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Old 04-01-2016, 01:51 PM
 
67 posts, read 137,991 times
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For a NJ/NYC based investor with a $300k budget interested in investing in rental property would Philadelphia be a good option? Which areas would you recommend?

Why Philadelphia?

1) less than 2 hr drive from NJ/NYC
2) Affordable real estate
3)Decent price to rent ratio
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Old 04-01-2016, 06:23 PM
 
Location: Mount Laurel
4,177 posts, read 9,640,419 times
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Quote:
Originally Posted by vader747 View Post
For a NJ/NYC based investor with a $300k budget interested in investing in rental property would Philadelphia be a good option? Which areas would you recommend?

Why Philadelphia?

1) less than 2 hr drive from NJ/NYC
2) Affordable real estate
3)Decent price to rent ratio

Philadelphia had been an option for investors from NY for a while now. You are a bit late to the party. What's driving up prices in Philadelphia in last 5 years has a lot to do with outside investors.


Is there still opportunities.. certainly but it is not as good as it used to be.
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Old 04-01-2016, 09:23 PM
 
67 posts, read 137,991 times
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Any particular areas in Philadelphia that you would recommend?
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Old 04-01-2016, 09:36 PM
 
Location: Dude...., I'm right here
1,243 posts, read 799,046 times
Reputation: 736
Will this be your first rental property and do you have 300K cold hard cash or are you financing?


Quote:
Originally Posted by vader747 View Post
For a NJ/NYC based investor with a $300k budget interested in investing in rental property would Philadelphia be a good option? Which areas would you recommend?

Why Philadelphia?

1) less than 2 hr drive from NJ/NYC
2) Affordable real estate
3)Decent price to rent ratio
Reply With Quote Quick reply to this message
 
Old 04-02-2016, 06:57 AM
 
Location: Mount Laurel
4,177 posts, read 9,640,419 times
Reputation: 3486
Quote:
Originally Posted by vader747 View Post
Any particular areas in Philadelphia that you would recommend?

Depending on what's your goal is. Good immediate ROI (that's what the bank will want to see if you are financing) or banking on drastic increase in property value over a short term?


Are you planning to be long distance landlord? You will need a local PM. Insurance and property tax are on the rise in Philadelphia. Erie insurance (used to be my go to insurance for all my rental) will no longer write rental policy if the owner does not reside in Philadelphia. The other insurance options (2 to 3 times the cost).


So to answer your question. There is a particular area depending on what's one goal is. It's best to get a hold of a local RE professional if you want to invest.
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Old 04-02-2016, 12:46 PM
 
Location: University City, Philadelphia
22,632 posts, read 12,789,064 times
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Quote:
Originally Posted by sj08054 View Post
Philadelphia had been an option for investors from NY for a while now. You are a bit late to the party. What's driving up prices in Philadelphia in last 5 years has a lot to do with outside investors.


Is there still opportunities.. certainly but it is not as good as it used to be.

^ ^ ^ this.

As a landlord in Philadelphia ... I would give this one word of advice: look to neighborhoods that are a short walking distance to one of our universities. University students, faculty, and staff are a huge pool of potential renters.
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Old 04-02-2016, 04:55 PM
 
67 posts, read 137,991 times
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Thanks Clark Park that is excellent advice! Could you name some areas around universities in Philly that I could search in zillow? I am not very familiar with Philly and beginning my research.
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Old 04-03-2016, 06:24 AM
 
10,273 posts, read 5,934,396 times
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Quote:
Originally Posted by vader747 View Post
Thanks Clark Park that is excellent advice! Could you name some areas around universities in Philly that I could search in zillow? I am not very familiar with Philly and beginning my research.
Look in Spring Garden or Francisville. Lots of Temple U. students live in both. Temple is a short subway ride away. Temple kids live in these because it's safer than the environs around Temple and closer to downtown Philly.

There were a couple open houses in the 1700 block of Green St(Spring Garden)that I was curious about a week or so ago.

Powelton Village is the neighborhood adjacent to Drexel U. Look there too.
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Old 04-03-2016, 05:39 PM
 
Location: University City, Philadelphia
22,632 posts, read 12,789,064 times
Reputation: 15763
Quote:
Originally Posted by kyb01 View Post
Look in Spring Garden or Francisville. Lots of Temple U. students live in both. Temple is a short subway ride away. Temple kids live in these because it's safer than the environs around Temple and closer to downtown Philly.

There were a couple open houses in the 1700 block of Green St(Spring Garden)that I was curious about a week or so ago.

Powelton Village is the neighborhood adjacent to Drexel U. Look there too.
I also should have mentioned hospitals as well. Lots of staff, interns, residents, etc. working at Jefferson, HUP, CHOP, Einstein, Penn Presby, etc.

University City ... home within 1 square mile or so of the "Ivy League" University of Pennsylvania, renowned Drexel University, USP - the University of the Sciences Philadelphia, at the Restaurant School at Walnut Hill College - now is expensive real estate wise. No bargains for an investor. Lucky ones like me grabbed properties 15 - 20 years ago before the prices skyrocketed.

I would look at the periphery of these neighborhoods. Powelton Village has gotten pretty expensive because of Drexel, but an area I call "West Powelton Village" - west of Penn Presby Hospital closer to 42nd Street is actually a tidy pretty area where some good deals can be found ... just don't go north of Lancaster Avenue because the neighborhood becomes more run-down and sketchier.

"TempleTown" is a good investment only if the property is in a very safe well lit block near Broad Street. Stray a block or two off this "corridor" and you're in a rough area no one who is not poor would want to live in.
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