Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
Good day BP! I've rented out my 1st property in New Castle, DE and am excited to move onto the 2nd!
My apologies in advance for the blast of questions, but I figure we're all family here so why not LOL
I was inquiring what type of properties are in your portfolio? Is it a mix of MF and SF? If you have MF units, do you find it's easier to place tenants in units that have more than 1BR? Do you only purchase SF units that have 2BR+? What's your best cash flowing property and why does it cash flow so well? How did you go about finding your MF property? The current inventory isn't the best and I was considering linking up with a wholesaler for deals. I've been driving and compiling a list of both MF & SF possibilities. Do you use a search service for absentee owners, rely on your realtor and the MLS or do you have a wholesaler or someone similar to locate the best deals?
I'm interested in a multifamily burn out property in Wilmington, DE. It has (2) 1/1 and a 2/1.5. It's on the line of a moderate/slightly high crime area. Give me your thoughts on what your current inventory looks like and what you're interests are.
Rental Property Investor · New Castle, DE · Member since 2017 · 95 posts · 102 votes
7y
If you open up to where you're willing to invest in Wilmington there is TONS of inventory. Area's like Compton village, around Brown park are great places to get in very cheap. I'm looking pretty much everywhere in Wilmington for at least 3BR and 1400 SQF. Mostly looking on MLS.
I've recently had luck just knocking on the neighbors door of boarded up houses. The man gave me the owners number and told them I was interested and I toured the property the next day. I would really try that out as well.
Rental Property Investor · New Castle, DE · Member since 2017 · 95 posts · 102 votes
7y
If you open up to where you're willing to invest in Wilmington there is TONS of inventory. Area's like Compton village, around Brown park are great places to get in very cheap. I'm looking pretty much everywhere in Wilmington for at least 3BR and 1400 SQF. Mostly looking on MLS.
I've recently had luck just knocking on the neighbors door of boarded up houses. The man gave me the owners number and told them I was interested and I toured the property the next day. I would really try that out as well.
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
7y
@Account Closed ... Thank you for your response!
I'm open to Wilmington as it's got so many pockets to invest in. The city put a plan together about revitalizing the area around Center City. I'm about to post a discussion about it.
That's a good idea to knock on doors of neighbors. I've never thought of that one. I'm going to give it a try as I've got plenty of business cards!
How's your 1st property renovation coming along? What side of town is it located?
Rental Property Investor · New Castle, DE · Member since 2017 · 95 posts · 102 votes
7y
It's going great. Already have someone in. wonderful thing about Wilmington is that word travels fast. I think more people walked up and asked to see the property while my contractor was there, than marketing that my property manager did. Also you might have to overlook some factors depending on your rental strategy, but it can be well worth it. Also it's over near Brown park, next to Thomas Edison charter school. If you have any questions about that area feel free to ask.
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
7y
Word does travel fast because it's a small city. People are always outside so they see what's going on. I'm not from the city, but spent a lot of time in various neighborhoods in my teens to adulthood. I was looking at a property on E. 22nd months ago that LITERALLY just sold on the 5th. They wanted all cash and I didn't have it. I'm being flexible with my strategy, but am really interested in buying MF going forward. If a SF is at the right price point and location, I'd be happy to entertain it.
Rental Property Investor · New Castle, DE · Member since 2017 · 95 posts · 102 votes
7y
I know the house you're talking about, my house is literally right across the street from that house. Toured that one originally but was uneasy about the leveling in the floors.
London · Member since 2019 · 722 posts · 386 votes
7y
Minor hijack of the thread. Is there any investor meets in the Wilmington DE area? I will be visiting family in a bit more than 2 weeks. If there are any meets happening, I will come by to listen to what people are doing locally.
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
7y
@Account Closed I didn't want to pour all of my cash into that house. Didn't get to see it, but leveling of the floors has me thinking about all the other potential issues. That block is quiet, but the next one up is ROWDY.
Rental Property Investor · Philadelphia, PA · Member since 2018 · 23 posts · 4 votes
7y
Think bigger.. the time wasted investing in war zones will be costly. Also there are big investor groups building new row homes in the area as well. Out of state investing could be an avenue as well.
@John Corey if you’re in town during the 1st Tuesday or 3rd Wednesday there are for sure. Otherwise, it’s random. Let me know if you want more info.
I am traveling to PA/DE on the 18th. I am there until something like June 7th. I suspect one or more of the dates will line up. How do I get more specific info for where and when?
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
7y
@Ryan Larsen ... I don't want to invest in war zones LOL I think there's a lot of possibility in the city of Wilmington. I've recently gone to an AAREIA meet up and was happy to see others investing in the city. I'm going to a Meetup with PREIA next Tuesday to learn more about foreclosures, short sales and sheriff sales. Hopefully to get some good info and link up with others to partner with.