhoods still have growth. Also depends on buying in real estate capacity, reserves and down monies and where you are seeking rehab and hold opportunities or flipping.
Let me know if you have questions.