Updated almost 6 years ago on . Most recent reply
Wilmington DE market question
Hi guys! I am starting out in real estate investing and have been on the hunt for my first deal. An opportunity recently came to be by way of a friend offering an off market deal in the Hilltop neighborhood of Wilmington, DE. Numbers seem to work out for a solid rental prop. My question is in regards to the market and neighborhood. Wilmington doesnt have the best reputation but the friend is an up scale kinda guy so I can’t imagine his first house would be in a bad area. Let me know if I’m missing anything that may help you give me an idea of the area. Thanks!
Most Popular Reply
If you are looking in Wilmington Delaware, maybe you should consider looking 45 minutes North in Philadelphia PA. Philly is a much larger city with a greater access to resources (lenders, investors, PM’s, contractors, tenants, real estate agents, wholesalers, etc). Many neighborhoods are also undergoing revitalization/gentrification which could boost your returns if you are lucky enough to experience that while holding for the long term. While you wait, the cash flow in Philly is great too. Philadelphia's population growth is not fast by any means, but from what I am looking at it is stronger than Wilmington's as of the last 10-20 years.