$211 million - that's the number that will go to urban areas of over 200,000 population in Pennsylvania from the $27 billion Federal stimulus funds. $ 30 million is for mandatory "transportation enhancements", which include projects such as sidewalk repairs, bicycle paths and beautification projects, according to a Philadelphia Business Journal article.
As the article states, these projects "don't involve vehicle or mass transit related items". As we seek investment properties, we have seen the resurfacing of streets and repaving of sidewalks already. These projects have been attractive to property investors looking in Philadelphia for the past several years and add to a neigborhood's value.
Areas in Philadelphia such as the Market Street El corridor have already been worked on. Arch Street and a good number of the smaller streets running north and south have have been repaved (Arch with even a bike path) with new sidewalks. After many years, the Market St. el project is in it's final stages.
Cash flow investment properties are available on the north side and south side of Market St. At the present time, we have an investment property in the 57th & Market Sts. area. It can be acquired under $ 30,000 and about $ 25,000 in rehab work. After improvements, equity will be about $ 20,000, with positive cash flow every month after refinance.
On the south side of Market St., we have a property available on the 200 block of S. 57th St. The ARV will be $ 120,000 after rehab - it can be purchased for $ 42,000 and needing $ 38,500 in improvements. This property will also translate into positive cash flow and equity of $ 30,000. We also have one available in the 60th & Chestnut Sts. area.
There are many that would say that this stimulus package will not create jobs or really help the economy. I'm not here to argue that. What I am saying is that the stimulus money is coming - like it or not. Position yourself to take advantage of it and help your personal economy and financial future.
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