All Forum Posts by: Alan Blitz

@Jayson Greenblatt

Taxes vary depending on the assessment. The City of Philadelphia re-assesses properties from time to time. Taxes are all over the place based on zip code, which you probably already knew.

Houses in a similar price range. Pull up a map and look near the Philadelphia Zoo => Gerard Ave. between 38th and 57th and the surrounding blocks. Some blocks are good and some aren’t. Can’t remember the zip code.

@Fabiola Sanders

Sheriff sales are risky for new/inexperienced investors. You can’t go inside and you can’t peek in the windows if the property is inhabited. Without knowing what you’re getting into - meaning, the property may be more damaged than what you intended to originally spend to rehab - is risky. (Think water issues, fire damage, foundation problems - you just don’t know). Also, being from out of town, you don’t know which blocks are worth investing in and which ones aren’t. Lastly, listen to J Scott podcast #62 (I think), about managing a rehab from afar. Even for a seasoned investor, managing a project from a distance is hard. Might be worth seeking out a partner in the area you wish to invest the first few times you do this.

There are those that will contradict me and say I’m wrong, but for your first project or 3, I would stay clear of sheriff sales.

@Ben Feder

Welcome to the BP community. I have been told to check out the Diversified Real Estate Investor Group (DIG) but I have yet to do so.

I just started investing myself - just bought my first rental property last week.

@Jayson Greenblatt

I do not know the answer about this area being up for redevelopment and investment dollars.

Pockets in Philadelphia that have seen investment recently are Brewerytown in North Central Philadelphia, Strawberry Mansion, Olney, and Germantown. Some might say you are too late, but there are always deals to be found.

@Jayson Greenblatt

This is a rough section of the city. Some blocks are better than others. You or a local realtor have to know that section of the city really, really well to know what blocks are worth investing in.

Good idea...Yes.  Good idea as the first property one purchases.... probably not.  I say this because many times you are bidding on a  house sight unseen (no inspection permitted).  To answer your question, the bank sets the reserve price at the auction and will buy back the house if it does not go for more than what the reserve is.

Welcome to to the site.   Best of luck.

@Joseph Scorese .  Thanks for the reference about DIG.  I will be joining soon.  Seems like a good organization in which to build/develop a network.

Thank you all for the warm reception.

Hello Bigger Pockets Community.

My name is Alan Blitz and I live in the Philadelphia area. I am new to real estate investing and I am hoping to get some tips, advice and knowledge from experienced investors. I have been listening to the Bigger Pockets podcasts on my hourly commute to work and have loved every episode. As I continue to read and learn, I look forward to sharing my knowledge with the BP community.

I am looking to build my network in the Philadelphia and its surrounding suburbs. Please feel free to reach out and connect.