All Forum Posts by: Shawn Washington

@Jung Ahn,

Welcome to BP and congrats on your current success. BP is a great place to gain valuable information that can definitely help you with your investment plans. Having your license and signing on with a brokerage will providing a network for you to gain experience. Feel free to reach out with any questions I'd be happy to help out.

Hi @Rahson Jordan,

I've done a good amount of deals where the buyer was using a VA loan. I actually have two buyers go under contract in the past week on multi-unit properties using VA loans. Feel free to reach out with any questions I'd be happy to help.

@Bhanu Kuna

Everyone that commented has provided some good information. I'd like to add to Look for agents that invest and own property. I would ask specific information about their investments and the strategy they use. Ask the agent how they find deals and evaluate if it's a good investment. An agent/investor should be able to breakdown the purchase and construction process. They should have specific budget information for rehabbing, building, flipping and the buy and hold process. It's very difficult to fake it when being asked specific investment questions. Ask to speak to other investors that they represented. In the past I've taken potential clients to see some of my projects and the projects of investors I've represent.

@Shawn Mcenteer, 

There are some good deals in Philly but it's extremely competitive. Prices continue to rise quickly and buyers have to move fast when they find a deal or risk losing it to other investors. I recommend doing your research on the area, having your funding in place, setting realistic criteria/expectations and don't hesitate when you find that deal. 

Hi @Christopher Ade,

FHA loans are designed for owner occupants. There are different requirements to qualify for the loan. One of the issues you'll face is distance. You can qualify if you're 100 miles or less from your place of employment (some lenders are able to stretch a little on this). I currently have a client that is purchasing in Philly and work in NY. Their lender approved them to purchase here in the city. You may also have an issue getting approved if you currently have an FHA loan. You're not allowed to have more than one at a time. There are many other qualifying factors that could impact you qualifying. I would recommend talking to another lender about this before calling it quits.

Hi @Jack Morris,

I use many different sources for finding good deals. I drive for dollars, link up with an investor friendly agent (myself), wholesalers, other investors, ETC. Having a strong network allows you to find those good deals. Good luck with the search and feel free to contact me with any questions. 

Hi @Graham Lucas,

I'm currently working with investors from New York breaking into the Philly market. Feel free to contact me with any specific questions. 

Hi @Ben Allumbaugh,
I'm an investor in Philly experienced in multi-unit investing. I have multi-units that I've rehabbed and currently rent throughout the city. I focus more on multi-units as my buy and hold preference. Philly can be very competitive with finding properties but there's a lot of opportunity throughout the city. Feel free to message me. I can give you a rundown of my experiences (problems encountered, steps to resolve, what to look for and what to avoid). 

Hi @Deniz Eker, apparently my previous comment was reported by someone as advertising and removed. I'll rephrase my comment. I'm an investor and developer in Philadelphia, Delco and Montco. I mainly focus on new construction now but still pickup rehabs occasionally. I'd be happy to connect with you and talk investing.

I'm an agent, developer and investor. I have a lot of investors for clients because of my experience. I'd be happy to discuss further. You can message me with any questions.