New Philadephia Area BRRRR Investor

Member since 2020 · 1 post · 2 votes

Hello,

I'm a new investors in the Philadelphia area and looking to purchase my first investment property. Looking to purchase this property within the next two months.

I am interested in using the BRRRR strategy on this deal. Multi family would be ideal but if the deal is right, I am more then willing to purchase a single family home.

What is the method you used to find and purchase your first property? Was it driving for dollars, linking up with an agent or something completely different?

If anyone has any experience in this market area and has any tips for a beginner that would be greatly appreciated

Thank You

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Dmitriy Fomichenko

Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes

@Jack Morris

Welcome to the BP family! Good to have you here! Here are some recommendations for you:

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Shawn Washington
Real Estate Agent · Philadelphia, PA · Member since 2013 · 116 posts · 37 votes
6y
Hi @Jack Morris,
I use many different sources for finding good deals. I drive for dollars, link up with an investor friendly agent (myself), wholesalers, other investors, ETC. Having a strong network allows you to find those good deals. Good luck with the search and feel free to contact me with any questions.
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Nicky Lisewski
Rental Property Investor · Philadelphia, PA · Member since 2019 · 55 posts · 28 votes
6y
@Jack Morris I'm an investor and an agent. As a new investor, the hardest thing is spotting a deal. Especially in a place like Philly, that involves getting to know the neighborhoods, looking at a lot of properties, and running the numbers. Back in the day, I must have looked at 50 properties before I bought one. Do you have any specific areas you are focusing on?
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Shawn McenteerBusiness Member
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
6y
@Shawn Washington How is the Phili market for buy and hold MFR?
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Shawn Washington
Real Estate Agent · Philadelphia, PA · Member since 2013 · 116 posts · 37 votes
6y
@Shawn Mcenteer,
There are some good deals in Philly but it's extremely competitive. Prices continue to rise quickly and buyers have to move fast when they find a deal or risk losing it to other investors. I recommend doing your research on the area, having your funding in place, setting realistic criteria/expectations and don't hesitate when you find that deal.
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Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
6y
@Jack Morris

Welcome to the BP family! Good to have you here! Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: https://www.biggerpockets.com/podcast

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best!
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Andrew SyriosPro Member
Moderator
Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
6y
Welcome to BiggerPockets Jack!
Podcast Guest on Show #121
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Derek Pheiffer
Rental Property Investor · Philadelphia · Member since 2020 · 8 posts · 3 votes
6y
Welcome Jack! I started my journey in Philly a little over a month and a half ago, currently going through negotiations for my first TWO investment properties. More than willing to go over my experience thus far
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