How to Find Good Investment Properties in Philly?

Question

My biggest challenge as an investor has been to find good properties - where the numbers make sense and the location fits my strategy. We spend a lot of time analyzing and walking properties. There is no big secret - it's about networking (I have been known to buy properties no one else even got a chance to see), about knowing how to cherry pick the MLS (yup we have made some fantastic MLS buys) and about knowing where to buy and how to quickly analyze a property potential / rehab. There is no way to get around the fact that you have to dedicate time to this. You have to walk the scary basements, figure out the confusing locks in the freezing temperature, talk to neighbors, make quick evaluations of roofs, electric, flooring, plumbing . . . Or you risk buying wrong. And once you buy wrong, you may be able to recover but not without spending more than you should - in time and money. It is an art but it requires some science and a good methodology.  Wouldn't it be nice to have someone who would do all this for you in Philly?   How do you find properties and make your decisions?

Mayer M. · Answer

@Sheryl Sitman

Yes, of course it would be nice to find someone to do all this for me

So far in Philly 6 of the 7 multi family properties I’ve bought in the past year or so have been through networking, not the mls, not wholesalers, but true networking meeting people and making friends.

I’ve been really fortunate to meet great people that are now friends, people who have helped me along the way without expecting anything in return and am happy to do the same in return.

Relationships are everything. Being honest, helpful and having the willingness to share information and resources in my opinion is the key to long term success