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Do Hyun Kim, Other/Just Looking in 18940

Where in Philadelphia is the best location to purchase an investment property to rent out?

Asked by Do Hyun Kim, 18940 Thu Nov 8, 2007

I am thinking about buying a property around the price range of $180k to $250k . I plan to rent out to cover the cost of mortgage and obtain an owership of the property for a possible capital gain in the future.

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You might want to focus on multi family dwellings or even some propeties in North or Northwest Philadelphia, and converting them for student ocuppancy. Some students would pay a couple thousand a month for the privacy as opposed to living in a dorm style setting. Remember to register with the office of student off campus housing if you opt to go this route, and be prepared to dictate everything there is to know about the property and have the university possibly want to come out to inspect it. Remember if all else fails look into buying the most modest house in the best neighborhood, you are almost always garunteed to get a rise in property value once rehabbed! Consider properties within a walking distance to local universities. I have tried this trategy and it has worked for me. I plan to continue in this type of investment for as long as it works.
Note: if you are buying a property and using the rental income to pay off the loan, you should probably plan on having a rental income analysis done on any prospective properties. Your rental income must cover all the bills, utilities, repairs, taxes, and other things, and the rent must be one that is acceptable in the niegborhood that you buy in.
Call me anytime, my office is about 20 minutes from philly. I have a couple properties in mind, just tell me what you need.
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1 vote Thank Flag Link Tue Nov 13, 2007
I have to agree with the previous posts. It depends on your goals. A source you might want to consider is dealing with an investment property wholesaler. That's what we do.

We find investment properties for investors who either don't have the time or want to put in the effort of going through dozens and dozens of properties and would rather have an investment property wholesaler find investment deals that produce cash flow and equity in the property.

Bill Jur http://www.sellphillyproperty.com
0 votes Thank Flag Link Tue Mar 3, 2009
There is a large rental market in north Philly around Broad Street and also just across the city border in Cheltenham Township.
0 votes Thank Flag Link Mon Nov 12, 2007
It depends on your goals, in both the immediate and long range future. For example, you can buy in that range in several neighborhoods, but if your ulitmate goal is to sell it off later, you will want to focus on areas that will likely be on the upswing around when you are planning to sell. Some areas rent more easily than others.

The best advice is to consult with a Realtor, like Mereille (whom I know and can offer a personal recommendation for), who knows the rental market in the city, as well as the condo scene, neighborhood revitalization and other important considerations.
Web Reference: http://www.SherlockHI.com
0 votes Thank Flag Link Mon Nov 12, 2007
I am a realtor and I work with investors just like you. I have a property in mind. Feel free to email me at mnajm@plumerre.com.

Regards,
Mereille
0 votes Thank Flag Link Sat Nov 10, 2007
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