starting out in philly rentals

4 Replies

Nate, for 50K or less I would suggest West Philly but its not for everyone. Personally, I think that the closer to center city you are the better off you will be in terms of appreciation. UPenn and Drexel are investing a lot of money into the area (University City which is in West Philly) so the thought is that this will hopefully continue to expand into surrounding neighborhoods.

http://articles.philly.com/2016-06-17/business/73821811_1_30th-street-station-rail-yards-amtrak

Hello Nate,

Since you are in NJ i would suggest something and take it with a grain of salt. I have seen studying the market a lot and all these 50K homes although looks good from pictures when you do a walk through is another whole deal. Now if you can buy a home for 35K and put in 20K you maybe able to rent it out for 850-900 but its not a neighborhood you can expect to grow quick. I personally went and spent a good 1 day to go around alot of these places and when i walked into the house was another thing.

Sorry to bust your bubble.

Cheers

Amit

@nate you can find 2-3 bedroom places for sale around 25-35k you might have to put 15k-25k for rehab and rental income sound 875-1000, only thing is those properties only stay on the market for 72hrs so you have to be ready !! I specialize in those rentals drop me a line if your interested 

Hey man I would recommend whole saling the property! Or rehabbing the property to a rental, if it's an expanding area it sounds like a good idea and I would recommend looking on Zillow and finding the stats of the other houses around you! Hope that helps!