All Forum Posts by: David Bokman

@Tolu Malik Those are very BIG area's my friend! Very Big!!! Besides research I suggest you get boots on the ground. Philadelphia county alone is very big, not to mention the 3 other counties you just mentioned. I suggest you spend your weekends down here getting to know the local market since your not that far away. 

As @Dave Lin Mentioned below your gonna need to get more specific with your area. I would assume your talking about the Philadelphia region based on your post? If thats the case you should know that Philly is a block by block city with multiple different neighborhoods. I always tell out of state investors to really do there homework before investing in area's they are not familiar with. If your looking for off market properties in and around the Philly area feel free to connect anytime.  

@Jeremy Hunsberger Welcome to the BP community. I'm a local investor in the Philly area and also a very active wholesaler. Feel free to connect if your looking for off-market properties in and around the Philadelphia region. 

Your going to need more than just an overall base of understanding if your trying to wholesale properties...There is a lot more to learn then just contracts. But to answer your question there is no set standard timeframe, you set the rules and expectations, but with that being said most wholesale deals are done within 30-45 days on average.

@Brett Hannon welcome to the BP community. I actually grew up in the feasterville area myself. I'm a local philly investor and very active wholesaler for the philadelphia and surrounding counties. I'm certainly always looking for good construction crews so if there is anything I can do please feel free to connect. If your looking for off market properties I can certainly assist in that.

The biggest mistake I see here is that most people dont tell the sellers the real truth about what they intend to do with their house, which is why you keep having to "make up stories" which should never be the case! I tell all of my sellers right from day 1 that I need access to the house and its in my contract, if tenants are in the house than 24 hours notice will be given. I also tell my sellers on day 1 that my intention is to close on the property BUT I also have the right to assign the contract which is the other reason why you need access to the property.  There is no other way around it....you gotta be honest! If your honest in most situations most people will work with you.  Otherwise trying to wholesale properties with living tenants can be one big pain in the *** and not worth the time at all. 

@Sukrita Kejriwal Philly is a pretty large area with lots of pockets for investment. Everything from parts of the city to the North east you can find great rentals.  All depends if your looking for turnkey rentals or if your able to rehab some of these homes yourself will depend on the cost. Are you looking for turnkey rentals or homes your gonna be fixing up and than renting out? Whats your plan? Depending on how much your looking in monthly rent your budget seems ok with me. Are you a cash buyer or using financing? 

Research, calling, networking.....unless you have a reason for investors to call you, your gonna have to go out and network. I highly suggest you network in your area before trying to find out of state investors. Go to your local REIA meetings they can easily be found online. and they are free.

All of the above.....But to answer your question the only other way to get a lender to work with you regardless of credit situation would be to do a JV deal (profits split 50/50)...BUT in order to do this kind of deal the lender will require that the purchase price and construction cost and ARV be in line..so in a nut shell...you better know what you are doing and most lender will most certainly verify as well. It starts by building a relationship with a local vender and showing them you know what you are doing. Note that not every lender does JV deals.....your gonna have to search for the ones that do.

Good luck.

Sorry meant to say it shouldn't  be your main objective!

Just my 2 cents.

David B