Wholesaling in Philadelphia

[Michelle Smith]

I am new to real Estate investing and tons of questions.

First and foremost happy to be joining the BiggerPockets community. I live in Philadelphia where there are many development plans happening throughout the city. I have been doing a lot of research on building capital using the wholesaling method. Throughout my research, the “ease” in which one can make significant profit simply by wholesaling seems too good to be true. Anyone have any general tips about getting started in wholesaling in the Tri-state area? Is this market over saturated or is it a good idea to build capital to invest? Any tips of getting started doing one’s first deal? Also, for seasoned wholesalers, how do you use city development plans to find desirable neighborhoods?

Thanks in advance for any answers and advice!

[Chris Martino]

Hi @Michelle Smith,

Wholesaling is sold as the easiest way to break into real estate with no money and little experience. If you want to build a successful wholesaling business you will need much more startup capital than most people think for items such as deal deposits, website development, and marketing (direct mail, online, etc..). Since it is portrayed as the easiest way to break into the industry there are a lot of wholesalers out there but if you treat it as a business and have a real thought out plan you can definitely be successful.