Hi all, I'm new to BP, and currently have 2 rentals in my local area (Doylestown / Sellersville / Perkasie / Quakertown , Pennsylvania). These towns are about 1 hour north of Philadelphia and 35 minutes south of the Lehigh Valley (Bethlehem / Allentown). I'm looking to make any connections while also growing my real estate portfolio. Couple quick questions...
1) Anyone in this general area... what are some of the best strategies for building your portfolio with limited capital? Success with BRRRR, seller financing, etc? I just used up a good chunk of my equity for my last rental purchase. I do not want to wait until I save up another $50K to buy another property.
2) Besides rentometer.com what other sources have people used to collect reliable rental income data?
Can't weigh in on the first question, but on the second, we usually look on all of the common rental websites (Trulia, Zillow, RedFin, Craigslist, FBook marketplace, etc.) to get a feel for rents in the area. Also, you would probably benefit from reaching out to a few large property managers in the area and asking for their opinion on rental rates for your class of asset.
Thanks for the info, Marc. Naturally my next question... any specific resource(s) you have used to find property managers in your area?
Kind of in the same boat with the equity thought. Just know that there is an abundance of money out there. I can share with you what I have found that may or may not be for you.
Hi @Jonathan Emery , thanks for the reply. I'd be very interested in hearing whatever you have found to work for creative financing options. As I've soaked up a good amount of my capital in my first two rentals, I'm realizing that I'll need to get a little creative on financing my next deals (because I do not want to wait a couple more years to build up another large chunk of money, before acquiring another rental). Looking forward to hearing from you.
Hi Jimmy, BRRRR's are popular in the Doylestown, Perkasie, Chalfont, North Penn area. Is house hacking a possibility for you?
Hello @Jimmy Jefferson ,
If you are looking to expand your portfolio in the Philadelphia area, and are able to do a BRRR or a Hack, Check into the neighborhoods in Germantown and other North Philly neighborhoods. There are programs out there that could help you with financing. I would like to speak more with you on this matter. As well as rental rates, I can offer you an insight into what I know being that we manage a few units out there.
@Christopher Schink I’m trying to get started in the Germantown area
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