Philadelphia / Philly Newbie, Flipping, Buy and Hold

11 Replies

Hello BP colleagues, 

Moving to the Philadelphia area and interested in networking with people in the area. Interested in investing close to the Overbrook / Overbrook Park area. I am interested in flipping for short-term income and buy and hold for long-term income.

Hey Gabriell!

I live, work, and invest in Philadelphia. I am curious what has lead you to target Overbrook? The area does have rental demand from students at St. Joseph's University,which can be an effective strategy when acquiring renters. One key though is making sure your property can handle the abuse of younger renters. If college students are a demographic you would consider renting to, I would recommend making decisions to prepare your property for an increased level of wear and tear. I included a link below that has some good ideas about steps to take when renting properties, especially when considering college student.

Best of luck! Reach out anytime if you have questions about the city.

-James

Welcome Gabriel,

Happy learning and prosperous investing.

Kudos,

Mary

@James Brand Overbrook is the area I will be moving to and I have learned on BP it best to start in a market nearby. Thanks for the advice. 

@Mary B. Thanks Mary. Hope to connect in the future. 

@Gabriell If you need any assistance finding some potential investments properties lets talk. I grew up in the Overbrook area and even went to Overbrook high.

Gabriell,

If you are planning to move to that area, a duplex that needs a little work might be a nice option. As an owner occupant you have a lot of options with financing, and you would be investing right where you live. Additionally you would get the experience of being a landlord and doing renovations on a small scale. Just something to think about.

-James

@James Brand I appreciate that advise. Unfortunately, my significant other is totally against it. I love the idea of house hacking. 

Ah yes, I know what that is like. It is particularly tough to make a case after you have already been living together in a SFH. Never hurts to ask though, also never hurts to ask the seller if they would consider seller-financing. Most cases, the owner just wants to be done with the property, but you never know.

-James