Hey guys. First-time poster here would like to share my story and ask for some guidance.
Back in 2007, I moved up to Western New York to work in the hospitality industry. While that was going on, I quickly learned that I like renovation/construction more than I did like operations. My wife and I started flipping houses last year and so far we have done three of them with various levels of profit. We are quite happy with the business model and our ability to get them done.
We have now decided to make a move to a city close to where our parents live so that we may be near them and allow our newborn to be near her grandparents. We picked the Philadelphia Metro area, specifically a 40-mile radius around the city for our move. Ideally, we would like to continue flipping houses to the point where we can use the profits to purchase a small multi-family property and then grow from there.
I have reached out to a few brokers in the Philadelphia area but I wanted to reach out to our community to see if anybody had any pointers. I am trying to figure out where I should focus my efforts on flips. If in the city itself, what part?
In Western NY, things are pretty straightforward as the assessed value is usually the sale price. Therefore, we focused on foreclosures. In the Philadelphia area, the assessed values are substantially lower than the comps. In the beginning, I would love to hook up with a wholesaler and not have to dig through the trash to find a deal.
Any help would be appreciated. If I can help anybody, please let me know. We have done 3 flips now and do know the model here in Western NY.