Greater Philadelphia towns/neighborhoods/suburbs to invest in?
Hi everyone,
As some may know, I am a relatively new investor here on BP looking to buy my first small multifamily property. I currently live in Philadelphia and have some experience in a couple different parts of the market, both in and outside the city (West Chester, Fairmount, Temple).
Prices in the city seem to be higher with lower cap rates, and new investors like myself are looking for properties on the less-expensive side (but still in a good long-term location). I wanted to start a discussion here on BP with the smart investors who operate in our Greater Philadelphia market about what some good locations like this are.
Which Philly towns, neighborhoods or suburbs do you like to invest in and why? How long have you been in that market? Do you think the prices there are fair? Where do you see it going in the long-term? Or more simply, what are your thoughts about the area in general?
Even those of us who have lived in Philly our entire lives still don't know every last corner of the market! So I think this thread will valuable to the inexperienced & experienced investors alike. I really appreciate the insight anyone could offer, and I'm sure many other new Philly investors like myself will find this thread useful.
So, what do you think?