Brrr in Philadelphia

[Maxim K.]

Hello there , I'm new Real estate investor and only have 3 doors so far. I'm looking to expand my portfolio and want to try BRRRR in Philadelphia area. I see a few properties that make sense to get and spend little in renovations . my questions are:

1. how do I know I would be able to get a rent I’m looking for ? And how long will it take to find a tenant ? ( so far using comps listed on Zillow rentals )

2. How do I know I would be able to get appraisal value I’m aiming for ? Zillow recently sold ?

[Kevin M.]

Hey Maxim- great that you're considering Philly. I would say;

1) You should talk to an experienced leasing agent (or property manager) if you want to get an idea of what rent you can expect after your renovation. You can get a general feel by seeing the listing price of other comparables on Zillow- but a local agent will be more in-touch.

2) Zillow recently sold can be a good starting resource to get a general idea, but Philadelphia is such a crazy city where a 3BR/2BA home can sell for $1M and another 3BR/2BA home 6 blocks away can sell for $300,000. There is a ton of price movement between neighborhoods here. 

Regardless- I believe in Philly for the future. Good luck with your investments.