Philly Suburbs - Live in Flip Strategy

[Jon Jones]

Hey BP Community-

I have been looking around the philly subburbs, primarily Delaware County, for the past six months, trying to close my first deal. For my first deal I am hoping to purchase a "lightly" distressed/outdated SFH or duplex property and do a live in flip. I don't feel comfortable borrowing hard money for my first deal and won't be able to work quick enough to make it worthwhile, so I am limited to conventional financing for the time being. Unless someone is aware of another route!

I have a realtor and lender lined up, but unfortunately the market in these areas has just been too hot, as I am sure everyone has heard a millions times this past year, and I just can't make any of the numbers work for the few properties that are on the MLS.

 As a result I am wondering if there is anyone out there who is using a creative strategy to find off market properties that can be conventionally financed. I have though about direct mail campaigns or door knocking to try and find a property that is in good enough shape to conventionally finance, but I wanted to see if anyone else out there has had any better ideas first or experience with that strategy.  I understand this strategy is not going to net me the profits a typical flip, but I think it is a safe place to start

 Appreciate any advice the community has for me on this subject!  Thanks