How to Find Good Investment Properties in Philly?

[Sheryl Sitman]

My biggest challenge as an investor has been to find good properties - where the numbers make sense and the location fits my strategy. We spend a lot of time analyzing and walking properties. There is no big secret - it's about networking (I have been known to buy properties no one else even got a chance to see), about knowing how to cherry pick the MLS (yup we have made some fantastic MLS buys) and about knowing where to buy and how to quickly analyze a property potential / rehab. There is no way to get around the fact that you have to dedicate time to this. You have to walk the scary basements, figure out the confusing locks in the freezing temperature, talk to neighbors, make quick evaluations of roofs, electric, flooring, plumbing . . . Or you risk buying wrong. And once you buy wrong, you may be able to recover but not without spending more than you should - in time and money. It is an art but it requires some science and a good methodology. Wouldn't it be nice to have someone who would do all this for you in Philly? How do you find properties and make your decisions?