All Forum Posts by: Saaj Patel

Philadelphia does great for 3-4plex properties. A good amount of sellers are willing to entertain seller-financed deals.  I am a native of the city and a local investor myself. Let me know if you want to talk.

My first property was a 4plex in the zipcode 19121 that does fantastic for me.

Not sure if my logic is 100% spot on, but I like B-class properties. 

In market downturns, renters spending on A-class usually spend down to B-class (or go to live with their folks). In a flourishing market, your tenant pool will consist of B-class renters and C-class renters that are willing to spend up.

Either way, there is complete coverage of prospective tenants in any environment. 

Philadelphia is a hyper-localized area. I'm in the 19121 zip code myself and would be happy to talk some more.

Lauren, 

Welcome to the investing side!

I have a couple of questions to narrow down who you can talk to - 

1. What market do you plan on holding STRs in?

2. Do you plan to self-manage or are you trying to be more hands-off/headache free?

If this is a rental then I would say go with LVP. 

I just changed the carpet out of my units and installed LVP. Since only the bedrooms were carpeted, I tried to get an LVP that matches the existing kitchen hardwood and found one at LL Flooring. 

I have compared the prices at LL flooring, HD, and Lowes. LL Flooring seemed to have the best prices and I even got a 20% discount on top :)

To all who are suggesting an interest rate sub 7%, has that deal closed? 

I am curious about investors' appetites for a fixed interest rate in this environment. 

Has anyone structured a deal with a floating rate?

Are you open to the Philadelphia area at all? Great cash flowing markets out here that I am personally invested in as well.

Rob,

Philadephia native, Temple alum, and fellow investors here. 

I agree with Jeremy about old condos here. I think that goes for every market, not just Philadelphia. Since there has been a lot of recent construction in Philly, there are plenty of investments in the market that are newer than the brick houses that you are concerned about. It just depends on the zip code that you are investing in. 

Personally have not had an issue with pests and my units. They are also row homes and one even shares a wall with a bando (about to be rehabbed).

I have helped one HNW individual with condo investing in the Philadelphia area. Let me know if you want to chat further. 

Lauren, 

This is super popular actually. At Temple University, it is often rented out by the room. I was a student there not too long ago and now have started investing in the area myself. Let me know if you want to discuss this further. I can give you some boots-on-the-ground advice, since I live not too far away currently. 

Hey, 

 Where exactly is your property located? I am in the 19121 zip code in Philadelphia. The units that I own are in a pretty "transitional" area and I have not had any issues. I self-manage my units and some units for some of the other absentee owners around the area. I also live out here so let me know if you want to talk. I can give you some boots-on-the-ground information about the block that your property is located on.