Philadelphia, PA · Member since 2016 · 3 posts · 1 vote
Hi!
I am an investor based in Philadelphia and looking to connect with a realtor or property provider. Mainly interested in buy/fix/lease/hold long properties. Not too worried about location.
Philadelphia, PA · Member since 2016 · 27 posts · 5 votes
10y
Hi Dan!
I would love to have the opportunity to meet with you and discuss your interest in the market. I'm a local Philadelphia resident and am working with a brokerage with over 10 years experience in Center City.
Please feel free to message me to discuss more about what you are looking for and hopefully I can be of assistance!
Do you have an idea on what part of the Greater Philadelphia area you are looking to invest in?
My suggestion would be to hone in on 2-3 neighborhoods in the region that interest you and start checking out what is available. There are quite a few properties for sale in the region at various price points.
Also my next suggestion would be to start to figure out the financing piece of the puzzle. I have a few contacts that can assist you when it comes to mortgage financing, etc. For example, there is no point in checking out $650,000 properties if the most you can finance would be say $300,000. With that being said, there are creative methods to financing.
I am a licensed REALTOR who works almost exclusively with investors; let me know what you are thinking and if beneficial we could meet up or discuss in greater detail on the phone.
Philadelphia, PA · Member since 2016 · 3 posts · 1 vote
10y
I added more information To be more specific:
1. I currently have several investment properties in various neighborhoods in Philadelphia. They all have their pros and cons and provide very different types of return. Based on my limited experience I find myself most comfortable with buying tlc needed type properties in B neighborhoods, fixing them up (or having the contracting packaged in with a turnkey provider) and renting out for at least 15%+ annual return on cash before expenses.
2. For projects with real estate + estimate repairs under 100k, I do cash and for projects more than 100k, I tend to lean more towards a shorter hold of 3-5year and go with a higher end finish. These properties I only buy if they can be financed traditionally. I am not interested in multi-unit.
3. I am always open to different types of properties that provide good returns but I don't like real estate speculation. E.g. A condo in old city that's 400k and can be rented for 2,500 ( 6% before expenses) but may appreciate to 600k in 3 years doesn't interest me.
4. I am looking to buy and hold long so neighborhood doesn't matter to me. Every type of neighborhood/property has its cons and pros. I am also open to areas outside Philadelphia as long as property/school taxes are not too high.