All Forum Posts by: Nicky Lisewski

@Dana Waller

Kensignton is an interesting area. Some of it is really D territory and other parts are beyond up and coming. I'm excited about some new artist studios in a former school on Frankford Avenue.

One of the smartest landlords I know, once told me tenants are great, until they aren't. The same is true of contractors. I have a couple of contractors that are reliable and fairly inexpensive. But I know that will change eventually. So I make sure to have more names to call.

If you are investing from out of town, you'll want a good property manager, and it would be hard for you to do a fix and flip or even a medium rehab unless you have boots on the ground. If the numbers work, have you thought of getting something that doesn't need rehab?  

When I lived out of town back in the day, I had a property manager handle my rental, and they were the ones who got the midnight phone calls.

At this point, in A areas you don't cash flow unless you bought a while ago.  It's why my current purchases are in B and C areas.  Take a look at Kensington, especially around Frankford Ave and around Episcopal Hospital.  

I’m an investor and agent in Philadelphia and it’s a great area for investing.  I like Philly and some of the working-class suburbs in Delco.  Are you looking for cash flow, appreciation or both? 

I like Manayunk but it’s in Philly so you get all the city issues such as the new lead paint legislation etc.

I’m an investor who became an agent. We invest in Delco. Personally I like the blue collar suburbs for cash flow - not so much appreciation.

For appreciation, check out Phoenixville Royersford etc

Would be happy to talk

@Kunal Mishra 

If you are interested in Delco, check out the Delco Property Investors meeting. Lots of experienced investors.   Not every agent is an expert on every area.

It's appreciating.  Development is coming from the East (Fishtown) and the West (Temple U).  I was just showing a property in that area.  

Once you have a few neighborhoods you are interested in, I'd suggest driving around and exploring the neighborhoods.  What's in walking distance?  Is there a coffee shop?  I set up google alerts for the neighborhoods I'm watching so I know what is happening and being planned.  Take a look at the Philadelphia 2035 plan to see what big projects are coming:  

https://www.phila2035.org/citywide-vision

If you are looking near a university, what are they planning, where are the student bus routes?  

Philadelphia is a block by block city.  For example, Kensington can mean anything from the letter streets that are effectively North Philly to the area right by Fishtown.   There really is no substitute for boots on the ground.  

Student rentals have been a good investment especially around Temple.  That being said, I'm an agent as well as investor, and often when I see claims of a great cap rate, the financials don't include maintenance, cap ex, property management etc.  Other areas to look at -  Germantown, Kensington, and the area around Temple U Hospital.  

I'm a real estate agent in Philadelphia.  I would echo Joe P's caution.  There are areas that are adjacent to the progress coming north from Fishtown and there are areas that are D at best.  80k all in is more likely putting you in D rentals.  Didn't you have a cousin who invests in Philly?  Where does he invest?  

There is money to be made, but D rentals are a hands-on business.  

Personally, I like Delaware County (Delco).  Higher taxes, less appreciation but its been low drama.

Sounds like a great plan, Andrea. I got started with a triplex and and FHA loan and haven't looked back. For the suburbs, Delco Property Investors is really helpful.

Welcome Mary! One of the scariest moments of my life was signing on the dotted line for my house hack triplex in 2012.  And it was one of the best decisions that I ever made.  If I hadn't started with that, I wouldn't have gotten my real estate license and be up to 10 doors now.  Sounds like you have a great plan.  Aside from Bigger Pockets I'd also suggest the real estate investor groups like DIG and DPI.