So I just joined BP a few weeks ago and am excited to grow and learn from the collective legion of talent and experience on here. I'm also excited to say I just bought my third property in Philly. Now I know I may catch some skepticism here as I live in Seattle WA and so am having them professionally managed. These aren't high class rentals, but cheap little houses that I think should cash flow nicely. I've found a great broker agent/broker there, a few good contractors, and a what appears to be a really good management company. I've done a fair amount of research on Philadelphia zip codes and have developed a pretty good sense of where to buy and where not to buy. Two of these properties are in rapidly changing zip codes - one is in 19145 - South Philly, one is not too far North of downtown 19121 and one is a little further up - 19132 and is in a decent, busy neighborhood and should have the best cash flow (32% cap rate). The South Philly property I had prospective tenants lined up as soon as I posted an and just recently got a tenant that we carefully screened. I'm hopeful the other two should be as easy to fill, though I'm still finishing up repairs on #2 and will start next week on #3. My property manager (a pleasure to work with) tells me that as long as it's in a decent neighborhood, there's substantial demand for rentals in Philly. Anyways - just wanted to introduce myself and see what other Philly investors come out of the woodwork. Thanks.
