I purchased my first house hack up in Hudson County, NJ last summer and now that this is all settled and I have some more cash saved up, I'm looking to invest again. The market is not impossible, up here, but definitely competitive.
While I'm not ruling anything out up here, because it is a great area to be in due to its close vicinity to NYC, I would love to expand my network and search outside of the state.
I know the Philly market is hot (from what I hear at least), but I'm wondering if there are many opportunities in the surrounding towns/cities outside of Philly, on the PA side, that support multifamily investing (looking for 2+ unit properties).
I want to plan a trip down there to check things out in the upcoming weeks and was hoping you guys would be nice enough to share a couple different neighborhoods that I should be looking into. Would be great to connect while I'm down there as well if anyone is interested!
Thanks in advance - looking forward to exploring the area!
I am doing the same while I plan to sell in Hudson / Bergen county.
For at least $1000 monthly rent per apt , what neighborhoods look like in south east PA ?
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@Justin McElroy there are a lot of rental opportunities in burbs in Philly in Delaware County (which is a county in PA, I know it is confusing), Montgomery, and the less expensive parts of Bucks. The benefit of the suburbs as compared to the city is that the homes are almost always in better condition and taken care of, but the drawback is definitely from the taxes since the school districts are a bigger factor than in the city.
@Justin McElroy our market as a whole is hot. Househacking is becoming very popular and some people are buying without fundamental cashflow analysis, pricing a lot of us sane individuals out! Not to say there aren't still opportunities, but it takes time.
When you make your trip down here feel free reach out to me if you want to get together for coffee and discuss Delaware County investing with me.
@Justin McElroy as always, @John Knisely is correct about the multi family market here in Delco. I have a hard time making the numbers work as soon as it becomes a multi family. I still have some success buying single family properties at reasonable prices with nice rental income though. There are still multi family deals to be had (I am buying a duplex next month), but they are harder to find. If you are open to single families then I love Delco.
Would love to grab coffee/lunch with you and John if you guys make a plan.
@Rich O'Neill Do you mind me asking how you We’re able to find that multi family deal?
@Eric Reid The one I am buying next month came from a wholesaler.
My lady is there, and I met a few real estate agents. Give me a call Kenny 697-8885 get you up to date on philly.
1 year of research.
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Appreciate the insights here to help me get started doing some research of my own on some of these areas. I'm a little busy with travel throughout the next month, but I'm hoping to make a trip down there once things slow down for me in July if I can't make it sooner. I'll reach out to see if you guys are available at all when the time comes.
If anyone else is interested in meeting or has any other input, I'm happy to hear it! Off to watch GOT!
@Rich O'Neill you mentioned you used a wholesaler to get your latest duplex deal. Any wholesalers you would recommend? I've been looking unsuccessfully for the past year in the Philly market for a rental property using the traditional route through my realtor. Thanks in advance.
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