I have no idea where to start my farm area?

Question

So I live in Center City Philadelphia and I'm really trying to get my wholesaling adventure started. Only problem is I just don't know where to designate my farm area. There are so many different neighborhoods. And since it's a dense city comps can even vary from block to block in the same neighborhood.
	
	Any advice on how you determined your farm area when you first started would be greatly appreciated?
	
	At this point there's a few neighborhoods that I've discovered are "on the rise" or maybe have some potential according to a few websites, I know there credibility might not be the best . But I'm not educated enough to decide that for myself.
	
	At this point I think I'm gonna just pick one and throw myself into it and absorb as much knowledge as possible. Just get out driver for dollars, network etc. Everything I can to get some practical education.

Jay Thackerson · Answer

Hi Jacob,

I totally understand what you're concerned about. l started my farm area

out of Sacramento by finding where the cash buyers were buying and

also looking for rental signs in starter neighborhoods. Once you have some

buyers lined up they will tell you what they prefer and you find it for them.

Good Luck,

Jay

Paul Timmins · Answer

@Jacob  Cannon

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Couple good reads

• 9 Reasons You Couldn't Find A Buyer For Your Wholesale      Deal
• Don't Start Wholesaling Until You Read This: Wholesale      Advice from a Fix and Flipper
• How to Start Wholesaling: Getting Past The Education and      Into the Field

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

Mike Hurney · Answer

@Jacob  Cannon Welcome.

"At this point I think I'm gonna just pick one and throw myself into it and absorb as much knowledge as possible."

I like that!

How about just, throw yourself into Center City and master that?;-)

Brandon Eleazer · Answer

Account Closed

If you're starting with single family 3BR, I suggest areas of the city where monthly rent is $900/month+ and ARV are at least $90k. This will likely give you a larger pool of end buyers. Not many buyers will turn down a deal at those numbers if you are able to get it cheap enough.

Brandon Lee · Answer

Account Closed , I would try calling local agents and casually position yourself as a retail buyer. The good agents will be very helpful and shed light on all the little pockets of each neighborhood.

I did something similar when I wanted to get a better idea about the market in Oakland (about 40 minutes north of where I grew up). The most helpful agents gave me decent breakdown about the parts to avoid down to the block and streets that were good and bad.

Li Wa · Answer

Account Closed

I don't know anything about wholesaling since I am a newbie myself.  Center City seems like a great idea, at face value, because you can do some door knocking and maybe save yourself some cash on marketing.  Do you belong to the SE PA Dig Reia? The speaker in March spoke about wholesaling in Philly.

Account Closed · Answer

@Brandon Lee Thanks Brandon I am open to anything and I do suppose that could work in some scenarios.

With that being said no worries @Jeff Weissman  I want nothing but the best reputation for myself so you don't have to worry about another wannabe "wholesaler" polluting this business with unethical practices and bs "leads" :p

WOW @Brandon Eleazer  I just realized I followed you on twitter a couple days ago before you even replied to this. Some people say social media is a waste but It's really amazing what It can do. I was just searching "philly rei and "philly wholesale" and followed creditable people and you happened to be one of them. This was just one creative way I though of on my own on how to find investors in an area without mls. Again the net can be an amazing tool. I'm still studying how to run numbers and comp properties but I do understand your post, now I just need to locating those. Again what a coincidence thanks for the advice and good luck with your own projects.
	 
	  Makes sense Account Closed fortunately philly has a lot of those, thanks!
	
	P.S. Not sure why the above response didn't tag properly, my mistake

Account Closed · Answer

@Brandon Lee Thanks Brandon I am open to anything and I do suppose that could work in some scenarios. 
	 
	   With that being said no worries @Jeff Weissman I want nothing but the best reputation for myself so you don't have to worry about another wannabe "wholesaler" polluting this business with unethical practices and bs "leads" :p
	 
	  WOW @Brandon Eleazer I just realized I followed you on twitter a couple days ago before you even replied to this. Some people say social media is a waste but It's really amazing what It can do. I was just searching "philly rei and "philly wholesale" and followed creditable people and you happened to be one of them. This was just one creative way I though of on my own on how to find investors in an area without mls. Again the net can be an amazing tool. I'm still studying how to run numbers and comp properties but I do understand your post, now I just need to locating those. Again what a coincidence thanks for the advice and good luck with your own projects.
	 
	 Makes sense @Wendell De Guzman fortunately philly has a lot of those, thanks!

Account Closed · Answer

Thank you glad you liked it @Mike Hurney yeah Iv'e been listening to a lot of the podcasts and they say that's the best way to get started is just get away from the computer screen and dive in, you'll learn so much. Center City is an option, very dry though from what I have evaluated as a beginner. But you're right doesn't mean it can't be done. My plan will probably be to start in Center City and work outwards from there until I hit some success. Just don't want to spin my wheels for too long.

Account Closed · Answer

Ahhh yes @Jay Thackerson I forgot about that. That's actually on my list of stuff to do. I haven't really made it out networking just yet but I do a lot of poking around on the net. Have found some cash buyer rehabers on social sites like twitter and facebook. They seem to do pretty well and I'm able to determine the area they're investing in. Also I want to acquire some lists or documents showing all cash purchases in a given area to find the bulk of where investors are working.
	
	Have you ever had any trouble with the competition being to high in an area between the investors or other wholesalers? To the point where you weren't getting any deals. 
	
	Thanks a ton!

I have no idea where to start my farm area?

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