Philadelphia Engineer & Architect, Starting REI Journey

[Liz Spina]

Hello everyone,

I am from Delaware County, PA, (Delco!) just outside of Philadelphia.  I have an engineering background, and for my day job, am currently in a technical sales role.  My husband is a licensed architect in Philly.  We are looking to start our real estate investment journey locally, which is a little overwhelming because Philly is so hot right now.  

I would like to BRRRR some properties, using private lenders so that I can pay cash to get good deals and build a lot of equity. The challenge is that I would like to be all in for $50k cash, so maybe a purchase price of $35k and rehab price of $15, or something along those lines. We are willing to put in some sweat equity in the beginning. We are doing a "live in flip" right now with our current residence, so we are used to projects.

I saw someone post that they had similar numbers in the Elmwood part of Philadelphia.  Any insight into this neighborhood or similar fringe neighborhoods (ideally with potential for appreciation) are very much appreciated.  My first goal right now is to hone in on a market niche so that I can really start analyzing deals for practice, while I line up my team.

I became familiar with BP through the podcast and have become a little obsessed.  I am attending the webinars, reading lots of books, and trying to learn as much as I can right now.

Thanks for reading and I look forward to connecting with you.