BRRRR in Philadelphia, your thoughts?
Hi guys,
Hope everyone is staying safe and warm.
What are your thoughts on the BRRRR strategy near the Philadelphia area or suburbs?
Been thinking about taking a mini-road trip to PA to check out some distressed properties over the next few weekends after browsing through properties listed in NJ, NY, and CT and coming to the conclusion that the numbers don't make as much sense for investing up in these regions (either the property taxes are too high or the rent-to-price ratios are too low).
What would be a reasonable price range to target? Anyone have success investing in this market?
Many thanks in advance!
Most Popular Reply
I am a CA resident who invests almost exclusively this point in Philadelphia. I'd be happy to discuss my experience with you at some point (DM me).
I look for buy and holds out there, so typically am looking for something all in around 120-150k for SFH, 200-250k for duplex/triplex.
You can definitely hit the 1% rule if you buy correctly. Rents are pretty great in that market, although the political environment is very tenant friendly at this point (like most of the country, but even more so there). It is also an extremely competitive market right now, so be prepared for a fight to find good deals!