My name is Jake Pinto and I'm new to Bigger Pockets. I’m looking to start investing in Philadelphia (and surrounding areas). I've been able to save the capital needed to begin this process, and I'm seeking any tips or tricks for where to start.
In particular, I'm looking for rentals (single family or muli-family units), preferably using the BRRR method. Please comment below or reach out to me directly if you're open to having a conversation!
New to Real Estate · Philadelphia · Member since 2020 · 25 posts · 20 votes
5y
@Jake Pinto Welcome to BP Community! I currently am investing in Philadelphia. I would probably start off with what you are looking to obtain in regards to an investment. Some areas in Philadelphia have more cash flow potential but less appreciation and vise versa. So determine what you want to make and just browse the mls constantly. Otherwise, try cold calling. I have not seen many good wholesale deals come through the philadelphia real estate facebook group.
New to Real Estate · Philadelphia · Member since 2020 · 25 posts · 20 votes
5y
@Jake Pinto Welcome to BP Community! I currently am investing in Philadelphia. I would probably start off with what you are looking to obtain in regards to an investment. Some areas in Philadelphia have more cash flow potential but less appreciation and vise versa. So determine what you want to make and just browse the mls constantly. Otherwise, try cold calling. I have not seen many good wholesale deals come through the philadelphia real estate facebook group.
Real Estate Agent · Philadelphia, PA · Member since 2020 · 294 posts · 245 votes
5y
Hey @Jake Pinto welcome to the community! I have to agree with @Anthony Zayas with saying you should establish your goals. What areas do you want to target, what kind of returns are you looking to make, your budget, level etc.
I will say finding a multi (3+ units) I compare to being able to find a unicorn, very rare, but not impossible. The majority of the multi units I move are in Delco or up in Montco. Now a duplex is extremely doable to find in the city, it would just depend what pockets you're looking in. I will say the majority of the good deals don't make it to the MLS and more often then not go off market.
I would love to have a conversation to discuss your interests so feel free to reach out.
Accountant · Philadelphia, PA · Member since 2020 · 23 posts · 20 votes
5y
Jake,
Glad to hear you have saved up enough to start your journey in Real Estate. I love investing in Philly, I have found a few connections to Wholesalers on Craigslist (remember to do your due diligence on anything they send), realtors @Dan Powers will obviously be helpful as well. Sherriff Sale is also full of opportunities, although it is still closed due to COVID.
As you begin to invest, keep in mind that taxation of real estate investments can be complicated, but ultimately very rewarding. If you need help with tax prep services or year-round tax planning advice to reduce your tax liability as you grow, I would be happy to help.
Awesome news. Congrats on getting the ball rolling. I live here in center city Philadelphia, am a real estate agent and investor as well.
I would definitely try to narrow your search to some specific neighborhoods which can be highly dependent on budget, appreciation expectations, cash flow, etc. One other tip is to start identifying contractors that you trust to do high quality, reliable work so you are ready to attack when the perfect property lands in your lap.
Shoot me a message if I can help in any way. Best of luck to you!