Investing in Philadelphia

Member since 2023 · 25 posts · 20 votes

Hello Bigger Pockets Philadelphia! I have been investing in the area for the past few months but seem to be spinning my wheels. Investors- how has it been recently for you? Are you finding deals to be few and far between? Competition amongst investors too high? How many homes do you look at before purchasing one?

Thanks in advance!

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Matt N.

Rental Property Investor · Philadelphia, PA · Member since 2015 · 94 posts · 58 votes

@Keith Tarasiewicz There are plenty of deals. I am tied in with every wholesaler in the city and can help you find something that makes sense. 20+ cross my desk every 12 hours and TBH, only 2/20 are good deals at the asking price but that can always be negotiated. Check out my profile and if you like reach out and we can get something going for you. I'm not a wholesaler i just network with all of them. Cheers!

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Alan AsriantsBusiness Member
Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
3y
I've personally found it harder to find good cash flowing deals, but a few have come by my table recently. I wish I just had the ability to acquire them at the moment.
I am still seeing cash flowing MF properties come in that have been turnkey, but maybe the price of those MF is slightly higher than it was before. This is genrally ok with me since the property is renovated and needs no additional capital.
I am finding in my area that the difference between MF properties that are renovated vs ones that need work is not that large of a difference. For example, one duplex that was original from the 80s went for 500k and one that has been renovated would go for 550k. I don't really see the justification of getting the fixer upper since it would take 80k to get it renovated anyway.
Personally, if it is multi family, I look for ones that have been well kept, might have additional amenities (deck, balcony, finished basement) and have updated cap ex (windows, siding, roof, mechanicals). I'd rather finance that smaller premium than dish out more cash today

As far as flips go, I am having a tough time finding solid flip opportunities. Sellers seem to know the value of their home and understand how hard it is to find something else. Why pay more for a 3 bed 2.5 bath townhome when you can live in your 5 bed 3500sqft single for less. Even properties that are completely distressed are selling for a premium. After I put in the work, I am breaking even at best.
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Matt N.
Rental Property Investor · Philadelphia, PA · Member since 2015 · 94 posts · 58 votes
3y
@Keith Tarasiewicz There are plenty of deals. I am tied in with every wholesaler in the city and can help you find something that makes sense. 20+ cross my desk every 12 hours and TBH, only 2/20 are good deals at the asking price but that can always be negotiated. Check out my profile and if you like reach out and we can get something going for you. I'm not a wholesaler i just network with all of them. Cheers!
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Eric Greenberg
Investor · Philadelphia, PA · Member since 2019 · 618 posts · 430 votes
3y
Guess it matters where specifically in Philly and what type of asset. Parts of the city definitely have some deals/room to negotiate, but desirable areas right outside of philly proper are still very tough to find anything not getting bid up.
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Monica Williams
Real Estate Agent · Philadelphia, PA · Member since 2023 · 81 posts · 40 votes
3y
Quote from @Keith Tarasiewicz:

Hello Bigger Pockets Philadelphia! I have been investing in the area for the past few months but seem to be spinning my wheels. Investors- how has it been recently for you? Are you finding deals to be few and far between? Competition amongst investors too high? How many homes do you look at before purchasing one?
Thanks in advance!

Hi Keith,
That's gotta be frustrating! I'm an agent in the area that works with investors to help them find deals all over Philly and the surrounding suburbs. I would love to connect to talk more!
Have a great day!
Monica
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Alex BekezaBusiness Member
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
3y
@Keith Tarasiewicz Personally, I've noticed a notable spike in BRRRR refi inquiries in Philadelphia in the last 90 days or so. I've also noticed that the market is very diverse and therefore it's crucial to be working with a broker/agent who knows all of the block by block nuances.

@Yuriy Skripnichenko has a ton of insight here.
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Sheryl Sitman
Rental Property Investor · Philadelphia, PA · Member since 2015 · 479 posts · 362 votes
3y
@Keith Tarasiewicz I may be interested in parting with something in my well kept portfolio.
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Yuriy Skripnichenko
Property Manager · Phialdelphia, PA · Member since 2017 · 509 posts · 627 votes
3y
@Alex Bekeza thank you for the tag.
We manage properties in Philadelphia. Feel free to reach out if you have any questions.
Cheers,
Yuriy
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Saaj Patel
Real Estate Agent · 901 Market st Suite 3065 Philadelphia, PA 19107 · Member since 2021 · 71 posts · 37 votes
3y
Keith, nothing worth it will reach the 1% rule in Philadelphia proper (common cashflow metric). Big money has entered the market and affordability is super low. I have been looking into other strategies to pivot and still keep the ball rolling.
Would love to chat, if you want to bounce any ideas back and forth.
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Joseph ScoreseBusiness Member
Banker · Philadelphia · Member since 2009 · 2k+ posts · 633 votes
1mo
Keith, you’re definitely not alone. Philadelphia can be a very competitive market, particularly for properties that are priced well and have a clear value-add opportunity.

In my experience, the key is having well-defined acquisition criteria and being disciplined enough to pass on deals that don’t meet them. It’s not unusual to analyze or tour quite a few properties before finding one where the purchase price, renovation costs, rents, and exit strategy all make sense.

I’d also recommend developing strong relationships with local agents, wholesalers, contractors, property managers, and other investors. Some of the better opportunities never make it to the broader market, so having a solid local network can make a meaningful difference.

Philadelphia is also very neighborhood-specific—sometimes the numbers and demand can change considerably within just a few blocks. I’d focus on a handful of areas, learn them extremely well, and prioritize the quality of the deal over simply getting another property under contract.

Best of luck with your search!
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