All Forum Posts by: Brett Stander

@Jimmy O'Connor

Good post, good read! Hopefully this will help out some of the newer, non-licensed wholesalers who are attempting to circumvent the new wholesaling laws.

Hello BP Philly, 

If we have not talked before, my name is Brett Stander- I am a realtor, Property Manager, and (hopefully) soon to be house hacker. 

If you are at all involved in the Philadelphia Real Estate scene, you would most likely agree that finding good deals for Multifamily units (especially those in safer areas) are hard to find. 

My two cents, to keep it brief: With the incredibly low interest rates at the moment, people who never invested in real estate are sticking their money into C+ - A+ assets, paying the mortgage and building equity. 

With this, however, the inventory is incredibly low. Especially for a good deal in a safer area. 

For me, this has been holding me back from getting into a house hack. 

My question: If you are thinking about house hacking, and you are looking in the city, what has been holding you back? The majority of us on this site have thought about house hacking for a while- if you are not taking the leap now, why not?

Hey Tom, 

I am a realtor and PM in Philadelphia, as well as work directly with a great lender and a few great contractors. I am also an investor myself! Feel free to shoot me a PM if you want to talk more. 

Weston, good question! I am a realtor/PM in philly and would be happy to help. I am also part of Smart Real Estate REIA- an investor organization that teaches new investors the ins and outs of the market. I think Kevin did a great job answering your questions, no need to reinvent the wheel there!

If you are interested, shoot me a PM and we can talk. I think I can help point you in the right direction if you are interested. 

@Jared Hettler

Good question! As someone getting going in real estate myself, this question reminds me of one of the larger questions in real estate: how much do you value your time?

Unique to this field, perhaps more than any other streamline profession, is the idea that you get to value your time to what you think it’s worth.

Getting back to your question- does it make sense? It depends. While the market in a city like Philadelphia is hot with distressed properties (I can tell you that first hand, I live in the city). The demand is also higher. Not to mention, everyone and their mothers attempts to wholesale real estate here.

But I’m the flip side, there is value in branching out. You add an entire new town/city/area to your tool belt. While maybe you don’t find a great deal outside your locality today, building that knowledge never hurts- if it’s something you want to commit time to.

So really, it’s up to you. One word of advice for Philly that I imagine carries over elsewhere- it is incredibly block to block here. There are dozens of street corners in west Philly you could stand on, walk two blocks north or south, and see an incredible increase or decrease in prices. So it’s something you need to commit serious time to learning before you hop in.

Hope this helped! Feel free to reach out, I’m a realtor and property manager in the city of Philly. Best of luck on your journey!

As followers of Biggerpockets, I am sure we've all heard the term "analysis paralysis"

If you haven't, this refers to not being able to commit to a property because you are too tied up in the numbers, and often results in losing the deal, or flat out walking away. 

In a market this hot, not being able to pull the trigger can be deadly, and often results in a deal you've put time and effort in becoming nothing more than practice. 

So, investors, I am curious to know: What's holding you back? 

If you're a new investor, why haven't you gotten started? And if you own properties but aren't buying right now, what's the reason? 

Hey Chloey! I don't want to blast the name on here, shoot me a PM and I'll help you out!

Mike had a great answer, I'd like to follow up! 

When pulling comps, the more recent, the better. A comp that sold 8 months ago, pre-covid, may have a very different selling point then what an identical house is worth now. 

Understanding the area is another huge factor. Sure, in Montana, you may be able to pull a comp for something that sold 5 miles down the road. In my market (philly) we tend to stick to .25 miles at the most, and will try and keep it within .1 if possible. 

This is the most accurate way to find your ARV. There are some other methods out there, but if you are newer, stick with this, as it will provide the best values. Shoot me a DM if you have questions.

Hey Bigger Pockets,

So, you worked with a wholesaler- or atleast heard the horror stories. Let me guess- they offered you some amazing deal for 40 cents on the dollar, told you it was a cosmetic job, and that it would be worth triple what you paid for it when you're done. Yea, me too. 

So when I decided to take up wholesaling, I promised I would be different- I offer my clients not only great deals, but honesty and integrity. As a real estate investor myself, I know that this business is nothing if its not relationships. My best clients are my repeat customers. 

So if you're in the Philly or Delco area, and I've even a little bit peaked your interest, please shoot me a message. I'd love to talk and see if I can help you out. 

Thanks everyone!

@Joseph Scorese