hi im looking to invest in the frankford neighborhood . Does anyone have any advice?
What makes you want to invest there?
I am looking for a rental property that i can be in it after rehab at less than 50k . I was told that frankford is a good neighborhood because the prices are still low as its not yet filled with investors and there is the appreciation component
Connect with me. I have some properties that may interest you.
We are looking for invesment properties in Philadelphia , plymouth meeting etc.. Do you have a buyers list or can you send me some listings.
Hi @Nate Feldman
If your goal is to cash flow (Section 8) in the and not looking to sell for long term Frankford is the market. A lot of renters are being priced out of other neighborhoods (Good & Bad). We property manage in that area and are in agreement complete rental market at this points and top values of rehab flips are below $150K so your $50k mark for rentals should be ok but be prepared for higher deferred maintenance costs in your evaluation on cash flow. Would use more toward 5-6% than 3%.
@Nate Feldman I'm a local investor and very active wholesaler in the Philadelphia county. Feel free to contact me if you would like for me to add you to our buyers list. We just sold a property in that area and do get them from time to time.
I am looking at a few houses in Frankford against my realtor's advise. I also read an article about the decline of Frankford and it really did turn me off, but I'm still going to check the area out for myself. The agent basically said it was comparable to the drug laden prostitute riddled Kensington. I've never been to either but those are the known bad parts. I can't see why Port Richmond would be ok but Frankford is not.
I am sure if you know what you are doing you can cashflow there. My PM suggested I stay away due to the quality of the tenant base there (i.e. tenants not paying). I was looking at something on Pratt street. Though if you want section 8 that may be a good area. I don't envision any appreciation there though
I have done some some business in Frankford. Yes you can cash flow well but as Joe said increase your maintenance reserve. Also know which section of Frankford you are choosing. The east side of Frankford Ave is a bit better than the west side. The closer you can get to the water/ bridesburg neighborhood the better off you are. Also negotiate very well, get some for sale by owners through good marketing and you can find some really good deals.
Oh one more thing. Use trulia.com's crime map for the neighborhood.. it is pretty accurate as to which areas you may want to stay away from.
@Nate Feldman did you end up investing in Frankford. How did it go?
As someone who has a property on Kinsey Street in Frankford, I can say that if you find the right deal you can make good money. I paid 70k for a duplex, each side brings in 625 a month and my mortgage is only 400. Its been 9 months now and besides replacing a boiler, everythings been smooth. Let me know if you have any questions.
Hi @Brendan Markle ! Out of curiosity, what made you choose the frankford area to invest in?
cashflow ! It's not the best neighborhood, which means rents are pretty high compared to how much houses cost. As long as you vet your tenants well, you can avoid a lot of the "problem tenant problems". Also, I think in 10-15 years the area might see some good appreciation, not holding my breath though.
@Brendan Markle Interesting. I just did a quick search - looks like there are about 80 properties that have an upcoming sheriff sale! Maybe some are near your current duplex if you're looking to expand.
@Matthew Wasley I am def going to be looking to expand in a couple months. There always seems to be at least one good cash flowing deal in that area
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Just to bump the thread. Trulia crime map is definitely accurate, really accurate.
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