Any Good Cities In NY/NJ/CT/PA To Flip Properties?

Comments(6)

• 
  jackman14th February, 2004

  philly

• 
  greenpropps14th February, 2004

  Hello,
  I work in the Pittsburgh real estate market, and also follow the South Jersey and Tampa Bay market areas, and, in my opinion, the answer is definitely Pittsburgh - including all surrounding boroughs. There are properties here for every type of investment goal and excellent funding sources/tools designed specifically for RE investors and rehabbers.

• 
  diatribe15th February, 2004

  I agree on the Philly response.
  
  Even though I'm doing rentals in Vineland, NJ (great market rents, decent property value and good tenanat) I've been eyeing the Phillly area for two years.
  
  Southwest Philadelphia - Lots of properties for sale cheap. They are cheap for a reason though. Most have not been updated since built 50 to 100 years ago.
  
  It seems that the neighborhoods are left to their own devices in Philly in regards to revitalizing themselves. Rehabbing a few low cost rowhomes and giving them some curb appeal might ultimately increase the value of the neighboorhood.
  
  In some ways, I want to stay away from row homes, however, purchasing a few on the same block, fixing them up a bit could give you immediate recognition in the neighborhood and people will want to rent from you.
  
  Delaware County - Delco is basically a 70/30 mix of single family homes and row homes. Its harder to find those really big rehabbing deals in some areas of Del Co. because prop values have dropped. The rows in other areas though are cheap enough to hold onto as rentals. Market rents are generally high. Great access to public transportation ~Septa~ which will connect you with nearly anywhere in Southeast PA.
  
  Example:
  Rowhome 40,000.@8% = 294.
  Both higher than actual figures
  Rents $650 to $800 per unit.
  Taxes - less than $100.00 a month.
  
  That's $250 to $400 a month per unit.
  
  And a lot of the row homes are split into two units and are renting for $500 to $650 a month. Some of the properties are Section 8 which means regular delivery of rent.
  
  Well, I've rambled on enough about Philly.....
  
  diatribe

• 
  tinman175515th February, 2004

  I agree with green propps, I have been doing about 20 deals a month in pgh,pa
  
  Lori
  [addsig]

• 
  HOLLERatG16th February, 2004

  The key to investing in Philly, and what makes Philly so unique, is the neighborhoods. There are some neighborhoods on the decline, like anything in north, southwest or west. Then as you get above Center City and head NE, you find neighborhoods being revitalized. I've seen 3/1 rowhomes... ROWHOMES!... in Philly sell for over 200k.
  
  The key to flipping is knowing that price means nothing as long as you know you can sell to someone for slightly higher price. Pick a good neighborhood, get to know it and make a splash.

• 
  diatribe16th February, 2004

  Hello again.
  
  I'm in Aldan, PA so I'm about 10 minutes southwest of Philly.
  
  The NE is out of range for me right now.
  
  The only reason I'm buying in NJ is because of my seller (who is selling off her real estate empire to me) happens to sell me properties that I have to practically pass by when I visit my parents.
  
  You have any ideas for Norther Liberites?
  
  Thanks.