Home Buying in Philadelphia>Question Details

Percival, Home Buyer in Sharon Hill, PA

Where is the best place to buy an income property in the city of Philadelphia? I am looking for a fixer-upper with a max budget of 50k.

Asked by Percival, Sharon Hill, PA Mon Oct 7, 2013

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Answers

8
That depends on your budget. Do you have a handyman or will you do any improvements by yourself? I like the Lasalle college area because there are many low priced row homes and there is a student population looking for housing.

Regards,

Richard Frey

Keller Williams Blue Bell

910 Harvest Lane Suite 100

Blue Bell, Pa. 19422

Office 215 646 2900

Cell 267 205 6420
Richardafrey4@gmail.com

http://richardfrey.kwrealty.com
The greatest compliment I can receive is a referral from family, friends or a satisfied client. Referrals are an important part of my business. If you know anyone who is interested in buying or selling a home it would be my pleasure to assist them. Thanks for thinking of me when it comes to Real Estate.
1 vote Thank Flag Link Mon Oct 7, 2013
The 50k will be for purchase and rehab because i will be doing most of the repairs myself. I would love to get a property just for purchase but 50k would not meet that criteria. To purchase, rehab and be rented for the life of the loan then resell. I am looking to be able to make the loan payments and have at least 500.00 in return.
Flag Mon Oct 7, 2013
TechHead,

It really depends on your particular goals, which of course include making money. Some investors focus less on the area and more on the potential profit. Others will only purchase in certain "hot" neighborhoods where there will be more competition for fixer uppers and thus the price higher, profit lower.

There are homes all around the city for 50k & less. You'd have to weigh the cost of the home, repairs, and potential rental income to decide. Your best bet is to sit down with a Realtor and review what homes are available and check the rents in that neighborhood and the number of properties available for rent to determine how quickly you could put a tenant in it.

Best of luck and get in touch if you'd like more info.

Barbara Smith
Broker Associate
Weichert Realtors
NJ & PA Licensed
Direct: 609-980-7593
email: BarbSmith321@gmail.com
1 vote Thank Flag Link Mon Oct 7, 2013
$500 per month in return? That may be a little aggressive. I work with quite a few investors and their net per month on properties in this range are about 200-300 per month, sometimes less than that.. So you are purchasing for 50k and providing the $$ for rehab yourself? If you'd like to send me an email, I can return back list of properties in that price range along with the rental comps.
Flag Tue Oct 8, 2013
The 50k will be for purchase and rehab because i will be doing most of the repairs myself. I would love to get a property just for purchase but 50k would not meet that criteria. To purchase, rehab and be rented for the life of the loan then resell. I am looking to be able to make the loan payments and have at least 500.00 in return.
Flag Mon Oct 7, 2013
There are great opportunities for an investment property all over Philadelphia for your budget. There are a few questions I have for you before I would be able to help you determine which area of the city would best fit your needs. Is the 50k budget just for purchasing the property, for purchase and rehab or is the 50k for purchase, rehab, and to pay for expenses until you resell the property? Also, what are you expectations for return on investment? I would be more than happy to help you find the right investment property. You can contact me anytime with questions and to begin the process.

All the best,
Christopher Blouch
Keller Williams Real Estate
Cell: 215-821-5333
Office: 215-757-6100 ext. 338
E-mail: cblouch@kw.com
1 vote Thank Flag Link Mon Oct 7, 2013
The 50k will be for purchase and rehab because i will be doing most of the repairs myself. I would love to get a property just for purchase but 50k would not meet that criteria. To purchase, rehab and be rented for the life of the loan then resell. I am looking to be able to make the loan payments and have at least 500.00 in return.
Flag Mon Oct 7, 2013
Hi Techies,

You can find Great income property anywhere in Philadelphia! I've seen some great diamonds in the rough here and I'd be Happy to help you sort through them.

Best,
DeJaniera
Weichert Real Estate
215-881-5990
1 vote Thank Flag Link Mon Oct 7, 2013
The 50k will be for purchase and rehab because i will be doing most of the repairs myself. I would love to get a property just for purchase but 50k would not meet that criteria. To purchase, rehab and be rented for the life of the loan then resell. I am looking to be able to make the loan payments and have at least 500.00 in return.
Flag Mon Oct 7, 2013
The 50k will be for purchase and rehab because i will be doing most of the repairs myself. I would love to get a property just for purchase but 50k would not meet that criteria. To purchase, rehab and be rented for the life of the loan then resell. I am looking to be able to make the loan payments and have at least 500.00 in return.
Flag Mon Oct 7, 2013
That's a great question to start a conversation about investment properties.They are a number of neighborhoods that will work great for your budget, however, we have to break down the budget. Is that $50 to purchase? To purchase & rehab? To purchase, rehab and carry until resold? How much return are you looking for? What's you timeline?
1 vote Thank Flag Link Mon Oct 7, 2013
The 50k will be for purchase and rehab because i will be doing most of the
repairs myself. I would love to get a property just for purchase but 50k would
not meet that criteria. To purchase, rehab and be rented for the life of the loan then resell. I am looking to be able to make the loan payments and have at least 500.00 in return.
Flag Mon Oct 7, 2013
Let's try this again:


My contact information:

Richard Frey
267 205 6420
Richardafrey4@gmail.com
0 votes Thank Flag Link Mon Oct 7, 2013
50 k? That would limit you to the most economically disenfranchised neighborhoods. A distressed property in a distressed neighborhood with urban problems is what $50, 000 buys. Thats the reality of what your asking.

If you think your getting a great deal for $50, 000 think again.
0 votes Thank Flag Link Mon Oct 7, 2013
You need to work with a Real Estate agent that is also a Realtor who is aware of and can give you an idea of what it takes to be a Landlord in Philadelphia,Pa. You need to commit to being a Good Landlord and above all a Legal one . Please call me in my office so you know what you need to do besides just buying a property and fixing it then renting.215-725-5700 X49

Philip J. Cunningham Sr.
VIP Realty Corp
7942 Bustleton Ave
Philadelphia, PA 19152
http://www.GreatPaRE.com
PhillCunningham2004@yahoo.com
Office 215-725-5700 EXT49
Cell 267-934-1971
Fax 215-405-2617
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Mon Oct 7, 2013
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