Rental Property Investor · Philadelphia · Member since 2020 · 8 posts · 3 votes
Hi BP,
My Name is Derek Pheiffer and I live in the Greater Philadelphia area (Center City –ish to be exact). I'm just getting started with the many resources BP offers (books/podcasts/forums) to familiarize myself with REI, but very excited to be joining such a large and supportive community. I currently work a standard "day job" in an office (actually located in Wilmington, DE), however my goal is to begin to generate and build my wealth in other avenues outside a typical paycheck and become more financially independent/free.
I want to reach out to any members in the area that are interested in connecting as I begin my journey. My short-term goals are to get my feet wet with a SFR and possibly dipping into flips this year, and from there scale and modify my strategy. I am interested in connecting with really anyone involved with the whole process as I get started (realtors, wholesalers, mortgage brokers, flippers, and of course other investors!).
Yo @Derek Pheiffer welcome! I live out on the West Coast, used to live in Philly but currently invest there! Message me if you have questions on things!
@Derek Pheiffer Welcome! I am an agent in Philly but I primarily wholesale. I have a lot of experience in this market and may be able to give you some insight on what neighborhoods to buy in and what neighborhoods to stay away from. Let me know if I can help out in any way!
Hey Derek! I'm trying to get into REI in Philly as well. I just purchased my first SFH using FHA loan. It's a fixer upper so I plan to live there for 12 months, fix it up, then move out and rent it. I need any and all recommendations on contractors so if you have any please pass them my way. Please also feel free to reach out so that we can connect and help each other through things.
Hey @Amy Wright, congrats on your first purchase! I'm currently in the market to land my first SFH, still in the researching phases. Do you have any lessons learned with your first purchase? Which area/neighborhoods are you interested in?
Hey @Zack Hawkins, I've been in Philly for about 4 years or so. I'm generally leaning towards investing in the Manayunk area, and I'm planning on shooting out some offers this spring. Right now I'm pretty much focused on shopping around for the best mortgage (pre-approval) and a agent with an investing mindset.
@Derek Pheiffer Thanks! The home I purchased is in Manayunk and it (hopefully) closes April 3rd. I’d recommend getting multiple quotes on your mortgage, I did this and I ended up saving me around $100 per month on payments. Thankfully I have a great real estate agent who is walking me through everything, as well!
@Amy Wright no kidding? I'm actually looking in Manayunk as well! I'm shopping around local lenders/brokers this week. Who'd you end up going with?
I'm also reaching out to a few agents now to see whom best fits my investing approach, if you don't mind me asking which realtor you used (totally cool if not)?
@Derek Pheiffer Welcome! I'm in a similar place as you in my journey into REI. I purchased my first SFR in April 2018 and have been thinking about flips or rentals since, but felt I didn't have enough information to take the plunge. Now that I found BiggerPockets, I'm planning to start making some moves. Manayunk could be a great place to invest and is also on my list. I'd love to connect to talk through strategies and your thoughts on other neighborhoods. I can also you give you some mortgage lender and agent recommendations. Message me if you'd like to connect.
The advantages is that it is extremely easy to find tenants in manayunk. I had one house purchased in 2014, in which I've had 3 sets of tenants, but only about 2 weeks worth of vacancy.
Disadvantage is that although a popular location, overall prices tend to be higher at purchase and do not appreciate as rapidly as the other locations. Ex. I pay 2800 a year in taxes for my place in manayunk which is appraised for 80K less then my place in south philly but only pay 2100 a year in taxes. I also like to aim for places further up the hill form Main Street, just for logistical purposes and tend to focus on one way streets.
The agents I've used all moved to other locations with higher prices, but my main lender these days is American Federal Mortgage. However there are a lot of sites that help perform the comparison for you. As Amy mentioned shop around and all lenders have to provide a standard loan form so it's easy to compare the products offered.