Seeking Connection and Guidance in North Suburbs of Philadelphia

[John Phillips]

Hello BiggerPockets Community,

I hope this message finds you well. I am a software development manager with a keen interest in transitioning into the exciting and challenging world of real estate, particularly with an emphasis on rental properties. My aim is to diversify my income stream and utilize the skills I've gained in the tech industry in a new and meaningful way.

My locality of interest is the northern suburbs of Philadelphia, specifically around Willow Grove, Warminster, Hatboro and Horsham. I am not 100% stuck in these areas, just using them as a starting point. I've been diligently using the resources here on BiggerPockets.com to gather information and better understand the processes involved. While the tools are extensive and incredibly helpful, I've hit a bit of a roadblock in putting all the pieces together and making that first leap.

It's possible that I'm currently stuck in "analysis paralysis". The depth of information is vast and while I'm striving to comprehend it all, I'm finding it a bit challenging to know where and how exactly to start.

I am seeking to connect with local real estate professionals who are familiar with these areas. Your insights, tips, and advice would be incredibly valuable as I navigate this new journey. Specifically, I would love to understand:

1. The unique dynamics of the rental property market in these areas.

2. Any challenges that a newcomer should anticipate and how best to mitigate them.

3. Potential pitfalls in property management and how I can be well-prepared to handle them.

4. Recommended steps to overcome analysis paralysis and effectively get started.

Building a strong network of experienced individuals who are generous with their knowledge is something I truly value. I'm more than ready to learn, adapt, and grow in this field. If there are meetings, webinars, or events happening in or around my desired locality, I would love to know about those as well.

Thank you in advance for any guidance you can provide. I'm looking forward to connecting with you all and building lasting, mutually beneficial relationships.

Thank You,

Jack

[Brendan Markle]

Hey Jack!  I'm an agent and investor. While the majority of my investments are in Philadelphia, I am a lifelong resident of Bucks County and am very familiar with the areas mentioned.  I'll briefly answer the points that you mentioned-  I say briefly because it is so, so easy to get caught in the weeds with the vast amount of data you can gather, and your goal is to get out of analysis paralysis, not deeper into its grasp.  

1.  To me, what is unique about Willow Grove, Horsham, Hatboro, etc is that as more and more young professionals in their mid 20s to early 30s are getting priced out of Newtown, Langhorne etc and are starting to look more into those areas as they tend to be more affordable in comparison.  So I believe home prices will continue to rise in those areas and they will become more desirable to renters, and higher priced rentals as the population there is able to afford the higher rents.  

2. Make sure you have enough money in reserves.  After any purchase, things will come up that you didn't anticipate and there is nothing worse than a looming repair that you can't afford.  Also in the same vein, make sure your not buying something over your head.  I would never recommenf a full reno etc to someone just starting

3. Interview multiple property managers and get many recommendations before choosing a property manager.  

4. Sounds like cliche, obvious advice, but the only way to get used to the water is to jump in.  Talk to a loan officer and get a pre approval.  Start going to showings.  Put some offers in.  You can read the playbook a million times but you won't really get it until you start playing the game.  

Anyway, hope some of this was helpful.  Feel free to connect and reach out if you have any questions !