New investor in Philadelphia area

[Katharine Corriveau]

Hi all!

I'm new to the BiggerPockets community and my husband and I just bought our first single-family rental property in Philadelphia. We're both planning to transition to real estate investing full time within the next year, so I've been absorbing as much BP advice (podcast, books etc) as possible in preparation. My husband's background is as a commercial real estate broker so he does have experience with real estate, but I'm pretty fresh coming in with a background in nonprofit fundraising and wildlife biology.

We currently live in the San Francisco Bay Area and ended up finding our first Philly property deal on Zillow in 'turnkey' condition. We did not have to do any renovations and found renters within the first month which I think was mostly good luck. 

In the future my goals include doing BRRRRs and flips to generate enough income to support my family without having to go back to a 'regular job'. We didn't want to get started with any large reno projects until we move out east, but I am looking forward to building a team and diving in within the next few months.

I also just acquire my first list of Tax Delinquent Properties and plan on doing direct mailings to find deals. 

Please reach out if you're investing in the Philly area too, and have any tips! I'd love to hear from you and learn more about your experience in this market. 

Cheers,

Kat Corriveau

[Matthew Teter]

@Katharine Corriveau for investments it depends on what your criteria is, the amount you are looking to invest, the return you are looking for, or the opportunity to flip. For flips West Philadelphia, Port Richmond, Kensington, and several areas in South Philadelphia are great starting points. If you have more capital to invest the city opens up significantly for a hold strategy with strong rent in a majority of the city. Our team works with investors across the city, my wife helped an investor this week to identify and buy a 1% rule property in Center City, so they are certainly out there. I will reach out to you and if you would like to learn more or develop a more specific criteria we would love to help.