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| Photo by Designosophy |
If you're looking for your first real estate investment property, the resources available to you are countless. Between all of the clunky real estate websites and online tools, it's challenging to make sense of where to begin. Below is my consolidated list of resources that will help you identify and calculate wether or not an investment property in Philadelphia makes sense for you.
- Investment Property Calculator
This calculator is designed to provide a guide to possible financial outcomes of the purchase and rental of an investment property. (Hat tip to Sharon Jaffe)
http://www.goodmortgage.com/Calculators/Investment_Property.html - Property Search Map
This is a REMAX tool that has access to the full MLS. You create your own account for extended property information. I believe this tool will show on any REMAX website, this one is courtesy of Mittman+Rehling in Coshohocken
http://www.mittmanrehling.com/remaxparealtygroup/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=n - Taxes and Closing Costs
Everyhome Realtors has a tax and closing cost estimator. Replace the last 7 digits in this link with the MLS number you would like information for.
http://www.everyhome.com/e/ebcc.php?n=5951646 - Philadelphia Property Tax Records
Search for a property and find out what it sold for, what it's assessment is, who the owner is, tax history, and other property information
http://opa.phila.gov/opa.apps/Search/SearchForm.aspx?url=search
There's other useful sites out there, including Zillow.com that gives you estimated property values and Walkscore.com to determine what's next door and how walkable a specific property is.
To maximize your investment, buy an existing property that needs some TLC and make it energy effifcient. For materials and furnishings, look into Greenable.org and the Habitat for Humanity ReStore.
