All Forum Posts by: Louise Cornell

@Ali Syed Great idea turning to REI with the money you've saved since working from home. Especially since you have a good amount of flexibility, it'll be easier to dedicate more time to your first investment than you would've had otherwise.

Many investors, especially from New York, have been turning to the Philadelphia market. Much easier entry point as @Anna Swartz-Lopez mentioned. New Jersey and New York have ridiculous purchase prices and the returns you could get in Philly are so similar, so why not get more bang for your buck? I would think about the type of return you would like to see and that will help determine what you should be looking for. I would also try to stay away from a full gut on your first property and keep it simple. Unless you already have a contractor you feel comfortable with. 

@Manny Duarte I have multiple hard money lenders that I work with that I could put you in contact with. I also have a contractor contact I could connect you with. I'll send you a PM with more information!

@Amar P. I sent you a PM. 

@Matthew F. There is a big variance in market opportunity in Philly right now. It depends what you like as an investor and what you're trying to spend. The areas @Bill Caraker mentioned are definitely some of the more expensive pockets of Philadelphia but do appreciate stupendously. House hacking is a great way to get started but the area you might want to live in may be different than what would make the most sense from an investment standpoint. My team and I are now moving about 40 properties a month all over Philadelphia and Delco, I'll send you a PM with more info on areas that could be of interest to you.

@Kristina Mullings, like @Alex Uman said, many investors are coming from New York to start building their portfolio in Philadelphia. I work with many investors who are out of state and can't travel here often to see properties. It makes it crucial to be able to have someone in Philadelphia who you trust that will understand what you want and what pockets make the most sense for you. Also helps to have family that could go and see properties for you if need be. Facebook can be useful to see what is selling and what people are looking for. Happy to help any way I can.  

Great post Victoria, super helpful!

@Will Pritchett Will made a great point regarding starting small. REI can be very overwhelming to jump into, especially when you are so liquid and a newbie.

As others have mentioned on this post such as @Joe Villeneuve, knowledge is power. Every investor doesn't care about the price unless "the deal makes sense." In terms of getting started in the Philadelphia area, there are a ton of hot pockets right now. Obviously you have the capital to start out anywhere you'd like, however, in some pockets you can spend 70-100K and acquire a great property that will rapidly appreciate. I would recommend starting on a wholesale deal that you could buy for less and add value to. 

Good luck on your real estate endeavors.

Matt,

Congrats on getting started in RE, it can be a great way to earn on the side of your regular income. What areas have you started looking at in Philadelphia? In terms of lenders I prefer to work with, I'll shoot you over a DM with some info! 

Hi Vinod,

Congrats on starting in a new venture. It is a great time to be investing in the real estate market in Philadelphia. In terms of starting small for investment properties, $50K is the minimum you're going to need. Some hot areas right now are Sharswood, Darby, and Cobbs Creek to name a few. Depends what type of property you're looking for though. 

Feel free to reach out if you have any other questions and best of luck!! 

Hey Daniel,

What @Alex Uman mentioned is correct, the Philly market is hot right now. Cobbs Creek and Sharswood are also particularly hot right now from spillover. 6abc News just had a great article about how hot the market is right now, selling faster this past July than they ever have. Feel free to reach out if you'd like some more information on Philly markets.