Where to BRRRR in Philadelphia/ Suburb Markets?

[Cole Hoffmann]

Hello 

I am looking to purchase my first rental property in the next few months and would like to hear about any ideas of where to search in Philadelphia or any of the surrounding areas - ideally no further than 30 miles from the city. 

I am most interested in the brrrr strategy and would like to explore the option of a multi family property. 

If anyone has first-hand experience in these markets, would you recommend looking at any particular area with the brrrr strategy (and possible multi fam) in mind? What is a safe closing costs percentage to use in this area when looking at a deal? 

Any other related information would be greatly appreciated!

Thank you
 
 

[John L Desimone]

@Cole Hoffmann It depends on what your criteria is. If you are looking to spend as little as possible, I would recommend Southwest Philadelphia and farther up NE Philadelphia(Kingsessing/Elmwood Park or Frankford/Mayfair) If you want to spend a little more, I love areas like Germantown, West Oak Lane, and Mt Airy. If you want to buy things at the bottom of the market, I would highly recommend cash or hard money transactions. 

Feel free to connect! Im happy to help any way I can!