Philadelphia, PA (First Time Investor)

[Gabe Fermin]

Hello BP family!

I’m new to the real estate game. After many years of listening to BP/Real Estate Podcasts, reading, and building up my finances, I believe there’s no better time than now to finally jump into the real estate world. 

I’m a New York City native but purchasing any type of real estate in this area is not realistic for me.  And for that reason, Philly is one of the few locations that has been on the top of my list. 

Ideally, I would like to use the buy and hold strategy, with a 50k purchase budget to get started with.  This is aside from any construction budget.  I haven’t decided if I wanted to start with a turnkey property, or a property that’s in need of mid/minor rehabs.  Obviously the numbers and location in Philly would determine which is the best option for me but these would be my preferred methods. 

For those whom are familiar with the area; which areas in Philly has shown the must promise? What other areas should I focus on?  What would be an ideal budget for getting started in these areas?

Looking forward to hearing from you all!

Best,

G