All Forum Posts by: Francis McColgan

@Max T.

That makes sense.  I continue to monitor the area of Kensington Ave/E Somerset St as new houses are going up right there attempting to ride the Fishtown wave.  It is at that edge that you talk about as Lehigh Ave recently welcomed the Kensington Courts Townhomes.  I know a few other investors who have recently bought property in that area waiting for the transition.  I have looked into the Bridesburg area as I continuously attempt to balance safety vs. cash flow, but I haven't had much luck finding many multifamily properties on the market.  

@Francis Nguyen thanks for the feedback.  Sharwood and Cobbs Creek are areas that I am not too familiar with at this time.  I appreciate the insight.

Nicky and Mayer,

I appreciate your responses.  Because I plan to househack, I continue to weigh the balance between current safety and future payoffs as Kensington especially is still suffering from the opioid epidemic.  I will take a look towards Brewerytown and Germantown.  Thanks for the insight.  

Hello all,

I am brand new to the BP forums, but I have been listening to BP podcasts for about a year now. Like a lot of people I have listened to in the past year, I am currently looking to start investing by buying a multifamily property in Philadelphia, PA to offset the mortgage as I continue with my day job. I am approved for an FHA loan for $350k, and I am actively looking at houses in Northeast Philadelphia where I have always lived. I have been using the BP Rental Property calculator for a few months now in preparation, and I consistently find that my CoCROI for most houses is below 12% and sometimes even a slight -% without me even living in the property. This is accounting for basic vacancy, CapEx, taxes, etc. My realtor has stated that the houses in Philadelphia are still consistently selling within 1% of the listing price, and I only have a few months left of my current housing situation. Should I settle for a less than ideal CoCROI with the intent of having a false positive mortgage while I continue to learn and develop? Also, which neighborhoods are other investors targeting for positive cash flowing multifamily properties in Philadelphia? Appreciate any advice.

Fran