All Forum Posts by: James Brand

Welcome to BP @Jerry Yang!

I bought my first property 4 blocks away from the BSL, a triplex in Point Breeze. That is an area I would recommend for you. There are some really good options close to Temple as well, depending how you feel about renting to students. I think you will be happy with how the numbers work out compared to NY.

Best of Luck!

James

Welcome @Account Closed!

You have come to the right place! 

Definitely check out BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry, since you mentioned not having much experience. Additionally, listen to the BP Podcast as it will open the door to many different strategies and techniques you may not have known exist. When first starting down this path its really important to be well informed, reading books is an inexpensive way to see what has and has not worked for others, check out BP's 21 Best Real Estate Books, and start checking them off. I try and read at least 1 business book and 1 Real Estate book a month.

I am a Philly local, feel free to PM me if you have any questions about neighborhoods, or projects going on in the city etc.

Best of luck!

-James

Hey Cindy, 

I work with contractors in Philly who seek out shells or outdated properties to renovate and flip. You will likely have to spend more than $25k, unless you are really looking at the outskirts and questionable areas.

-James

I grew up in North Jersey and currently invest and live in Philly. One huge advantage this city has over the North Jersey burbs are the enormous difference in taxes. Even South Jersey has a lot more to offer, especially with a number of rail lines running into Philly. It is further than 50 miles, but its not a terrible drive.

Good luck!

Just to add my $.02, I do not think flipping is something you should get into if you are new to REI. Unless of course you have a lot of experience in construction, that could change the game a bit. If not though, trying your hand at flipping as your first investment could make it also be your last.

Welcome @Dael Parker

You have come to the right place! Great first step to learning and investing.

Definitely check out BP's Ultimate Beginner's Guide, it helps to form a general foundation in the industry, since you mentioned not having much experience. Additionally, listen to the BP Podcast as it will open the door to many different strategies and techniques you may not have known exist. When first starting down this path its really important to be well informed, reading books is an inexpensive way to see what has and has not worked for others, check out BP's 21 Best Real Estate Books, and start checking them off. I try and read at least 1 business book and 1 Real Estate book a month.

Lastly, start staying up-to-date with the area you are targeting for your first investment, I subscribe to the idea of investing in your backyard, but you may know other markets better that have more opportunities.

Best of luck!

-James

The area has more appeal for young professionals currently. If it experiences anything like the neighboring Fishtown, I would expect the next couple of years to have more young pros and trendy singles moving into the area. In 3 years time I think parts, especially Southeastern parts, to be great for families if they are not already...

This post may be an appeal to the more economically enlightened among you BPers. I am looking for feedback on an internal discussion I have been having. 

I recently purchased a property in the South Kensington neighborhood of Philadelphia. The area is experiencing a tremendous amount of building, old dilapidated properties or lots are being transformed and the area is definitely on the rise. I hold this to be great for the value of the property I purchased, with more and more people coming into the area new retail will follow and the area as a whole will be cleaned up. The increased desirability of the area will surely increase property values, however with a flood of new residences available, who is to say that the increased supply available won't stymie the appreciation that could be experienced. 

I do believe that the turn around of the area will inevitably win out, and that the result will be a rise in property values, but I thought I would post this topic to get some feedback, both from locals and out-of-state investors as well. 

I know many other cities like Boston, New York, Chicago, Portland, Atlanta, and Seattle (to name a few), have been experiencing gentrification. So feel free to weigh in!

-James

Hey Steve,

What is the issue you are having that you need an attorney?

-james

I figured I would continue the trend and support the market on your list that I am in. I have read a lot about those other markets and they seem to have a lot of appeal, however, to back @Eric P. the ability to come see your rental in Philly is a huge advantage. That being said I noticed you were interested in what areas are good to look in. I currently have properties in Pennsport, Point Breeze, and Olde Kensington. The latter two are experiencing a lot of building and gentrification. Other areas that are worth considering are Brewerytown and Germantown. I do not personally hold any properties there, however I know @Troy Sheets is familiar with Brewerytown.

Good luck!

-James