Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago, 10/16/2019
Looking for that first BRRRR (Greater Philadelphia market)
Hello real estate professionals! I'm currently in search of my first deal and am looking to do a BRRRR. I'm trying to network as much as possible with other investors, agents, wholesalers, brokers, contractors and hard money lenders. I've been focusing a lot on education over the last few months and have recently started to practice analyzing deals.
I'm looking for deals mainly in the suburbs of Philadelphia (Montgomery county and parts of Delaware county). That being said, I am open to business in the right parts of Philly. I feel comfortable with funding a deal so my dilemma right now is finding a good deal. I'm looking to start direct marketing as well, so any advice on that front would be greatly appreciated! I recently bought an absentee, high equity list.
I'm fully open for business so as I continue to look on my own, I welcome any and all professionals who would like to do business with a newbie who has funds lined up like myself. Thanks for your time!
@Anthony Venezia hi Anthony. I’m in the process of wrapping up my first brrrr in coatesville. Rehab is done and the property is rented just waiting to see what the refi will work out to. What areas of Montgomery county and Delco are you focusing on?
@Anthony Venezia Anthony, @Mallory Davis may be able to help you out. She has introduced me to some good deals in Delco and Philly recently. Best of luck.
Originally posted by @Ryan Hoer:
@Anthony Venezia hi Anthony. I’m in the process of wrapping up my first brrrr in coatesville. Rehab is done and the property is rented just waiting to see what the refi will work out to. What areas of Montgomery county and Delco are you focusing on?
Hi Ryan. That's awesome, congrats! As of now, I'm focusing on Pottstown, Phoenxville, Spring City and Collingdale. I recently started to look into Coatesville as well coincidentally.
I'm curious to hear more about your deal and what you've experienced so far! If you don't mind, please share either on this post or feel free to send a direct message. Thanks for your time!
Originally posted by @Joseph ODonovan:
@Anthony Venezia Anthony, @Mallory Davis may be able to help you out. She has introduced me to some good deals in Delco and Philly recently. Best of luck.
Thanks for the recommendation Joseph!
@Anthony Venezia sure thing. We bought a twin for $40k and did a ton of work on the property (mostly myself) and we’re all in for about $72k. Put it up and rented it almost immediately for $1,200. I’m working on putting a heloc on the property now so I can hopefully do it again. Unfortunately I haven’t found anything close to these numbers recently.
Originally posted by @Ryan Hoer:
@Anthony Venezia sure thing. We bought a twin for $40k and did a ton of work on the property (mostly myself) and we’re all in for about $72k. Put it up and rented it almost immediately for $1,200. I’m working on putting a heloc on the property now so I can hopefully do it again. Unfortunately I haven’t found anything close to these numbers recently.
What's your ARV looking like and was the deal off market or found on the MLS? Also, have you identified anyone to do the cash-out refi with yet?
@Anthony Venezia it was an approved short sale in the mls. I'm hoping for $100k ARV, but hard to say where it will come in. Zestimate is $119k which I know doesn't really mean anything, but I can't find anything as nice as what we have for less than $100k. Working with a bank on the heloc and should know within the next two weeks.
Originally posted by @Ryan Hoer:
@Anthony Venezia it was an approved short sale in the mls. I'm hoping for $100k ARV, but hard to say where it will come in. Zestimate is $119k which I know doesn't really mean anything, but I can't find anything as nice as what we have for less than $100k. Working with a bank on the heloc and should know within the next two weeks.
So far it sounds like a really good first deal. That's awesome! Good luck with the heloc. As mentioned in my original post, I have funds to work with. Just searching for a deal at this point. If you're ever in need of funds after finding a good deal, please don't hesitate to reach out. I'm always open to partnering if it makes sense for all involved.
@Anthony Venezia sounds good. Good luck with your search. I’ll update you when the heloc is finalized.
Good luck Anthony!
As for direct mail marketing, make sure you do at least 5-6 touches. Keep your message short and include your website and email. Feel free to reach out to me if you need any help with the template.
@Anthony Venezia I’m also in the area (Main Line) and find that attending Meet Up group events helps to network and learn from others. There are a lot of these groups in the area.
Hi Anthony, You mention that you are looking in Philly, Delaware and Montgomery county. Have you thought about Berks? I have done flips in Chester, Montgomery and Berks. I have rentals in Berks and one in Montgomery (Pottstown) Berks County is affordable and have a high rental margin. Reach out to me if you want to discuss. I am also a realtor and can get help you out with anything on the MLS and comps. Plus I am only in Malvern. PM if you want to meet up and chat.
@Jim Hogan Happy to help where I can (lending source for purchase & improvements). Holding really isn't my game, but have done a ton of flips, so I can offer insight on the buy and improve part of your BRRRR. Rob
Originally posted by @Anthony Venezia:
Hello real estate professionals! I'm currently in search of my first deal and am looking to do a BRRRR. I'm trying to network as much as possible with other investors, agents, wholesalers, brokers, contractors and hard money lenders. I've been focusing a lot on education over the last few months and have recently started to practice analyzing deals.
I'm looking for deals mainly in the suburbs of Philadelphia (Montgomery county and parts of Delaware county). That being said, I am open to business in the right parts of Philly. I feel comfortable with funding a deal so my dilemma right now is finding a good deal. I'm looking to start direct marketing as well, so any advice on that front would be greatly appreciated! I recently bought an absentee, high equity list.
I'm fully open for business so as I continue to look on my own, I welcome any and all professionals who would like to do business with a newbie who has funds lined up like myself. Thanks for your time!
Hey Anthony! I was wondering if you could sum up in a sentence, what is the one thing that is hold you back from investing? Is it just finding a good deal?
Originally posted by @Ehsan Rishat:
Good luck Anthony!
As for direct mail marketing, make sure you do at least 5-6 touches. Keep your message short and include your website and email. Feel free to reach out to me if you need any help with the template.
Thanks for the advice, Ehsan!
Originally posted by @Antonio Cucciniello:
Originally posted by @Anthony Venezia:
Hello real estate professionals! I'm currently in search of my first deal and am looking to do a BRRRR. I'm trying to network as much as possible with other investors, agents, wholesalers, brokers, contractors and hard money lenders. I've been focusing a lot on education over the last few months and have recently started to practice analyzing deals.
I'm looking for deals mainly in the suburbs of Philadelphia (Montgomery county and parts of Delaware county). That being said, I am open to business in the right parts of Philly. I feel comfortable with funding a deal so my dilemma right now is finding a good deal. I'm looking to start direct marketing as well, so any advice on that front would be greatly appreciated! I recently bought an absentee, high equity list.
I'm fully open for business so as I continue to look on my own, I welcome any and all professionals who would like to do business with a newbie who has funds lined up like myself. Thanks for your time!
Hey Anthony! I was wondering if you could sum up in a sentence, what is the one thing that is hold you back from investing? Is it just finding a good deal?
Hi Antonio! Currently, I'm in process of closing on my primary residence. Really that's the main thing that is preventing me from taking action on an investment. After settlement, it will just come down to finding a deal that makes sense. My main criteria is good location and then being all in at around 70% of the ARV for a quality BRRRR.
@Anthony Venezia
Ok so I want to help by breaking down what you said. So the first thing to me, is what clarifies a good location for you? I was having this as an issue so I made a questionnaire that helped getting information about a location to determine if it’s a good one, if you want I can send you it!
Originally posted by @Antonio Cucciniello:
@Anthony Venezia
Ok so I want to help by breaking down what you said. So the first thing to me, is what clarifies a good location for you? I was having this as an issue so I made a questionnaire that helped getting information about a location to determine if it’s a good one, if you want I can send you it!
To me a good location is one where the 1% rule applies. On top of that, I'm looking for low crime, fair rent vs. own ratio and an up and coming area preferably. Being as inexperienced as I am, I'm all ears for other factors that I should be looking into! I'd be more than happy to see what your questionnaire consists of. Feel free to send me a PM if you'd like and I can share my email address with you for sending the questionnaire. Thanks for your time!