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INVESTING IN PHILADELPHIA
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Philadelphia, which translated from Greek means “City of Brotherly Love”, is in fact one of the most ethnically mixed US cities, with substantial communities of Italians, Irish, Eastern Europeans and Asians living side by side among the majority black population. It also served as the US capital until 1800, while Washington DC was being built. The Declaration of Independence was written, signed and first publicly read here in 1776, as was the US Constitution ten years later. Philadelphia is seen as a place of tolerance and liberalism. The city was laid out by Williams Penn Jr. in 1682, on a grid system that was to provide the pattern for most American
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Philadelphia city is the fifth largest city in the US and remains one of the fastest growing cities in population. It is constantly increasing with the influx of immigrants from all over the world as well as the emigration of people from nearby congested cities of New York and Washington D.C. This influx has resulted in a high demand of rental housing units within the city. This high demand has also been fueled by the increase in federal government sponsored housing assisted programs for citizens; of which Philadelphia gets a large percentage because of its high population figure.
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The city of Philadelphia also has its own numerous programs that provide rental assistance in forms of vouchers to the city residents. All these have led to the current high demand for rental housing and an attendant increase in rental income for investors in the city. Another positive advantage for properties in Philadelphia is the relatively low cost of these houses when compared with similar units from nearby states like New York and Washington D.C. as well as the availability of these units. The city has been attracting both foreign and local investors in recent times as more people have suddenly begun to realize the hidden potential in the Philadelphia property market and the fact that there are always people and organizations that are willing to rent.
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There are still good deals out here for clever investors - meaning, investors that know what they want and go after it come what may. Our specialty is finding ‘Fixer uppers’ for Investors. Philadelphia Area has been situated for quite sometime now, meaning it’s an Old city; there’s always going to be run down properties in the neighbourhood.
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As a rule we always go for the Diamonds in the Rough or Roughs in the Diamond, that is, the, the Best deals in the low income areas that will bring good returns with minimal investment or go after the worst properties in the best neighbourhood which after fixing up it will yield good returns plus a very large equity. A case in point is that of an investor who invested about $38,000 and later sold the property for $62,000 after short period of time.
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Finally, most of our “Philly” investors are cash buyers, however, the good news is that if you have 30% - 40% down payment plus your closing costs we would get you a mortgage.
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