Hey @Shawn C.
Welcome aboard! We are happy that you have joined BP! I can't wait for you to get started. Please don't hesitate to reach out if you have any questions or clarifications. We are always happy to help!
Hey thanks I'm really excited to learn more about this I got carried away on my first post i never noticed the whole section allotted to foreclosures and reos.
@Shawn C. welcome to BP! Some advice:
1) Start by finding one or more real estate agents in the area who can help you locate properties. BP is a great source of knowledge but nothing beats having someone you are working directly with who is experienced with investors. A good agent can help you locate properties that make sense for your criteria, and a great agent will have a source for off-market investment deals too.
2) Stay away from sheriff sales until you are more experienced. In Philly at the moment, it is hard to find a good deal there, at best you won't be able to sell (with clear title) or refinance for over a year from the date of the sale, and most times you don't get to know much about the interior of the property prior to purchase. Keep it in mind as something to explore in the future once you have a few deals under your belt but don't worry you're not missing out in the meantime.
3) Consider signing up for HAPCO and DIG, two groups local to the Philadelphia area with a lot of great advice and members.
4) Go to local networking events (check out meetup.com, among others) to meet other people in the area who can help you achieve your goals.
Best of luck and have a great 2018!
Welcome aboard Shawn. I agree with Ethan's #2, #3 & #4, great advice. As far as #1 is concerned from my own experience I'd say most realtors either don't come across the deals we want as investors or pass them off to the rehabbers/investors they have in their back pocket when they do come across them. Let's face it, MOST deals on the MLS are retail priced and won't fit the investor criteria, especially in Philly. A better plan of attack would be to sign up for D.I.G. https://digonline.org/and https://www.meetup.com/. Attend the local real estate meet-ups and find a bunch of wholesalers at these events, exchange information with them and ask them to place you on their buyer's list. If they're good wholesalers they'll send you a lot of OFF-Market deals that aren't on the MLS. More importantly, figure out what you want to do in real estate first. Rehab and flip? Buy and Hold rentals?
I love the ambition and the Philadelphia market is a great place to start! I would definitely research areas like Gray's Ferry, Point Breeze and Brewerytown as these are in the phases of amazing development. They have great potential for fix and flips as well as cash flowing rentals. It is only a matter of time before these prices start to sky rocket because of the demand due to the rapid development. Feel free to connect and reach out if you have any other questions! I am always looking to build relationships in the Philadelphia real estate community.
Wow thanks guys that's some good info I never would of known about. My goals would be rehab and flip just because my situation I'm a carpenter and have a lot of resources and knowledge to fix just about anything. What kind of money could you start with obviously more is better but say I walked into a realtor office with 50k what would they say if I told them my plans? Obviously there job is to make money to I'm not trying to be a billionaire just make do with what I have.
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