Investor · Woodbine, MD · Member since 2014 · 3 posts · 0 votes
Hello BP community! Tremendously excited to be here and already immersing myself in the wealth of knowledge within this space.
I purchased my first rental property in Baltimore, MD last year and will be closing on my own home in a week, but am still very much new to real estate investing. I would love to keep the momentum going as I relocate to Philadelphia.
If anyone in the Philadelphia area (or elsewhere!) is interested in networking, please let me know! Before long, I would love to connect with other investors, reputable attorneys, CPAs, property managers, and skilled contractors.
Rental Property Investor · Upper Darby, PA · Member since 2014 · 43 posts · 19 votes
11y
Welcome to Philly. Take your time to get to know the city, it's a city of neighborhoods some blocks maybe really nice but a few blocks away you'll want to stay in your car. Use Google street view when you find something you like and "drive" around the neighborhood before you actually go there in person.
Investor · Woodbine, MD · Member since 2014 · 3 posts · 0 votes
11y
Thanks, @Natasha M.! I'm currently out in Mt. Airy - so, not far away! It seems we have similar goals around building up a portfolio of rental properties. Best of luck to you!
I had been looking for another potential rental property in the Baltimore area, but with the current relocation to Philadelphia, where I anticipate being for at least a handful of years, I now anticipate focusing my energy there. I imagine it will be inherently easier to understand the market in which I live, and therefore invest more wisely. Am I limiting myself by thinking I should focus on the area where I reside?
Does anyone have thoughts on how different the markets are between cities such as Baltimore and Philadelphia? Should most of my current (and limited) knowledge transfer between them?
Investor · MD · Member since 2015 · 208 posts · 32 votes
11y
@Corey Weidenhammer In my opinion, & please anyone correct me if I'm wrong, I've found the cost of houses are little less expensive in PA than in MD. Also, being new myself, I find I have more confidence being able to physically see the property & attend REI meetings in the area I'm interested.
I'm sure you're knowledge will come in handy no matter where you go. You might have to tweek a few things.
Rental Property Investor · Upper Darby, PA · Member since 2014 · 43 posts · 19 votes
11y
Welcome to Philly. Take your time to get to know the city, it's a city of neighborhoods some blocks maybe really nice but a few blocks away you'll want to stay in your car. Use Google street view when you find something you like and "drive" around the neighborhood before you actually go there in person.
York, PA · Member since 2015 · 199 posts · 58 votes
11y
Welcome to Bigger Pockets @Corey Weidenhammer. I also want to build up a portfolio of rental properties. I'm looking forward to getting my hands dirty in as many "local" places as possible. So even though I live in York, PA, I'm originally from Baltimore, MD so I am interested in networking down there and learning as best as I can about the industry from people no matter where they are located.
I've read that it is best to stay in your local market though since every county and state are different, I think you'll be best learning from out of town people but applying what you learn to the area that you plan on investing at.
That's not to say that you can't invest without physically being there, but that's a side I haven't researched a lot myself at all.
Welcome. What area of Philadelphia are you moving to? Let me know if you'd like to grab a bite next time in the area. Also, don't hesitate to ask any questions you've got.
Investor · Woodbine, MD · Member since 2014 · 3 posts · 0 votes
11y
Thank you again, everyone, for the warm welcome and thoughts on the Philly market. Can't wait to learn more. As soon as I get through closing on my own place next week I'll be looking at finances for my next investment, identifying local folks to partner with (contractors, attorney, accountant), and researching neighborhoods.