Starting out in the Philadelphia Area

[Maurice Etienne]

Hello All,

My name is Mo and I am interested in finally pulling the trigger and getting started in real estate investing in the greater Philadelphia Area. I have two other friends that want to pool funds and get started with me. I have several questions...

1) What do you think the best financing strategy or investment strategy might be in the Philadelphia Area. We were trying to focus on House hacking with 3-4 unit multifamily, or try and find some seller financing or a lease purchase option deal.

2) What areas would you recommend in the greater Philadelphia area? We are considering all surrounding counties, Southern Jersey, and Northern Delaware.

3) Lastly, does anyone have any examples on how they have evaluated deals in this area in the past, and what I should be looking for in terms of red flags specific to this area.

Thanks for any advice and insight you can provide. Since I am just starting out, If anyone has any specific people I should reach out to I would gladly take an introduction. 

Mo

[Jon Sanborn]

@Maurice Etienne congratulations on getting close to pulling the trigger! Since you're looking for triplexes and quadplexes, I'd suggest West Philly and Germantown. Both areas can be rough, but have the inventory of multi families. The closer you get to East Mt. Airy and closer you stick to Germantown Ave the better you'll be in Germantown. For West Philly, certain areas of Overbrook can be nice as well as parts of Upper Darby.