I am looking to invest anywhere between Scranton and Philly but avoiding the cities. Whether it is a flip or rental I am having a hard time finding any decent deals on the MLS. Any recommendations on specific areas or tips?
@Tanner Foix in my experience anything listed on the MLS that is actually a good deal moves pretty quickly. I would recommend working with an agent who works in the market(s) you're looking in since they see everything on the MLS more quickly and often pull in off-market deals too.
Good agents who work with investors will generally have plenty of lead sources for deals. Hope that helps a bit!
The markets for SFHs in both Lackawanna and Luzerne Counties are hot right now. There isn't much inventory. If it remains after a week, it is probably priced above retail. You can forget about finding anything below retail right now. I spoke to a realtor last week, who has advised clients to put an offer in before even seeing the home, otherwise it's entirely possible, you don't even get the opportunity to make an offer.
You probably have 2 choices. (1) Pick an area, and start a marketing campaign to try to get a property before it gets into a realtors hands. (2)Look at the MLS a couple of times per day, when something pops on that might interest you, have your realtor make an offer, then go see the property.
Tanner, I see that you’re an agent so you probably don’t need a buyers agent, correct? I do specialize in investment properties in the Scranton area and get my hands on some larger portfolios as well. What are you looking for in your investment(s)? What sorts properties, prices, and numbers? If I get anything I can send it your way and also am open to discussions in what’s realistic in our market!
@Kate Daye Correct! I have been looking for a SFH or multi-unit rental around the Valley (Peckville, Blakely) area which I am very familiar with. Avoiding areas like Scranton and Carbondale. I am leaning more towards NEPA considering Philly area is so expensive. Most properties listed right now around here are in rougher areas like Norristown and are in terrible shape
There aren't as many multis up the line as SFH (especially compared to scranton and surrounds). But there are some decent SFH hitting the market every single day! Lots in turn key condition around 100k or less, that would rent for 1200-1600. With rates right now, you'd be making great money! And don't be afraid of Scranton. Just look for taxes on the property as the vary like crazy - but aren't ALL bad.
Tanner, nice to virtually meet. I flip properties in the area as well. Sometimes, when I have a deal that doesn't meet my criteria, I sell them to other investors. It's not my norm, but most times it's still a deal. We can connect and I will share any potential deals with you. Good luck!
That sounds great! I am really looking to get a few properties this year. I have been an agent for years but want to finally get going with investing.
@Tanner Foix , I'll shoot you a private message.. Look forward to connecting.
@Tanner Foix Sheldon Zimmerman with Slatehouse Group is an investor friendly realtor who I've worked with before. Let me know if you'd like his contact info. You might also try searching for properties on the MLS that have been sitting for 6 months or longer or property listings that have expired in the past few years. You can also niche the MLS search down by searching for terms like "handyman" "flashlight", "TLC"...etc.
I’m in Northampton Cty, Easton area. There’s almost nothing here hitting the market that is priced investor friendly
@Matt M. Think of the asking price as a suggestion. Just make the offers that make sense for you. Especially if something is sitting for a while, the seller may be willing to make a deal.
Thanks, I know how the game goes. When crappy 1/2 doubles are selling $80-90k, it’s a no go for myself and investors I do work for. The numbers just don’t work, but there’s to many novices just waiting to get in the game and overpay. They’ll see..
@Matt M. Yes that’s true. Do you do any direct to seller marketing?
Not really. My ears and eyes are always open. If I can’t buy it, I have clients who will, and I’m the rehab guy. Win win either way. I bought two off-market last year. Super great buys.
@Matt M. sounds good.
Hi welcome to the community. You definitely should look at off market inventory, currently all around philly and the surrounding counties there are very little good deals still left on the MLS and the good deals don't make it to market. I would focus on Delco + Montco county for flips and rentals. Both areas have pockets that are great for both.
Norristown is an interesting area, its very block by block, and the values show that. But I will say that Norristown is very up and coming with a ton of money being pumped into the area. They are trying to make it what phoenixville is like now, an artsy district kind of vibe. Here is an article describing the planned development, https://www.norristown.org/424...
I hope this can shed some light on Norristown, but also Delco is a fantastic area to get into.
I just sent you a request . We can chat live if you have time
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