Philadelphia First Time Real Estate Investor

[Chris Miller]

Hey BP community,

My name is Chris and me and my wife are looking for help with investing in our first rental real estate property in Philadelphia.

Background - We bought and live in our first property in bucks county PA, have been slowlyrehabbing over time, and plan to eventually rent out or sell within the next couple years. Work and commute in nyc. Went to school at Temple so I know the Philadelphia area fairly well.

Goal - We are specifically interested in buying our first rental real estate property in the Unversity City area, specifically interested in single/multi family student housing. I believe this area is going to be more economically vibrant and stable tenant flow than some other areas I have looked at such as Temple area+Northern Liberties+Kensington . Also recognize the supply risk for these areas with apartment/condo developments on the rise. Being that we have no direct investment experience and our knowledge consists of real estate books, BP podcasts, and what we have read online and elsewhere, I am obviously open to any+all suggestions. Also recognize the supply risk for these areas with apartment/condo developments on the rise.

-With 40k in cash saved for down payment, I believe our price range would be in the 150-200k range for properties which I know probably puts us right under a lot of the better deals that are in the 200-300k range. Also seems like due to the huge night/day difference that exists in Philly neighborhoods and the gap between low end/high end properties, I expect it will be a challenge to find something in the middle that fits our criteria. We are looking to get pre approved, start our search, and hopefully close on a deal by 1Q 2016. Seeking help from real estate professionals who have experience in investing/searching/brokering for investment properties. 

Thanks!

Chris