Wholesalers in Philly?

Question

Any wholesalers in Phiily? Looking to get started in the area and curious to know if anyone is closing deals without having a "Wholesale License".

Jimmy O'Connor · Answer

Hey @Shakia Sistrunk! I've worked with a good deal of Philly wholesalers. If you want to know what it takes to be successful in this market, see this post I made to help the rookies out a while back https://www.biggerpockets.com/... . Best policy to stand out to be honest and not a scum bag. In our rough around the edges market, this already puts you at an advantage for repeat business throughout the various market cycles.

Rich O'Neill · Answer

@Shakia Sistrunk Both @Jimmy O'Connor and @Kevin Uzelac are right- consider finding your niche (which I think was what Kevin wanted to say), persist (which Kevin did say) and don't be a scumbag (as Jimmy so eloquently put it).

The fact you are trying to go around the "wholesale license" is concerning, since any honest wholesaler shouldn't have any issues with the restrictions it places. A hassle, sure, but not worth trying to go around.

One avenue to consider is focusing on the suburban markets. Most of my personal investing has been in Delco and it has been really hard to find deals there lately. Most of the wholesalers I know focus in the city and stumble upon a suburban deal every once in a while. Flipping that script could be a winning strategy.

If you find Delco BRRRR deals, I'm buying!

Jimmy O'Connor · Answer

@Rich O'Neill some would say I'm the Mark Twain of wholesalers. Probably no one on this platform but someone! @Shakia Sistrunk to back up what Rich is saying, suburban deals have an INSANELY higher closing rate as Philly is rampant with fraud, an insane amount of judgements, payoffs, and liens. Sure there are plenty of properties to get under contract, but that's only 30% of the battle. My team (@Kevin Uzelac included) does deals in Philly proper and the surrounding burbs. Getting the burbs to the closing table is usually way easier.

Shakia Sistrunk · Answer

@Rich O'Neill @Jimmy O'Connor thank you guys both for your feedback, it is greatly appreciated. Transparency is always the best way to go in my book. I actually have an appointment to apply for the license next week, but seeing some people post in the Facebook groups made me want to get clarity if it was really needed or not. What I’ve found out is that you don’t have to apply for the license if you’re 1) A Real Estate Agent 2) Renting the property 3) purchasing to make improvements Etc. One again, thank you for your feedback. I’m going to check out the link and definitely keep you in mind for any Delco BRRR deals.

Kevin Uzelac · Answer

@Shakia Sistrunk it is pretty competitive right now in the wholesaling game in Philadelphia. You have to compete with some really big national wholesalers that move a lot of property. These wholesalers are fully licensed agents and brokers that have a lot of credibility behind them. The one I work through moves 40-50 deals a month right now and has been in this market for years. I wouldn't say it's impossible though as long as you make the right connections and don't give up. Best of luck.

Shakia Sistrunk · Answer

@Kevin Uzelac It’s definitely a competitive market, however I’m up for a challenge. Thanks for your reply

Rich O'Neill · Answer

@Jimmy O'Connor there's something I'd call you but it's not appropriate to type out in a public forum...

Best of luck @Shakia Sistrunk

Wholesalers in Philly?

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