Buy and Hold In North Philadelphia
Hello fellow BP'ers!
My name is Michael. I currently reside in NY but have been considering in diversifying my investment portfolio to include rental properties (this has always been a goal of mine).
A fellow co-worker of mine currently holds a few properties in the city of Philadelphia and urged that I do the same. On paper the deals appear to cash flow well (including expenses like CapEx, vacancies, repairs, utilities etc...) and I can purchase my first deal in cash utilizing a 401k and 457 plan loan. However, I do have concerns. I haven't visited the areas I've been looking at personally but a Google earth tour reveals a lot of boarded up and run down properties. I grew up in The Bronx (New York) which most would believe to be the worst of the worst but is this the norm for Philadelphia. I've been looking in the Harrowgate, upper Kensington and Richmond neighborhoods and looking to spend no more than 20-25k excluding repairs that may be needed.
Are there any Northern Philly investors here that may offer their insight, share experiences and/or advice?
Most Popular Reply
Hello @Michael Enriquez, I was born and raised in Philadelphia. My family roots are in North Philly. I know the area well and remember what Francisville, Brewerytown, Fairmount and the Temple University (all neighborhoods in North Philly) were like before they became the next real estate hot spots (when it looked much like the Bronx). Please feel free to send me an IM with any questions you may have specifically about North Philly.
Also, I have posted here a lot about Philadelphia, a search on my name should pull up some additional posts that you may find interesting.