Lender · Clermont, FL · Member since 2020 · 168 posts · 87 votes
I have experience investing in other areas and have recently started looking at Philly as a good prospect to invest in since it is relatively close to VA but seemingly with lower price points and higher ROIs. I buy and hold, BRRRR.
I typically like to focus on C class neighborhoods, up and coming.
I'd like to ask what are your favorite Philly areas to invest in that meet these specifications and why?
@Jonathan Chan Welcome to the Philly market, the land of cheesesteaks and cheap taxes. There is a ton of potential in the C class neighborhoods with some pockets experiencing 20%+ appreciation year over year. West + Southwest philly have been experiencing that rapid appreciation and are some of the hottest markets in Philly. That being said there are plenty of other areas such as East/West Oak Lane, Olney, Ogontz, Germantown.
In terms of areas to avoid, its pretty easy to point out what areas to avoid, Strawberry Mansion, Kensington, Nicetown.
Feel free to reach out if you have any more questions.
You might find deals in Philly because they have the most tenant-friendly local ordinances in the state, on par with what is happening on the west coast. If you aren't familiar with the landscape in Philly I recommend working with local experts to choose and manage assets.
@Jonathan Chan Welcome to the Philly market, the land of cheesesteaks and cheap taxes. There is a ton of potential in the C class neighborhoods with some pockets experiencing 20%+ appreciation year over year. West + Southwest philly have been experiencing that rapid appreciation and are some of the hottest markets in Philly. That being said there are plenty of other areas such as East/West Oak Lane, Olney, Ogontz, Germantown.
In terms of areas to avoid, its pretty easy to point out what areas to avoid, Strawberry Mansion, Kensington, Nicetown.
Feel free to reach out if you have any more questions.
Interesting, I would say Kensington is certainly a D - C area (depending on block) with all the potential to be very up and coming in the not distant future.
In order to make good decisions, you really need to understand the terrain. People are happily buying in some of the areas mentioned here as places you should stay away from. Some investors should stay away from certain areas because it does not fit their strategy or ability or comfort zone. So it is a matter of matching what you are trying to achieve with the neighborhood - and the specific part of the neighborhood. Philly is a complex and dynamic market with a really wide range of opportunities.