If you were to buy a house in Philly, where that would be? (Philadelphia: short sale, foreclosure)

[slickvic277]

Originally Posted by oneblock

Your unconstructive post highlights how low is your IQ, social and investing level,

There will always be investors ready to purchase properties in Philly, ans any town in US,

Some of them, I admit, may be only concren on cash
some other try to respect the area,

Attack on my IQ and the title of your thread is "If you were to buy a house in Philly,Where that would be?"


"Where would that be?" is probably what your looking for. . .

Anyway, sorry if my post wasn't constructive or flattering, but it's the truth.
You might have good intentions but your not from here and I'm guessing that you don't live here. You have a minimal amount of money to invest which means one of few things.

1) You'll purchase a decent house in a decent neighborhood but will lack the funds to put the proper work into it and it will fall apart and take all the houses on the street with it or,
2) You'll buy a craphole in a crappy neighborhood, continue the trend and offer nothing positive to an area that doesn't need another slum lord.
3) Or a combination of the two.

Also being your not from here you'll have no loyalty to where ever you make an "investment" and your 90 miles away. So you'll never be around to fix your dilapidated dump or address the scum you'll put into your property.

I apologize if I sound blunt and rude. But we have a big problem with out of state absentee slumlords, particularly those from NYC.

Maybe you can prove me wrong but Oxerford Circle, Castor Gardens, Summerdale, Wissonoming, Frankford, and a bunch of others prove I'm right.

As a home owner and a true Philadelphian please stay away.

[Peanut206]

If they only have 60 grand to spend that means he's probably looking for section 8 tenants he can rent to- do minimal repairs to the house and not care how the tenants effect the neighbors.
The people who defend him and welcome his money are the ones who don't have to live anywhere around these renters he rents to as the house he owns falls apart, draws roaches and mice as trash piles up in the back yard and for good measure-there will also be one or more backyard dogs that are left out in the yard all day and night being neglected.
What the heck do they care-a bunch of sell outs.
They'd sing a different tune if the OP were to buy a house and rent it out next to where they lived in a second.

[slickvic277]

Originally Posted by Peanut206

If they only have 60 grand to spend that means he's probably looking for section 8 tenants he can rent to- do minimal repairs to the house and not care how the tenants effect the neighbors.
The people who defend him and welcome his money are the ones who don't have to live anywhere around these renters he rents to as the house he owns falls apart, draws roaches and mice as trash piles up in the back yard and for good measure-there will also be one or more backyard dogs that are left out in the yard all day and night being neglected.
What the heck do they care-a bunch of sell outs.
They'd sing a different tune if the OP were to buy a house and rent it out next to where they lived in a second.

I know the truth, you know the truth and even those that defend him know the truth. Go back and read his posts. Moderator CutDo you really think he gives a fly'n fart about OUR quality of life?

[oneblock]

Originally Posted by slickvic277

Attack on my IQ and the title of your thread is "If you were to buy a house in Philly,Where that would be?"


"Where would that be?" is probably what your looking for. . .

Anyway, sorry if my post wasn't constructive or flattering, but it's the truth.
You might have good intentions but your not from here and I'm guessing that you don't live here. You have a minimal amount of money to invest which means one of few things.

1) You'll purchase a decent house in a decent neighborhood but will lack the funds to put the proper work into it and it will fall apart and take all the houses on the street with it or,
2) You'll buy a craphole in a crappyneighborhood, continue the trend and offer nothing positive to an area that doesn't need another slum lord.
3) Or a combination of the two.

Also being your not from here you'll have no loyalty to where ever you make an "investment" and your 90 miles away. So you'll never be around to fix your dilapidated dump or address the scum you'll put into your property.

I apologize if I sound blunt and rude. But we have a big problem with out of state absentee slumlords, particularly those from NYC.

Maybe you can prove me wrong but Oxerford Circle, Castor Gardens, Summerdale, Wissonoming, Frankford, and a bunch of others prove I'm right.

As a home owner and a true Philadelphian please stay away.

I still don't see the point Slickvic, regarding your loyalty concern,

If an investor associates with a responsible management company, and follow up, come to
check on the property every month, that is loyalty:
loyalty to your own asset and loyalty to the surrounding people

Seriously, where is the problem? Is it a NY-Philly competition thing?
Maybe..
Anyway, all I want to do is build some wealth, we work hard just like you guys;

[slickvic277]

Originally Posted by oneblock

I still don't see the point Slickvic, regarding your loyalty concern,

If an investor associates with a responsible management company, and follow up, come to
check on the property every month, that is loyalty:
loyalty to your own asset and loyalty to the surrounding people

Seriously, where is the problem? Is it a NY-Philly competition thing?
Maybe..
Anyway, all I want to do is build some wealth, we work hard just like you guys;

You could be from mars for all I care. The bottom line is you guy's from NYC have bought an awful lot of property down here and treated it like a toilet.
You wanna build some wealth? Why not do it in your own town? Philadelphia is not your back yard and it's not a ghetto. But the neighborhoods that have turned to $hit over the past 10-15 years got NYC finger prints all over them.

[57thandMalcolm]

Originally Posted by oneblock

Hi,

Im from NY

I want to make an investment and buy a property in Philly to be rented out,

I know there are areas that are so and so and areas that are ok:

I mean where is the area where you tenant LIKELY will pay the rent, an area where housing prices are affordable, and you feel safe

pls advice

thanks

60K sure doesn't get you what it did in the 90's when Philly and the middle class burbs had true steals. If you use it as a down payment and want the tenant to pay the mortgage, you could get a, say, 150,000 house in far NE Philly or possibly poorer Mt Airy (still decent), charge 1000-1300 a month, and pocket the difference. If you want to go the Section 8 route, you could get a fixer upper or auction house in North, South, Southwest, or West Philly. West (near U City) and Southwest (Penrose, near U City also) Philly are parts where renters w/o Section 8 would likely pay, if you can find a fixer upper to buy and renovate. Actually, the auction may be able to land you a house 60K in one of Philly's better parts if your lucky, it might be your best option.

[slickvic277]

hey oneblock, just so you don't think I'm nuts and picking on you. Here's an interesting article. I suggest you read it so you know where I'm coming from.

Neighborhoods battle absentee landlords (part 1 of 2) « Features « Magazine « NEast Philly

[john_starks]

to the original post, i was going to suggest old city. but $60k? lol

there may be something in camden

[pman]

are you planning on renting it as section 8 or to college students?

[oneblock]

Originally Posted by 57thandMalcolm

60K sure doesn't get you what it did in the 90's when Philly and the middle class burbs had true steals. If you use it as a down payment and want the tenant to pay the mortgage, you could get a, say, 150,000 house in far NE Philly or possibly poorer Mt Airy (still decent), charge 1000-1300 a month, and pocket the difference. If you want to go the Section 8 route, you could get a fixer upper or auction house in North, South, Southwest, or West Philly. West (near U City) and Southwest (Penrose, near U City also) Philly are parts where renters w/o Section 8 would likely pay, if you can find a fixer upper to buy and renovate. Actually, the auction may be able to land you a house 60K in one of Philly's better parts if your lucky, it might be your best option.

Wonderful response 57thandMalcom! This is the answer I was waiting for.

Regarding the doubts of Slickvick: I really dont care your generalizations:
there are good and bad landolords. from the outside you can't say If the owner is a NYker or A Philly one.

if NY investors toileted those Phlly houses then why don't you buy them yourself? and remember, the blame has to be shared between landlord and tenants(wich are Philadelphians.....)