So finally I closing on a house in West Philly, 59th street, between Cedar and Baltimore Pk. Can't wait!
Still in two minds about whether to hold/rent or do a flip. I can practically bring in tenants after some quick and basic fixing such as the roof, painting, carpeting and new windows. Or should I go all out and do a flip? I know this is an upcoming area, but how much upside there is if I hold for a few years and then sell?
Me? I'd keep it. If it is an up an coming area, it should appreciate a bit. You'll become a landlord, but could be a good experience. If not, you can resell eventually.
It really depends on your personal goal. Do you want buy and hold investments or are you more interested in flipping?
That'll be the first question. After that you can analyze both scenarios and decide if it'd be a good buy and hold proptery or a better flip.
I like to hold appreciating assets and load up, buy as many as I can, and sell down prior to peak, when you see more supply/volume coming to market.
Also a way to look reducing the risk and debt
Thanks everyone for the inputs. I think I am going to buy and hold. I dont need to pull out cash right away. Also, I feel more comfortable renting out, due to my landlording experience.
Was curious if anyone with the neighborhood experience could tell whats the activity like in the area - more buy and hold, or flips?
Ankan, congrats! Make sure you take some planning advice from some local people to Philly. Not quite sure that area of west philly is prime for flipping, but could be, depending on what ROI you are seeking. Find out what a DONE flip goes for on that block or the next block over. Anything further away from home will not be accurate.