Philadelphia PA New to Investing

[Shawn Ryan]

Hey everyone. I'm looking to get started in investing in south philadelphia. Just wanted to post this to see if I can get some responses from local investors who I can network with and reach out to for advice. I been studying the market for quite some time but haven't pulled the trigger on anything yet. I'm interested in single family and multi units right now. Looking to get my feet wet but I'm having a hard time figuring out how I want to start. I been looking at houses but I find some are in such bad shape that I'll have to use a 203k. Some houses I've seen aren't in as bad of shape but are over priced. 

I work in exterior renovations specializing in Windows, siding, doors, etc. But I'm having a hard time estimating the cost of repairs like uneven floor joists, drywall install/removal of plaster, moisture in basement, electric, plumbing,  etc. 

When I run into these situations it makes it hard for me to put in an offer because I'm unsure of the cost of repairs meaning I can't determine if the property will be equitable or not. 

Any advice helps

Thanks, 

Shawn

[Account Closed]

Welcome @Shawn Ryan! I'm in the middle of reading Estimating Rehab Costs by J Scott. It's a great source of detailed information. That would set you in the right direction. I'm new to the game as well. I've talked to some local contractors and explained what I'm doing. Some have agreed to come with me on showings to give me a very rough estimate for reno. Even if I have to pay for their time I feel that if I pay attention I'll be able to rough estimate for myself.