Buy & Hold Investor in Philadelphia

Buy & Hold Investor in Philadelphia

Investor · Philadelphia, PA · Member since 2016 · 12 posts · 4 votes

Hi everyone,

I'm a buy & hold investor in northwest Philly, investing in rental properties close to home both as a source of income and as a method of being involved in the neighborhood. I came out of the tech industry and am burnt out on the 60 hour weeks and high stress. My goal with investing is to provide enough supplemental income that I can do freelance programming and be picky about my clients, rather than having to take on bad projects just to make ends meet.

My general strategy is to purchase gross looking places (e.g. a C house in a B neighborhood) and fix them up into something a family or young professional would want to live in. I've done a number of construction projects, but not much in NW Philly, so I'm on the hunt for reliable contractors. Right now my priority is on "cheap and good (slow is OK)" but ideally I'd like to have a few different folks I can call for when I need "fast and good (but expensive)" too. Electricians and plumbers have been my biggest headache so far (especially plumbers).

A family member got burned badly by real estate in the late 70s (by an ex husband who was terrible at it) so right now I'm mostly hearing "you're making a huge mistake." Looking forward to meeting everyone (especially local folks) who is making it work!

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  • Philadelphia, PA · Member since 2016 · 5 posts · 0 votes
    10y

    Hi @Kelly Maguire! Welcome! I just joined BP just last week as well and wanted to wish you the best of luck! I'm assuming you're looking around Roxborough kind of area?

  • Investor · Philadelphia, PA · Member since 2016 · 12 posts · 4 votes
    10y

    Thanks @Jimmy Hoac! Right now I'm in Manayunk but I want to expand into Roxborough / East Falls once I feel like I have a handle on estimating rents around there.

  • Investor · Philadelphia, PA · Member since 2013 · 43 posts · 5 votes
    10y

    Hey Kelly,

    Welcome to BP. I'm an investor in Northeast Philly. From what I've heard thus far, good(reliable) contractors are tough to come by in this city when you're not doing a million deals a month. Nonetheless, they're out there. If I hear anything I'll send the info your way. Good luck!

  • Real Estate Investor/Wholesaler · Philadelphia, PA · Member since 2015 · 757 posts · 318 votes
    10y

    @Kelly Maguire Welcome to the BP community. I'm a local investor and very active wholesaler in the Philadelphia region. If your looking for off-market properties in and around the Philly area please feel free to connect anytime.

    Best,

    David B

  • Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
    10y

    Hello @Kelly Maguire and welcome to Bigger Pockets. BP is a great place for all things real estate. It has everything you need including free online videos and educational courses for you to watch and learn from. BP also has it's own podcast in itunes. You came to the right place and I wish you all the best.

  • Investor · Philadelphia, PA · Member since 2016 · 12 posts · 4 votes
    10y

    Thanks everyone!

  • Wilmington, DE · Member since 2016 · 6 posts · 0 votes
    10y
    Welcome to BP. I was in the retail business and do have good handy man connections. Email me if you wanna meet at a coffee house and discuss.
  • Real Estate Agent · Philadelphia, PA · Member since 2013 · 167 posts · 64 votes
    10y

    @Kelly Maguire - I love spending time in Manayunk; just did an Open House on Umbria last weekend. 

    There definitely are good contractors out there and can be reliable when it comes to repairs/rehabs of properties. Let me know what specifically you are looking for and if I don't have a contact, I can ask around in my network. 

    As you know, Manayunk is undergoing a lot of new apartment construction with prices for a 1 bed unit asking around $1500+. Hoping that all of the new complexes will breathe more activity for Main Street and surrounding businesses. 

    If you have any questions or if I can be of help, feel free to reach out.

    Best of Luck!

  • Investor · Philadelphia, PA · Member since 2016 · 12 posts · 4 votes
    10y

    Thanks @Zachary Paul. If you've got an electrician who's reliable I'd love to hear about them, I've got a whole bunch of knob & tube and a questionable looking breaker box that need replacing. So far I haven't found an electrician I'm willing to use more than once.

    I'm 50/50 on whether I think the new complexes will bring more high end renters... or just totally flood the market. The good news for me is the newest one (I forget what it's called but you can see the new water tower from 76) only goes up to 2 bedrooms, and both of my properties in the area are 3 bedroom houses. I'm hoping I can appeal to people in that same high-end market who want a little more space to call their own. 

  • Rental Property Investor · Mount Vernon, NY · Member since 2016 · 89 posts · 125 votes
    10y

    Hey @Kelly Maguire! Welcome to BP! Keep us posted with your journey. I was Philly about two weeks ago scouting the area as a buy and hold investor. My main goal is for cash flow as appreciation appears to be non existent in some of the northern parts of town.  

    I hope this journey treats you well!

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