All Forum Posts by: Michael Davis

@Mark Gallagher Sound advice. Don’t know how I didn’t think about that the many times I’ve looked at properties. I appreciate it. 

I've taken a leap of faith and am going to be investing into an area that I have never invested in before. I have a property under contract in the City of Philadelphia in the Francisville community. Property has lots of potential and will turn a great profit. However, my only concern is finding a reliable contractor in such a large city setting such as Philly.

What is the best way to go about finding a dependable, trustworthy contractor in such a large city? I have used apps like Thumbtack before that have been hit or miss (about 50/50) but would rather not leave such a large project in the hands of something that "may" work out. I have someone that will be able to perform some of the finishing carpentry work that I have used several times in the past, but do not have any solid connections with other trades...yet. 

Any input is greatly appreciated! Thanks!

Mike

Welcome to the group @Scott Lewis! I am a local investor in Wilmington, DE as well and have loved every minute of investing in real estate thus far. My ultimate goal is to invest into multifamily unit buildings to create long term, passive income to be able to truly become financially independent. Let's connect, I'd love to catch up.

@Wes Blackwell That is an excellent point you bring up. I have been wholesaling deals off of the MLS with several agents and the most important thing I did with them is to explain to them that I am looking to wholesale deals off of the MLS. I explained to them that this means that there's going to be a ton of offer made every single week, lots of appointments letting me into the home to confirm rehab numbers once the other side has countered and we've started negotiations and some offers that are going to be considered "low ball" offers.

I have an agreement with them that they will get any listing if I keep the properties myself and rehab them and if I wholesale them, they will get an additional bonus for every deal that we secure that is sold to another investor. Seems to have been working so far. The big key in being honest upfront or else you're going to lose a lot of agents when you make a ton of offers that don't get accepted, finally get a contract, only to lose some and back out if you can't find a buyer or have a buyer back out.