Newbie from NYC looking in the Philadelphia area

Newbie from NYC looking in the Philadelphia area

Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes

Hello Bigger Pockets!

Like many people have done before me and will do after, I’ve spent too much time reading the forums, listening to all the podcasts and reading the books without introducing myself and getting involved. So, I’m changing that that now.

A little about me and then my investing goals:

Background:

I’ve been in New York City for about the last 14 years where I’ve worked in the real estate industry. I spent the first part of my career working for a large NYC general contractor where I began as an intern and worked my way to a project manager. During my time with the GC, I started in new construction and completed a +300-million-dollar hospital and then moved into the interiors (renovations) department completing fast paced interior renovations for financial offices, hotels, law firms, tech companies and a data center to name a few. The renovation projects ranged from $1 million to $100 million in volume.

After about seven (7) years I moved to a small client rep/ developer also in NYC where I manage my client development projects from early pre-planning through construction and closeout. I’ve completed new construction for multi-family and retail, retail renovations, building extensions and school renovations with one of my latest projects being a 24-story new construction rental building built to Passive House construction standards (it will be Passive House certified!).

Investing Goals:

After 14 years of building other people’s projects and attempting to save money while living in NYC, I’m now serious about completing my first personal investment and grow my portfolio and ultimately a company (in time) from there.

I'm currently looking in the Philadelphia area and I'm targeting a 2-4 unit property. I'd like to BRRR, but know that could be difficult in today's pandemic market so I'm not opposed to buying, rehabbing, holding for a period of time and refinancing a little down the road.

I’ve been searching the forums for suggestions on the best Philly areas to begin evaluating properties, plus web searches and using Simply Analytics to pull some data and now have an initial list but I’m trying to scale it down.

Any suggestions on areas in Philly to focus on or people to connect with are welcome!

Happy to discuss further and hope I can provide value in return whether now or in the future.

-Jeremy

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Scott WolfPro Member
Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
6y

Welcome @Jeremy Levine!  You should post what you're looking for in the Philadelphia forums, you'll find more people that are following there.  

https://www.biggerpockets.com/forums/742-philadelphia-real-estate-forum

I'm always happy to talk shop as well.  Good luck!

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  • Scott WolfPro Member
    Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
    6y

    Welcome @Jeremy Levine!  You should post what you're looking for in the Philadelphia forums, you'll find more people that are following there.  

    https://www.biggerpockets.com/forums/742-philadelphia-real-estate-forum

    I'm always happy to talk shop as well.  Good luck!

  • Property Manager · Phialdelphia, PA · Member since 2017 · 509 posts · 627 votes
    6y

    @Jeremy Levine

    Welcome to the forum. 

    You need to be more specific as for what you are looking for. Best Philly area for me not the same as best Philly area for you or anyone else. 

    You need to find the area that will fit your criteria. Feel free to reach out if you need some input/help. 

    Cheers, 

    Yuriy 

  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    6y

    @Jeremy Levine

    Welcome to Bigger Pockets!

    This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

    The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

    Use the Bigger Pockets glossary to learn more about real estate terms that may be new to you: https://www.biggerpockets.com/rei/glossary

    Alerts can be really helpful too: http://www.biggerpockets.com/alerts

  • Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes
    6y

    Thanks @Scott Wolf! This is very helpful. I’ve seen some of these from my keyword alerts, but a lot are new to me. I’ll be posting after working my way through them.

    Happy to connect and chat about the business. I’ll shoot you a message.

  • Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes
    6y

    @Yuriy Skripnichenko thanks for the advice. Mostly looking for a property that I can value add through a rehab and hold. Definitely looking to avoid a war zone but not opposed to an area that is showing improvement.

    Would be great to connect and hear about your properties. Checked out your profile and looks like you have an interesting professional background.

  • Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes
    6y

    Thanks @Justin Windham! The search tool will be valuable.

    I’m pretty comfortable with the jargon having been in the industry for a while. I’m also finishing a part time masters in real estate from NYU (separate conversation as to why I’m getting a masters) and it’s given me additional exposure, but always good to have the search handy!

    I’ve been using the keyword alerts and they have been super helpful.

  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    6y

    @Jeremy Levine

    You may want to connect with @Damon Bodine.
    He lives in NYC and organizes a networking event for people who live in NYC and invest in Philadelphia.

  • Joseph ScoreseBusiness Member
    Banker · Philadelphia · Member since 2009 · 2k+ posts · 632 votes
    6y

    @JeremyLevine, how are you and welcome to Philadelphia. Moved down here from Northern New Jersey 12 years ago and have not looked back. Building a proper Power Team without uterial motives is the catch. Build smart and go with licensed and certified professionals. We host educational events with licensed and certified professionals nothing being sold in the Greater Philadelphia & Southern New Jersey Real Estate Market the group is HAPCO Landlord Association of Philadelphia. Let me know if I can assist.


    Regards

    Joe Scorese

  • Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes
    6y

    @Basit Siddiqi thanks for the intro!

    @Damon Bodine if possible to be included in the next event it would be great! Also happy to connect prior! Thanks

  • Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes
    6y

    @Joseph Scorese, thanks for the feedback! Glad to hear you are happy in Philly. I'll check out HAPCO and circle back soon.


  • Rental Property Investor · Philadelphia, PA · Member since 2015 · 478 posts · 362 votes
    6y

     I am Philly born and invested. But I overlooked Philadelphia for the 25 years I lived overseas until I wised up and moved back here just to invest. After doing close to 100 Buy&Holds in Philly/Eastern PA, it amazes me how dynamic and diverse the market is - there is something for everyone. There is also quite a learning curve. Happy to answer questions! 

    @Jeremy Levine

  • Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes
    6y

    Hi @Sheryl Sitman! Thanks for reaching out. I've read some of your posts and checked out Around The Block Assets. You clearly know the city and have your system down. I'm still researching the areas and am planning to head down for the weekend in a couple of weeks to explore. Would be great to connect and hopefully provide value for both of us. 

  • Investor · Stafford, VA · Member since 2014 · 45 posts · 12 votes
    6y

    @Jeremy Levine Hey just wanted to add in here, didn't see anyone mention some of the names of the submarkets of Philly without so additional criteria of what you are looking for. I wanted to at least share some of the ones I am looking at since I look for BRRRR properties in 1-4 unit range as well, any maybe it can help you focus on some your searches:

    - Take a good look at the Universities in town. Temple U, Drexel, U Penn, La Salle, etc. They have a housing shortage and the off-campus student rental market has been really profitable both for cash flow and appreciation for those who I've met that did it right, and especially at the right time. Who knows what the future holds in this post-COVID-19 world. With your background on some serious construction projects the shells there could make for a good BRRRR.

    - Brewerytown. I'm looking at stuff now there for BRRRR Deals. I also really like Cedar Park and Walnut Hill and some spots of Germantown.

    - I *kind of* successfully BRRRRed in Kingsessing, W. Germantown, and Wyoming/Olney. SFH though...and probably might not pick those locations again.

    Good luck, let me know if you have any other questions. 

  • Real Estate Consultant · New York, NY · Member since 2018 · 15 posts · 9 votes
    6y

    @Mauricio Botero, thanks for the information! Some of these areas are on my list, but will certainty add those that aren't yet. I'm currently scheduled to head down to drive the neighborhoods on 7/11. I'm hopeful I can narrow down to a couple areas and really start my search by August. 

    Would be great to hear more about the projects you have completed in the area to date. Happy to connect and discuss further.

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