All Forum Posts by: Alex Uman

Delaware County has become a favorite for local real estate investors in the Philly area. My firm has seen success in moving both single family flips and rentals as well as multifamily properties all over Delco as the area continues to grow and appreciate. Personally I'm a big fan of Aldan, Lansdowne, Collingdale and Glenolden but the county as a whole has been ripe for investment this year.

@Ivan He the south philly area for the most part is definitely best for flips over rentals. The return on investment is much better and the day on market are quite fast. People more-so look to buy homes in the area than rent them and it would take much longer to recoup your investment renting there than selling.

Hello @Ivan He, West Passyunk (and much of the surrounding South Philly area ie. Grays Ferry, Point Breeze, Girard Estates etc.) has become a coveted area for flippers and landlords alike. $125k is the bottom line for shells in this area but my firm has sold properties in varying conditions anywhere between that price up to $185k depending on the work needed and proximity to parks/public transit. While the entry price may seem high, the area is rapidly appreciating and investors who put in more work to add third stories and setbacks are well rewarded for their efforts. If you're having trouble finding cheaper south Philly flips feel free to reach out.

Morning @Charlie Johnson, it seems as though you're looking more for turnkey investment. With $60k available liquid have considered buying value-add properties? My firm has sold many small-medium value add multis all over Philly/Delaware County recently that would better fit your price point if you were looking to buy something that needed a bit of work. Finding good condition as-is multis in this area would require more capital as you said but this area is nowhere near as expensive as the rest of the northeast if you're willing to get your hands a little dirty. Additionally SFRs may be a good place to get started to buy, rehab, refi, rent and repeat with the longer term goal of renting more multis. Feel free to reach out if you have any questions. I'm most familiar with Philadelphia County, Delaware County and some areas of Montgomery County. All the best!

@Renjason Patulot Glad to hear you’re investing in Philly. I do not regret moving here and the market is doing very well right now! Definitely one of the best cities on the east coast with lower cost to entry.

It all depends on what your goals are! Philadelphia and neighboring Delaware county are ripe with investment opportunity right now. In terms of particular towns and neighborhoods, I'd take a look at Port Richmond, Point Breeze, Gray's Ferry, Cobb's Creek, Upper Darby, Collingdale, Aldan and Glenolden. Feel free to reach out if you're ever interested in investing down here. I know the market has gotten a little crazy lately.

@Tammy Mason as per the posts by the two attorneys above (@Chris K. and @Joseph ODonovan), since the property is occupied by the previous owner and not a legal tenant the process is different than a standard eviction. I believe that the city has followed the state on the eviction moratorium. That being said, the president announced last night that the federal government is attempting to extend the eviction moratorium through the rest of the year as long as the tenants can prove efforts to make partial payment. Additionally there may be efforts to compensate landlords for the many tenants passed due on their rents.

https://nymag.com/intelligencer/2020/09/cdc-issues-eviction-moratorium-until-end-of-december.html

@Matthew Carfaro the surrounding areas have definitely experienced growth and will continue to grow due to Covid. In terms of investor driven growth though, I think the more southerly areas of Delco (Aldan, Collingdale, Lansdowne and Glenolden in particular) will experience more of the growth as they have more room to grow than the more established Main Line burbs. That being said, I still see Philly as a great city to invest in with many newly appreciating areas.

Morning @Robert Gorra, you will have to file notice to vacate the property as soon as it is legally yours. Because you are purchasing the property from the auction and the owner is the de facto tenant in place you will win the suit with clear proof of ownership but need to make sure to give notice and file it with the court three days after failure to vacate. It may be easier in this case to try and work something out with the current resident if you'd like it vacant sooner.

I agree with you both. Nicetown has long had a reputation for not being very nice. With spillover appreciation from surrounding areas, I could see the area slowly gaining favor in the eyes of investors wary to put money into that neighborhood. As Strawberry Mansion has slowly become a new favorite area for investors, Nicetown may experience more of that spillover. In the end only time will tell. We now invest in neighborhoods that many wouldn't enter ten years ago.