Newbie investor....is this possible?

[Nelly R.]

Hi everyone! I'm just getting started with investing and had a few questions. I'm looking to purchase my first buy-and-hold property and I'm considering in Philadelphia. I live in South Jersey and I'm not very familiar with Philadelphia, but I'm interested in Philadelphia for the purpose of the lower property taxes. I'm sure I'll get the biggest bang for my buck, as opposed to New Jersey. I have about 50k to 60k max to invest total. Is it really possible to purchase a decent rental property for this amount? I'm open to doing some renovations or purchasing a property that's already done; however, it would need to be included in this budget. With this budget am I looking at "D" grade properties only? What areas I should be looking in? Any information you can provide would be helpful! Thanks in advance!