Investing in Philly

[Damion Brown]

Looking for guidance on best neighborhoods/areas to consider in order to Buy, Renovate, and Rent in Philly. I am an out of state investor. Though it might be naive, I was thinking of a buy and renovate project that would cost between 150k and 200K.

Any recommendations and/or resources towards this goal would be greatly appreciated.

[AJ Wong]

Quote from @Damion Brown:

Looking for guidance on best neighborhoods/areas to consider in order to Buy, Renovate, and Rent in Philly. I am an out of state investor. Though it might be naive, I was thinking of a buy and renovate project that would cost between 150k and 200K.

Any recommendations and/or resources towards this goal would be greatly appreciated.

Hi Damion I have a long time friend that has been doing fix and flips in Philly for the last decade..he’s certainly done very well for himself. His brother is the GC and he finds and finds the projects. He works for himself but idea our go to fix a flip mortgage broker @Joseph Chiofalo..check in with him for financing options which might help with budget and strategy. Good luck! 

[John Mason]

Try these

https://www.facebook.com/groups/1480888688800401/

https://www.facebook.com/groups/1411357972440957/

https://www.facebook.com/groups/397659200421691/

[Joseph Chiofalo]

Hi Damion, 

There are flexible financing solutions for investors on fix and flip purchase transactions. 

Are you targeting single family homes or multi-unit properties?

[Alan Asriants]

Hey Damion, I am an agent and investor in the Phila area and would be happy to connect with you about the local market. I am also a native and know the area very well. 

Your goals are going to determine where you should invest, and coming from out of state can make it difficult to pinpoint without understanding the area. 

Feel free to reach out anytime!

[Sheryl Sitman]

@Damion Brown You can definitely do a nice project in this budget and achieve $1600-$1900 rent. "Best" means different things to different people and Philly is filled with MANY neighborhoods to choose from. Your key is going to be working with the right team. I am not an agent but I do run a very large group of independent landlords so feel free to reach out to get connected to good sources. You may as well work with an agent than trying to figure it out on your own

[Damion Brown]

wow. Amazing feedback. I sincerely appreciate it because it gives me the motivation i need 

[Dan Powers]

@Damion Brown There are plenty of options where your total cost would be between 150-200k in Philly and the surrounding suburbs. Would be more than happy to point you in the right direction I work exclusively with investors. I'll shoot you a PM!