All Forum Posts by: Art Johnson

Exploring investing in Philly center city condos for long/short term (Airbnb) rentals (thinking probably a blend).

Preliminary research suggests that condo rules vary greatly. Wondering if folks here know of/had luck with finding condos with relaxed rules

Happy to connect w realtors/investors on this as well

Hello all, I own 2 SFH homes in Philadelphia and want to start investing in Multi-family (3 units and above). My criteria include:

- Less than 350K purchase price

- No major rehab is needed in the foreseeable future. 

- Ideally with renters, or high occupancy. 

- Closer to 10% cap-rate. Will use a PM company to manage. Will Buy-and-hold. 

- Open to surrounding ideas not just necessarily Philly. 

Having a hard time finding deals with cap-rates (pro-forma) posted. Looking for a RE Broker with experience in the space. Any recommendations? Thanks in advance!

@Randy Gutierrez interesting. I’m curious, what made you choose Lehigh valley over Philadelphia? Lower price points/ student housing etc.?

@Justin Schreibeis thanks for the suggestion! Actually haven’t looked into those areas at all. Have you invested in those areas by any chance? Quite interested in Multi family but looks like its a limited market in Philly

@Jason Wray Ideally I would like to stay within Philadelphia city limits, but primarily looking for cash flow - so would be interested in any place with strong rental market, and cash flow opportunities. Looking for 15% cash on cash return, and also considering at looking into other markets if its not possible in Philly. Are you an investor yourself?

Hello everyone!

I am a new investor to Philly, and last year started out with my first investment in Brewerytown (purchased for $150k, put $20k in rehab, was expecting it to rent at about $2k and its currently renting for $1400). Regardless of its ups and downs, it was a big learning experience.

I am now interested in small multifamily space (2-4 units) to purchase for less than $100k. I am open to some renovation but not out of a shell and I know that really limits my options in central areas.

Do you all have any experience with areas that fit to these criteria in greater Philadelphia area? I am looking to expand my search into other neighborhoods and markets, and would love to connect with fellow investors out there!