Philadelphia and Delco Market

[Jamir Burney]

Hey awesome investors at BP! I'm just a fledgling starting out on my real estate investing journey looking for some guidance. I'm looking to invest in Philadelphia and Delco. Mainly Delco at the moment and I am interested in foreclosure homes. This is mainly due to their attractive prices. So my questions are: 1) How does the auctions typically work in Delco? 2) Are foreclosed homes typically in bad shape? 3) What are some of the things to watch out for when buying a foreclosed home or a home from auction? Thanks guys!

[Tom Doherty]

Jamir - I'm a licensed realtor in the Philadelphia/Delco area. I have worked with investors in the Delco area before on foreclosed properties. ( HUD & HomePath )

1 - I haven't worked directly with any properties from an auction but from my understanding, they have monthly auctions in Media, PA. There is usually a list of properties to be auctioned off. At the end of the day the numbers need to make sense at the price you buy vs the price you hope to sell ( look at the comps ). Also, you will want to make sure that the property is free and clear on the title of the home.

2 - Not all foreclosed homes are in bad shape but most of them are, at least the ones that I have seen. Depending on your goal whether it is to flip or rent you just want to make sure you buy low enough to make a profit. The biggest headache is the process of actually getting the property to settlement, HUD can be tough to deal with ( from my experience )

3 - Again, haven't worked with properties from the auction but you want to make sure your numbers make sense and make sure title is clear on the property as well.

What areas in Delco are you looking at? I can help find properties for you and analyze them.

Thanks!