New Philly Investor from Bucks County

I have my first deal under contract in West Philly(closing 9/05/08) and I'm looking forward to networking with other area investors and RE professionals.

Edited: 06/26/2010 at 05:48AM

Roc P.

143 posts
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Icon_minipost Aug 31 '08, 06:49 PM

Good luck scott keep ur eyes open for reo in bucks co. I imagine property values are high where u live due to that general area being rather nice.

Imho U should look for rentals in bristol or croydon somewhat closer then w. Philly.
Good luck with everything

Edited: 06/26/2010 at 05:48AM

Scott Dwyer

Real Estate Investor · Furlong, PA

17 posts

Icon_minipost Aug 31 '08, 10:25 PM

Hi Roc,

I'm not holding this property. I'm flipping it. Unfortunately it's hard to get a property to cashflow with the taxes in Bucks County. That's why Philly is a goldmine. I've seen annual RE taxes in Philly as low as $120. Compared to taxes in Bucks in the 3-6K range annually.

West Philly is only a 40 min. drive so it's not that bad. It would take me close to the same time to get to Croydon or Bristol from where I'm at.

Thanks for the input Roc. Are you currently investing in the Philly area? If so where?

Edited: 06/26/2010 at 05:48AM

Roc P.

143 posts
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Icon_minipost Sep 02 '08, 12:07 AM

Hey Scott, I'm not investing right now in Philly but I would like to move my investments ideals into the city due to the amount of deals there. As of now I leave outside the city and primarily focus on investing in Chester County.

Another area with high taxes but if you buy right it makes it bearable. Best of luck and keep in touch if I ever come across anything I'll forward it to you.

Edited: 06/26/2010 at 05:49AM

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Jason Hanson

Real Estate Coach · Oakton, Virginia

696 posts
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Icon_minipost Sep 02 '08, 05:25 AM

Scott,

Welcome to the site. Congrats for getting your first deal under contract.....wholesaling is an awesome and risk-free way to start out.

Edited: 06/26/2010 at 05:49AM

Scott Dwyer

Real Estate Investor · Furlong, PA

17 posts

Icon_minipost Sep 02 '08, 08:36 AM

Hi Jason,

Thanks. I'm pretty excited about it. I'm hoping to be able to wholesale a deal or two while I'm flipping this one to generate some extra cashflow while my money's tied up.

Any words of advice for a wannabe wholesaler?

Should I worry about developing an extensive buyers list right away or should I just go find some deals and build my list that way.

I'm more inclined to think that other investors will take you more seriously if you actually have a deal or two under contract to show them.

Edited: 06/26/2010 at 05:49AM

Robin Vidovich

Real Estate Investor · Reading, Pennsylvania

227 posts
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Icon_minipost Sep 04 '08, 09:58 PM

Scott,
I can second the lower taxes in Philly. I am wholeselling one right now with annual taxes of $127.

I don't think that you need several deals at one time to offer investors to look at if you can network and market the property well! Of course it needs to be a desirable deal as well. The numbers will always make or break you in wholeselling!

Good luck and keep us posted on your success!
Feel free to pm me if you need a bit more support.

Robin

Edited: 06/26/2010 at 05:50AM

Scott Dwyer

Real Estate Investor · Furlong, PA

17 posts

Icon_minipost Sep 05 '08, 12:23 AM

Hi Robin,

I sent you a PM.

Edited: 06/26/2010 at 05:50AM

Chris Wallace

Real Estate Investor · Washington, Washington D.C.

7 posts

Icon_minipost Sep 05 '08, 10:21 PM

Welcome, Scott good luck with your deal!

Edited: 06/26/2010 at 05:51AM

Leesa Cramer

Real Estate Investor · Levittown, Pennsylvania

36 posts
46 Influence
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Icon_minipost Sep 14 '08, 07:37 PM

Hi Scott,
Welcome. I live in Levittown and just beginning again to start wholesaling. I'll explain that long story sometime in another post. Anyway, sounds like you are off to a good start. May I ask, how did you find the property? Motivated seller? REO? FSBO. What sector of the market are you focusing on that you are wholesaling? You can send me a PM. Thanks!

Edited: 06/26/2010 at 05:55AM

Kim Rock

Residential Real Estate Agent · Yardley, Pennsylvania

72 posts
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Icon_minipost Oct 28 '08, 03:52 AM

Hey Scott,
I know I am a little delayed in replying to this thread, how did your first closing go? :) GL!

Edited: 06/26/2010 at 06:14AM

David Cole

Accountant · Sedona, Arizona

48 posts
15 Influence
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Icon_minipost Oct 28 '08, 04:26 AM

Hey Scott,

Glad you could join us... lots of experience and helpful people here!

Dave

Edited: 06/26/2010 at 06:14AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

10630 posts
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Icon_minipost Oct 28 '08, 04:48 AM

Welcome aboard, Scott!

Edited: 06/26/2010 at 06:14AM

Joshua Dorkin, BiggerPockets, Inc.
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Dan W

· Central NJ, New Jersey

18 posts
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Icon_minipost Oct 28 '08, 05:20 AM

Hey Scott

You can add me to your buyer's list! I'm a new investor looking to purchase rental units in Philly. If you have anything that fits the bill, let me know.

Good luck
Dan

Edited: 06/26/2010 at 06:14AM

Dick Green

Residential Real Estate Broker · Conroe, Texas

1596 posts
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Icon_minipost Oct 28 '08, 09:53 PM

Hi Scott!

Just wanted to stop by and add to the welcomes. Looking forward to chatting with you.

Edited: 06/26/2010 at 06:14AM

Adolfo Celi

1 post

Icon_minipost Oct 29 '08, 09:23 AM

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Edited: 06/26/2010 at 06:14AM