House hacking in Philadelphia

[Patricia E.]

Hi - I'm intending on purchasing a house hack in Philadelphia. I've been to the city a few times recently and I'm looking for resources that might help me learn more about specific neighborhoods. My area of focus has been south Philly (Point Breeze, Newbold, Grays Ferry) and some areas of north Philly (Fairmount, Brewerytown, etc). What resources would be recommended if I'm looking to learn more about how those areas are developing/growing? Thanks!

[William Sing]

Hey Patricia! Sounds like an exciting next step! 

1) I would probably reach out to multiple property management companies. You may be looking to self-manage, but in the long run, I see most people move towards using a PM company. I would have a chat with them to see what areas they suggest avoiding or what is up and coming. 

2) There should be some sort of Real Estate Investor Associations (REIA) in the area that might have some zoom options for meetings. This might be a great place to build connections especially if you need contractors.

3) Finding a Real Estate Agent that focuses on Real Estate Investments (and is an investor themselves) would also be a great step to learn more about those areas. I interviewed a lot of agents to find the one that helped me with my first house hack. DM me if you want me to recommend anyone!

4) City Council Meetings - This is a great place to find the meeting minutes and see what large-scale developments are happening or policy changes. This will give you a better idea of the local government as well. 

5) Lookup Permits - Permits are/should be on public record. If they have a digital record system it will be a bit easier but you can see where permits are being pulled and if any of them are for subdivisions or more commercial. This will give you a real-time understanding of where developers are putting their money. A title company could also help as well. 

6) Look up high-end stores - When a store like lulu lemon or something puts in new locations in an area, that means they believe it will be a good area. They put in A LOT more market research into things than we alone ever could. 

Hope this helps!