Accountant · New York, NY · Member since 2018 · 40 posts · 14 votes
Hi BP!
I am starting my research of the Philadelphia area. I am interested in doing the BRRR strategy for small multi-family properties or single family homes. I am from NYC and not familiar with the area so would appreciate any insight on what neighborhoods you would recommend I look into.
Planning a trip to Philadelphia as well to get to know the area myself, so it would be great if I could narrow my search!
Flipper/Rehabber · Philadelphia, PA · Member since 2010 · 151 posts · 71 votes
7y
Hi @Maricruz Romero It depends a lot on your goals, whether you are looking for more cash flow or an up-and-coming neighborhood with greater appreciation potential. There are neighborhoods with good cash flow in parts of West Philly, Southwest Philly, Kensington, Germantown. There are student rental opportunities as well around Temple, Penn, Drexel, St Joes. And there are definitely plenty of homes in need of rehab throughout all parts of the city, so you can implement the BRRR strategy in many different areas.
Collingswood, NJ · Member since 2019 · 1 post · 1 vote
7y
@Maricruz Romero
i live in philadelphia so i feel like i have some insider knowledge on the area. i would say to stay away from kensington if you want a quality tenant. anything north of temple university is rougher neighborhoods.
Flipper/Rehabber · Philadelphia, PA · Member since 2010 · 151 posts · 71 votes
7y
Hi @Maricruz Romero It depends a lot on your goals, whether you are looking for more cash flow or an up-and-coming neighborhood with greater appreciation potential. There are neighborhoods with good cash flow in parts of West Philly, Southwest Philly, Kensington, Germantown. There are student rental opportunities as well around Temple, Penn, Drexel, St Joes. And there are definitely plenty of homes in need of rehab throughout all parts of the city, so you can implement the BRRR strategy in many different areas.
Newtown, PA · Member since 2018 · 172 posts · 81 votes
7y
Hey, i'm an agent/investor in the area. I agree with what the others said- for cashflow, look into parts of germantown, frankford and kensington. I own two duplexes in Kensington, and I honestly haven't had many problems with tenants at all. The student rental areas are good, but are getting pretty pricey now. Let me know if you have any questions, I would love to help.
Accountant · New York, NY · Member since 2018 · 40 posts · 14 votes
7y
@Michael Campbell thank you! I will look into researching those areas. I am interested in cash flow as I would be doing buy and hold rental properties. I've heard that neighborhoods in Philadelphia vary block by block, would you say that is true in the your experience? If so, how would you say is the best way to get to know an area well?
Accountant · New York, NY · Member since 2018 · 40 posts · 14 votes
7y
@Brendan Markle thank you I appreciate your insight. Do you have any advice on how to research a neighborhood to know where you would have a higher chance of getting better quality tenants or what part of a neighborhood you should specifically focus on? Thanks!
Attorney · NYC · Member since 2019 · 33 posts · 22 votes
7y
@Maricruz Romero Thank you for starting this topic as I am in the same position and category as you. I will be going down to Philly in a few weeks to check it out. I have a friend living in the area so I hope that will help me.
Have you tried NYC and found nothing or you decided to go straight out of the city because the work on the street is that it's expensive?
Accountant · New York, NY · Member since 2018 · 40 posts · 14 votes
7y
@Art Perkitny thanks for the map! Yes that's what I've heard so I'm going to try to narrow my search as much as I can as well as contact agents / property managers in the area.
I'm glad it is also helping you with your research. I am interested in the BRRR strategy with a focus on cash flow and it is hard to find a property in NYC that would allow me to do this. I am also planning on visiting so that I have a better idea on what areas to look into and build a team.
Lender · Wildwood Crest, NJ · Member since 2017 · 317 posts · 56 votes
7y
@Maricruz Romero Philadelphia has a lot of opportunities out there it is my hometown where I grew up and I frequently visit there. Just do your due diligence before investing there is plenty of good neighborhoods are out there to turn a quick profit.
Not from PA just wanted to Thank you for posting this! I am also from NYC looking into PA and this post was very helpful in helping my research as well.