New investor - Philadelphia & surrounding neighborhoods

[Johnny McDonald]

Hi BP community! My name is Johnny and I am a new buy and hold investor getting started in the Philadelphia area.

My short-term plan is to buy one MFH and house hack for a couple years, then make another acquisition once that's up and running. My job requires me to split my time between Center City and the west suburbs so I am looking at neighborhoods on the west side of town (Manayunk, Brewerytown, Point Breeze, Strawberry Mansion, Fairmount, Spring Garden, etc).

One of the most interesting things about Philadelphia is how each neighborhood is unique and has different opportunities to offer - it's one of the things that intrigues me most about this market. I'm looking to connect with other investors in the area and agents to discuss strategies, talk about analyzing deals, and give my prospective on things happening in the market. 

I'm very excited about getting started and I'm happy to connect with anyone that wants to chat!

Thank you and have a great Sunday!

Johnny

[Nathan M.]

Hi @Johnny McDonald, welcome to BP.

I share your interest in the uniqueness of Philly neighborhoods. 

I notice that no neighborhoods in West Philly are in your parenthetical.  Is that an oversight, or do you have an opposition to the area?  Frankly, that's where I'd like to be right now.  Manayunk/Brewerytown/Point Breeze/Fairmount/Spring Garden are all fairly pricey already, and I have a hard time making the rental numbers work in those locations on most deals that I model out.  Strawberry Mansion is more affordable, but has problems of its own.

What price range are you looking for? Are you pre-approved for a loan?  Feel free to PM if you'd rather not get into those details in the forum.