How to find deals in Philadelphia

Question

Hey everyone. I’m from Philadelphia, Pa. I was wondering if anyone has any good ideas on how to get a deal here. I have tried through the mls and have made about 6 offers and counting to on there. And now trying to drive for dollars and also direct mail. I was wondering if anyone has any pointers on how I could be more effective. Also if anyone knows any wholesalers in my area. Thank you very much for the help.

Sheryl Sitman · Answer

@Matheus Schaper  Gone are the days of finding amazing deals in Philly. But smart lucrative investing is possible and there are many strategies. You have to contend with a combination of novice investors buying at above market prices and the influx of investors to the city. So either you spend a ton of time learning this market both online crunching numbers, analyzing trends, understanding city regulations and quirks and walking properties until your feet hurt and you are short of breath from breathing in so much mold or you work with someone who has done that for you. I am finishing this N Philly rehab now of what i know is a an incredible investment that I got off market - I had to drop everything on a Saturday morning to go see it and made my cash offer within 15 minutes. I could have never done this at the start of my investing career, for many reasons.

Sheryl Sitman · Answer

@Matheus Schaper

Get onto wholesaler mailing lists and follow them on social media - there are countless places they are posting and pushing.

@David Bokman  is a great wholesaler (they are definitely not all made equal to say the least)

Don't get trapped into thinking off market is always better. lots of good stuff on MLS and strategies for getting good opportunities.

Cash is king. Best deals are not going to be available if you are financing.

It takes time to learn how to do this. You are up against lots of savvy buyers. You may need to pay a bit more than you think you should -- but that is not a reason not to buy.

Working with savvy agent or someone who knows the city and knows investing could certainly save you time and money with sourcing opportunities, making good decisions, using vetted title, insurance agents, contractors, etc etc.  Jumping in alone with no in depth knowledge can be an expensive way to learn - but doable as well.

David Bokman · Answer

I run a high volume wholesaling company feel free to reach out with any questions.

Matheus Schaper · Answer

@Sheryl Sitman

Yeah makes sense. And congrats on your purchase that’s awesome.

Matheus Schaper · Answer

@Joseph Cacciapaglia

Okay so I guess its not so bad? I was wondering because between the repairs and the ARV I was wondering how these people were making it work come with a profit or even equity.

Matheus Schaper · Answer

@Sheryl Sitman

Thank you for the advice. And I have been trying. I don’t expect it to be easy but I thought maybe there is something I’m missing. I went to the auction last month and they were paying higher than the market value on some houses. And the ones I bid on even at asking price they were selling over asking price with substantial amount of work needing to be done, were it didn’t make sense with the ARV. I figured sense I’m new there most be something in the market that I’m missing.

Thank you for the advice

Joseph Cacciapaglia · Answer

Getting no deals with 6 offers isn't that unusual in a competitive market. Getting 1 in 10 on MLS deals is pretty decent in my market right now, for an investors looking for good deals. Other than that, listen to what @Sheryl Sitman said about working with a savvy agent. She is right no point.

Matheus Schaper · Answer

@David Bokman

Hey David that’s awesome. Your just the guy I was looking for. If you have anything come up keep me in mind. Also, I am trying to learn the wholesale business also and if your interested maybe we can work something out that would be beneficial to you.

Matheus Schaper · Answer

@Brendan Markle

Do you have any idea on how to find the wholesalers? I have been trying to track down some real estate agents and speak to them but I have no idea how to find the wholesalers. Thank you

Brendan Markle · Answer

Find wholesalers in the region, or form a relationship with real estate agents who are doing a lot of deals in the investment space.  This is all easier said than done but in this market its really the only way to get an advantage

How to find deals in Philadelphia

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