All Forum Posts by: Derek Pheiffer

Welcome Jack! I started my journey in Philly a little over a month and a half ago, currently going through negotiations for my first TWO investment properties. More than willing to go over my experience thus far 

I am currently looking for a few different mortgage loan options around Philadelphia, Pa in the range of a 5-10% down payment. I've already been pre-approved by several institutions, however the lowest offered has been 15%. I knew this would be a challenge as I do not plan to live in this property (so throw FHA out the door), however I was surprised that even the smaller time lending shops weren't as flexible.

Anyone in the area familiar with any particular banks/lenders that would be able to rival the FHA down payment options

@Amy Wright no kidding? I'm actually looking in Manayunk as well! I'm shopping around local lenders/brokers this week. Who'd you end up going with?

I'm also reaching out to a few agents now to see whom best fits my investing approach, if you don't mind me asking which realtor you used (totally cool if not)?

Hey @Zack Hawkins, I've been in Philly for about 4 years or so. I'm generally leaning towards investing in the Manayunk area, and I'm planning on shooting out some offers this spring. Right now I'm pretty much focused on shopping around for the best mortgage (pre-approval) and a agent with an investing mindset.

Hey @Amy Wright, congrats on your first purchase! I'm currently in the market to land my first SFH, still in the researching phases. Do you have any lessons learned with your first purchase? Which area/neighborhoods are you interested in?

Hey @Deniz Eker, I've been looking into the Manayunk are recently. Home price/rent rations seem fairly reasonable, listing ranges I've seen have generally been from 150k-300k for 2-3 SFH. Positive here also looks like a high demand to rent, if vacancy has ever been a major concern to you. Hope this helps!

@Ioannis Babatsikos I've been living in Philly for a few years now and I would echo the areas's @Sanise Hass mentioned. Depending on what your goals are (and where you stand financially now), I would also suggest Point Breeze, Passyunk, graduate hospital, any neighborhoods around the various colleges (Drexel, Temple, Penn, Jefferson, etc) and Manayunk (not sure how far your radius is). I am also new, but it's been making it easier for me to plan as I narrow down on the types of tenants in each area. Good luck and hope this helps!

Hi BP,

My Name is Derek Pheiffer and I live in the Greater Philadelphia area (Center City –ish to be exact). I'm just getting started with the many resources BP offers (books/podcasts/forums) to familiarize myself with REI, but very excited to be joining such a large and supportive community. I currently work a standard "day job" in an office (actually located in Wilmington, DE), however my goal is to begin to generate and build my wealth in other avenues outside a typical paycheck and become more financially independent/free.

I want to reach out to any members in the area that are interested in connecting as I begin my journey. My short-term goals are to get my feet wet with a SFR and possibly dipping into flips this year, and from there scale and modify my strategy. I am interested in connecting with really anyone involved with the whole process as I get started (realtors, wholesalers, mortgage brokers, flippers, and of course other investors!).