Hey BP Community - Josh Levine here looking to connect with other Philadelphia Investors. By way of background, my partner and I live in Manhattan and have been investing in Philadelphia real estate for the past year. So far, we have acquired 3 properties - 2 single family homes (one in East Kensington and the other in Point Breeze) and a duplex in Manayunk. My partner and I both work at Investment Banks and have strong financial modeling backgrounds. As such, we've been successful so far with these properties as a result of our underwriting/modeling and also our property focus (areas close to public transportation, attractive to young professionals, bordering areas that have already "gentrified", decent relative cash-on-cash returns). We have also been managing the properties ourselves to really learn and understand that part of the business. That spans everything from renting the units out without a broker to taking care of maintenance issues to record keeping and reporting.
With that said, while we are thorough with our modeling and have 4 units under our belt, we need some guidance and partnership to "get to the next level". For us, that means developing strategies to increase the velocity of money - value add projects where we can force appreciation, pull out money in shorter periods of time (1-2 years), and recycle the equity. Living in NYC, it is also difficult to manage something like this, so we are really hoping to meet and partner with people in the Philadelphia area who have this type of experience or have general experience as a, or working with, contractor(s).
Please feel free to message me if you are interested in connecting. We would love to hear what types of projects you are working on and would also love to share our experiences so far.
Best,
Josh
