New Member from Delaware

38 Replies

@Kristin Caras I currently just have the rental in PA.  I'm currently working on a strategy to accquire more properties, most likely in Delaware.  From what I've read DE seems to have a lot more regulations than PA, but others here could probably speak more intellegently about it!  

@Kristin Caras I just bought my property a year ago and it's my first rental property. It came tenanted with students and it's a good SFR but had been a bit neglected. I had relatively few problems with the tenants - the biggest one was when they didn't replace the smoke detector batteries! On the other hand, they never complained about anything and I didn't even know we had a bit of an ant problem until after turnover. If you'd like to discuss the UD area in more depth or are looking for any referrals for the Newark area, feel free to send me a PM.

Welcome @Kristin Caras .  I live just outside Hockessin, off 41, and have 3 rentals, all within the Wilmington city limits.  Your goals and funding availability are going to factor into where you buy.  If you have limited funds/cash, places like Newark(UD), Hockessin, North Wilmington, and Trolley are going to be tough.  They likely wont cash flow, unless you house hack, because your rents wont be high enough to cover 250K+ mortgages.  If you have money to store for a while and don't need the cash flow, then it may work.  If you want real good cash flow, you will need to go to the rough areas of Wilmington.  If you want to be in the 1%-2% rule range then you can get places in decent areas of Wilmington, Elsmere, Bear, Newark(non-UD), and maybe Pike Creek.  Claymont is now pricing out of the good rental area for cash flow except for a few small pockets.  

If you would like to buy, live in for a couple years and then rent, I would focus on Pike Creek, Elsmere or some of the townhome communities in Bear/Newark.

Northern DE doesn't have a great selection of multifamily places.  Most of them are in the city limits, very few are in the county.

Please reach out with any questions.  All the best.

@Eric Armstrong thanks for the advice! I'm hesitant to get into those rough areas of Wilmington. I feel like all those areas you would just have unending problems with tenants and in the neighborhood in general. I'll take a look into some of the other places you suggested - thanks! 

Hi @Kristin Caras , welcome to BP! I found my niche in the Newark/Bear area, my properties are cash flowing and there is pretty strong rental demand. I live in Newark myself, so all my properties are within 20 minutes drive. I only buy in areas where I would live myself, I stay away from the rough neighborhoods. I also avoid the student housing, as I prefer long-term families as tenants. I know people who specialize in student housing and they do great, it is just not my niche.

Good luck!

Mostly townhomes, although I do have a couple single family homes as well. I haven't seen many plexes in the area, it is mostly single families, townhomes and apartment complexes.

Hello! @Kristin Caras

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

The second is a post that will help get you focused with your real estate investing goals:

The last one is a post that will help you choose an “investor friendly” real estate agent.

There are many agents out there, but it’s important to choose the right one.

I love answering questions if you have any! Good Luck :)

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