All Forum Posts by: Miguel Luzon

I'll keep you all posted. The seller hasn't gotten back to me since yesterday when I asked her for the dimensions so no word on that. She's getting the lot devided so the garage will be on its own plot of land so even the zoning is up in the air for now. I will post here if any details come in. Thanks for your insight everybody! It's definitely appreciated.

I haven't seen the property myself so I'm not sure what the lot dimensions would be off-hand and the seller didn't say. She mentioned that she had the garages built and that they're almost brand new commercial grade. As far as Zoning goes i'm not really sure since she is subdividing the lot to put it up for sale. My guess is that its being zoned for commercial. Buyer would definitely be an investor looking to rent out the lot for parking since its at such a premium here.

Greetings from Philadelphia! After my last marketing campaign I ended up getting a call from a seller with a Garage she was hoping to sell. I explained to her that since I focus exclusively on houses here in Philly I wouldn't know exactly what kind of offer to give her. I emailed some information about the deal to some of the other investors that I wholesale to on my buyers list but they don't seem to be interested at all.

How would one go about calculating the value of a property like this? It's a 2-car garage sitting on a lot by itself in the relatively up-and-coming neighborhood of kensington (two blocks west of front st. for those who are familiar.) The seller said that she already got an offer to rent it 800/month from a local handyman in order for him to store his equipment but she's more keen on selling.

Any idea how I should approach coming to a price and negotiating for this thing? Also does anyone know the best way to market something like this to other investors? its a unique situation but there is definitely opportunity here.

Hi Stacey! Welcome to BP! Although there really is a treasure trove of information here on the site don't let your learning hold you back. There is no substitute for experience. Believe me you will learn more putting your first deal together than you would doing months of research. Get a good foundation, Connect with like-minded investors, and then get out there and make things happen

Imperfect action > perfect planning.

Congratulations on this first step!

Welcome to BP Olivia! I'm a wholesaler here in Philly. I can't say I'm the most experienced (been at this less than a year) but I'm happy to share what I know and I never pass up an opportunity to meet other investors. Send me a PM and we'll exchange contact information. Best of luck to you!

Hello and welcome to BP!

1. Best place to start is right here on BiggerPockets. This site is full of information and between the forum, podcasts, and blog posts you can build a great foundation of REI knowledge right here. Start with podcast #1.

2. Whatever strategy you choose will depend on your current financial position, your goals, and your lifestyle. Research them all but I highly recommend you only choose 1 for now. It's easy to get overwhelmed if you try to handle the intricacies of a flip while dealing with tenants and and a direct-mail campaign.

3. In my opinion this is first and foremost a people business. Don't worry too much about the technical skills needed for a renovation. Instead work on finding a good deal and a good contractor to work on it. Focus on making sure your surround yourself with competent, honest people and making sure your numbers make sense. 

4. I'm a wholesaler so I'm biased here but there are hundreds of ways to find deals. The easiest and cheapest way that I've found is just through good old word of mouth and REIA meetings. Be about your business and don't be afraid to talk about it even if you're just starting out. You'll be surprised what kind of off-market deals pop up when just mention it to the right people.

Also find a wholesaler you trust. If you're cash buyer who closes deals on a consistent basis they'll be your best friend.

5. Get a deal first. Worry about starting a company after you have a deal or two done. Until then it's really just a waste of time.

6. When talking to a seller just be ginuine, friendly and professional. Tell them what you do and what you like about the property. You're never really convincing someone to sell you a property. They either want to sell or they don't.

7. I'll leave the tax Lein questions to someone more knowledgeable. Not my cup of tea at all.

You got this! Don't let it be a failed new year's resolution. Put in the work and learn as much as you can. Then put that knowledge to use. It won't come easy but it will come.

Remember: imperfect action is worth more than perfect inaction.

Make it a great 2017!

Hi @Quentin taborn

Welcome to BP and welcome to wholesaling! Best advice I can give is to think from the win. Have a an idea as to what your going to say and what to ask when your sellers call in to inquire about your bandit signs. You also might want to brush up on your negotiation skills so you can approach them with confidence.

We can't use bandit signs here in Philly but if they're legal in your area a good trick is to look up traffic patterns on Google maps and place them at the most congested intersections in your market area. This will get you the most eyes for the effort and is a great way to maximize the use of those 10 signs.

Last bit, the person with the biggest buyer's list wins. Definitely hit up any investors who might call your signs or any REIA meetings or meetups. Cash buyers are easy to find when you have a deal lined up. No need to limit yourself to 10.

Feel free to PM me if there's anything I can do to help. Best of luck!

I second that. I started using BP just before these meetups stopped happening so I really feel like I missed the boat.

Holy cow that's ambitious! I'm a firm believer in hands on learning so I can appreciate the fact that you guys are learning by doing. There's no substitute for experience.  As someone planning to invest in brewerytown I'll be following along with great interest. Best of luck! I'll keep an eye out for you in the neighborhood. 

Hi tom, nothing as of yet. i'm still looking at other properties and other options. I want to make sure I am prepared and have a better understanding of exactly what i am getting myself into before i put any money on the table.

still considering an agent and definitely shopping around for a good real estate lawyer.
i'll keep everyone updated, but it'll be a little while. :)