New Philadelphia Buy and Hold Investor

Philadelphia, PA · Member since 2017 · 2 posts · 2 votes

Hey,

My name is Clark I am looking to start investing in Buy and Hold properties in Philadelphia. I am looking to gain knowledge and meet other local Philly investors to get to know the lay of the land in this market. I really like areas like some areas in Delaware County, Fishtown/Olde Kensington and Brewerytown depending on the property I would also consider house hacking. I am looking for an investor minded real estate agent who has worked in the area to help on my first deal, so if you have any suggestions or are a agent feel free to reach out!

Look forward to connecting and adding to the Bigger Pockets Community,

Clark

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Joseph ScoreseBusiness Member

Banker · Philadelphia · Member since 2009 · 2k+ posts · 637 votes

Hi @ClarkBower,

Welcome to BO!

House Hacking is a great direction to obtain Landlord Status and show collateral for investors for future acquisitions. First, make sure you know what your qualifications are since the real estate agent will need to narrow your search based on your pre-qual. Depending on what area of DELCO the taxes could be your enemy on cash flow or house hacking but can still be great long term holds. When considering the Riverwards Section ((Fishtown/Kensington Areas) You might need to push further out in the Riverwards to obtain that cashflow/appreciation move for multi family. In regards to Brewerytown, the area is evolving toward new rehab and or new construction - multi's are slim pickings for House Hacking. But could be more toward Cecil B Moore section of Brew Town.

Let me know if you have any questions and happy hunting.

Regards,

Joe Scorese

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
9y
Welcome to BP Clark. You can find local realtors by connecting with members here https://www.biggerpockets.com/meet
0 Reply
Garrett M.
Rental Property Investor · Philadelphia, PA · Member since 2015 · 180 posts · 66 votes
9y
Welcome to BP! Philly is a great spot to be investing. Definitely pursue the house hack if you have the option!
0 Reply
Brendan Markle
Bensalem, PA · Member since 2016 · 96 posts · 52 votes
9y
Welcome to BP Clark! I'm a real estate agent who works with a lot of investor clients in the region. I also have my own properties. If you have any questions , or want to meet up sometime feel free to connect and get in contact with me.
0 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
9y
@Clark Bower
Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:
Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/
If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.
Wishing you the best!
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Clark Bower
OP
Philadelphia, PA · Member since 2017 · 2 posts · 2 votes
9y
Thanks Guys super helpful!
0 Reply
John Knisely
Real Estate Agent · Media, PA · Member since 2017 · 361 posts · 250 votes
9y
Hey @Clark Bower, welcome! Happy to share some insight on Delaware county and househacking. Shoot me a message with any questions you might have.
0 Reply
Tom Doherty
Investor · Philadelphia, PA · Member since 2016 · 88 posts · 15 votes
9y
@Clark Bower
Good morning. I'm an investor friendly realtor working in the Philadelphia, Delco and Chesco markets. Originally from Delaware county so I know the area well and have worked with an investor on a couple investment properties so far. My office is in the city (2200 Walnut st). I live in the city so let me know if you are free to grab coffee.
I actually helped out a client of mine purchase a "live-in-flip" in Delco. His plan is to live in it for 2-3 years, fix it up as time goes on and sell for profit then roll it in to the next property. ARV is around 220k he bought his for 153k. It wasn't a total rehab, needed fresh paint, flooring, kitchen countertop & cabinets but overall smart buy for him.
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Joseph ScoreseBusiness Member
Banker · Philadelphia · Member since 2009 · 2k+ posts · 637 votes
9y
Hi @ClarkBower,
Welcome to BO!
House Hacking is a great direction to obtain Landlord Status and show collateral for investors for future acquisitions. First, make sure you know what your qualifications are since the real estate agent will need to narrow your search based on your pre-qual. Depending on what area of DELCO the taxes could be your enemy on cash flow or house hacking but can still be great long term holds. When considering the Riverwards Section ((Fishtown/Kensington Areas) You might need to push further out in the Riverwards to obtain that cashflow/appreciation move for multi family. In regards to Brewerytown, the area is evolving toward new rehab and or new construction - multi's are slim pickings for House Hacking. But could be more toward Cecil B Moore section of Brew Town.
Let me know if you have any questions and happy hunting.
Regards,
Joe Scorese
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