Gettin' in the Game!

[Lauren N Sellers]

Greetings from Yardley, PA Everyone! 

I have been mostly on the sidelines of BP watching and learning while growing an interior design/home staging business. However, my bigger vision has always been to become an investor and flip houses.

2017 will be the year that I take the plunge. I would love to gain hands on experience in my intended market and would be happy lend fellow investors everything from my design skills & home staging knowledge to a helping hand sweeping up and cleaning out. I want to learn and I know this form of education is priceless. 

I hope to connect with agents who can help show me properties who'd be willing to add to me off market buyers lists, fellow investors in Philly, Bucks, and Montco, and other like-minded individuals looking to establish a strong network. 

I am currently interested in Philly- Cedarbrook, Wyndmoor, Stenton, and parts of West Oak Lane- row homes or twins. Primarily 3/1s --Starting small. Also seeking deals in Norristown--19401 and possibly Pottstown 19464.

Experienced Philly Investors/Flippers--- Do you find it more challenging to flip in Philly than the burbs? I've connected with several investors who refuse to flip in the city. Just want to make sure I'm not missing something. 

BP is awesome and I plan on learning all I can. Looking forward to hearing you! Thanks!

[Thomas Franklin]

@Lauren N Sellers Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.

1. How many investors do you currently work with and how many investors have you worked with, in the past?

2. How many transactions have you closed, with investors?

3. Do you currently own any Investment Properties? If so, what type do you own?

4. Are you a member of any REIAs?

The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality. In addition, a breakdown of the number of SFRs, Townhouses, and Condos, with corresponding ADOM (Average Days On Market), and Median Sales Price, for each municipality. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. You can identify the two highest retail price ranges, in greatest demand, per zip code where you can list the rehabbed property.

You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.