This summer was extra busy for us. We completed many buy-rehab-rent projects in time for the summer rental market (although in Philly we really see a strong market year round with only a few seasonal dips). We continue to strengthen our Philly team and performance in the Buy-Rehab-Rent niche and have started to venture into new activities.
We think of our clients as our partners and want to share information about our experiences, thoughts and plans. Perhaps you have input to share or will even be inspired by our activity. Real estate investing is truly helping us to make our own dreams come true and we are honored to be able to help others achieve their own financial goals and dreams.
Philadelphia Market Update
As more and more New York funds and international investors are establishing activities in the Philadelphia area, inventory is getting tight and good investment opportunities get snatched within days, sometimes hours. Investors need to be quick, agile and savvy in order to compete. More and more investors are lacking experience and many times we are witness to naïve actions of novice players — overpaying, rehabbing without understanding the business, acting erratically. . . Sourcing off-market opportunities through wholesalers has become crucial and uncovering hidden gems, even on the MLS, has been working well for us. The game gets more and more challenging in Philadelphia. Of course, that is because it is one of the best markets to invest in right now.
Prices continue to rise and so do rental prices. The economy is strong and growing with job growth outpacing many other cities. Poverty, crime and drugs continue to be a challenge, but the city is taking action with a new taskforce by Mayor Kenny and other crime prevention activities. Bottom line for you, the investor? Get in now while there are good opportunities for a unique combination of strong ROI AND real appreciation. The city is still undervalued by every estimate.