Hi, I'm a new investor in Philadelphia. I had a couple fix and flips and looking to start holding. My goal is to buy multi family in the more affordable area such as frankford, west philly, strawberry mansion, etc. Any one has experience in these area that can give me some pointers? I would appreciate it very much!
I have a duplex in Frankford, and one in Kensington. Honestly despite the tenant base, and the fact that the neighborhoods aren't the best, I haven't had many problems at all. As long as you do your due diligence when putting tenants in place, and don't buy ion an absolute warzone you should be fine. There are always good multi family deals in those areas. If you have any questions feel free to reach out.
Thank you guys!
Originally posted by @Al Pekerman :
@Mike Dinh The hardest part is actually finding multi-family unit that are being sold at the right number. What I came up with is making my own multi units ie converting existing structures to duplex and triplex.
Wouldnt that make the multifamily not legal? Zoning is tough these day I think.
@Mike Dinh West Philly is the perfect model for small multifamily properties. Just by driving down Chestnut or Market, you will immediately notice the amount of Duplex's and Triplex's this part of town boasts. With the appreciation happening in all of philly and the limited amount of inventory, jumping into a duplex now would be more than ideal. If you need any help finding these deals in any of the areas you mentioned, let me know and I'll give you a hand!