Clearwater, FL · Member since 2014 · 42 posts · 4 votes
So I live in Center City Philadelphia and I'm really trying to get my wholesaling adventure started. Only problem is I just don't know where to designate my farm area. There are so many different neighborhoods. And since it's a dense city comps can even vary from block to block in the same neighborhood.
Any advice on how you determined your farm area when you first started would be greatly appreciated?
At this point there's a few neighborhoods that I've discovered are "on the rise" or maybe have some potential according to a few websites, I know there credibility might not be the best . But I'm not educated enough to decide that for myself.
At this point I think I'm gonna just pick one and throw myself into it and absorb as much knowledge as possible. Just get out driver for dollars, network etc. Everything I can to get some practical education.
Clearwater, FL · Member since 2014 · 42 posts · 4 votes
12y
Ahhh yes @Jay Thackerson I forgot about that. That's actually on my list of stuff to do. I haven't really made it out networking just yet but I do a lot of poking around on the net. Have found some cash buyer rehabers on social sites like twitter and facebook. They seem to do pretty well and I'm able to determine the area they're investing in. Also I want to acquire some lists or documents showing all cash purchases in a given area to find the bulk of where investors are working.
Have you ever had any trouble with the competition being to high in an area between the investors or other wholesalers? To the point where you weren't getting any deals.
Clearwater, FL · Member since 2014 · 42 posts · 4 votes
12y
Thank you glad you liked it @Mike Hurney yeah Iv'e been listening to a lot of the podcasts and they say that's the best way to get started is just get away from the computer screen and dive in, you'll learn so much. Center City is an option, very dry though from what I have evaluated as a beginner. But you're right doesn't mean it can't be done. My plan will probably be to start in Center City and work outwards from there until I hit some success. Just don't want to spin my wheels for too long.
Ardmore, PA · Member since 2012 · 21 posts · 2 votes
12y
@Account Closed
I don't know anything about wholesaling since I am a newbie myself. Center City seems like a great idea, at face value, because you can do some door knocking and maybe save yourself some cash on marketing. Do you belong to the SE PA Dig Reia? The speaker in March spoke about wholesaling in Philly.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Investor · San Jose, CA · Member since 2013 · 36 posts · 32 votes
12y
@Account Closed , I would try calling local agents and casually position yourself as a retail buyer. The good agents will be very helpful and shed light on all the little pockets of each neighborhood.
I did something similar when I wanted to get a better idea about the market in Oakland (about 40 minutes north of where I grew up). The most helpful agents gave me decent breakdown about the parts to avoid down to the block and streets that were good and bad.
Involved In Real Estate · Oakland, CA · Member since 2008 · 141 posts · 25 votes
12y
@Brandon Lee
@Jacob Canon
Yeah & while you're at it make up some stories about how rich you are & want to buy all cash. Heck, tell the Realtor any BS to get him to waste his valuable time sharing his hard-earned expertise with you. OR...now HERE'S an idea, tell him the truth & see if he'll help you in exchange for access to any deals you might come up with.
Real Estate Agent · Philadelphia, PA · Member since 2010 · 166 posts · 23 votes
12y
@Account Closed
If you're starting with single family 3BR, I suggest areas of the city where monthly rent is $900/month+ and ARV are at least $90k. This will likely give you a larger pool of end buyers. Not many buyers will turn down a deal at those numbers if you are able to get it cheap enough.
Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
12y
Jacob, if you're going to wholesale properties, choose GOOD areas where the houses are built in the 1980s or earlier. Those houses will tend to need work. It's not going to be easy to find wholesale deals in subdivisions with newer homes.
Clearwater, FL · Member since 2014 · 42 posts · 4 votes
12y
@Brandon Lee Thanks Brandon I am open to anything and I do suppose that could work in some scenarios.
With that being said no worries @Jeff Weissman I want nothing but the best reputation for myself so you don't have to worry about another wannabe "wholesaler" polluting this business with unethical practices and bs "leads" :p
WOW @Brandon Eleazer I just realized I followed you on twitter a couple days ago before you even replied to this. Some people say social media is a waste but It's really amazing what It can do. I was just searching "philly rei and "philly wholesale" and followed creditable people and you happened to be one of them. This was just one creative way I though of on my own on how to find investors in an area without mls. Again the net can be an amazing tool. I'm still studying how to run numbers and comp properties but I do understand your post, now I just need to locating those. Again what a coincidence thanks for the advice and good luck with your own projects.
Makes sense @Wendell De Guzman fortunately philly has a lot of those, thanks!
Clearwater, FL · Member since 2014 · 42 posts · 4 votes
12y
@Brandon Lee Thanks Brandon I am open to anything and I do suppose that could work in some scenarios.
With that being said no worries @Jeff Weissman I want nothing but the best reputation for myself so you don't have to worry about another wannabe "wholesaler" polluting this business with unethical practices and bs "leads" :p
WOW @Brandon Eleazer I just realized I followed you on twitter a couple days ago before you even replied to this. Some people say social media is a waste but It's really amazing what It can do. I was just searching "philly rei and "philly wholesale" and followed creditable people and you happened to be one of them. This was just one creative way I though of on my own on how to find investors in an area without mls. Again the net can be an amazing tool. I'm still studying how to run numbers and comp properties but I do understand your post, now I just need to locating those. Again what a coincidence thanks for the advice and good luck with your own projects.
Makes sense @Wendell De Guzman fortunately philly has a lot of those, thanks!
P.S. Not sure why the above response didn't tag properly, my mistake
It's interesting how we all interpret words through our own experiences.
I said that because that's what I regularly do on the other side of the equation. When new investors call me from craigslist or I meet them at meetups, I know they are new because of how they speak, but I voluntarily offer them free advice about the current state of the market, some things to avoid, some things to look into. I'll give them probably the best 5 minutes of practical education that took me 3-6 months to learn for myself.
I didn't say what I said with the intent to "waste someone else's time", sorry you took it that way. I give advice out freely, especially people who will ask because I didn't have that when I was a new investor and no one would give me the time of day. I said what I said in hopes that Jacob might stumble across an agent that acts the same way.
When I did that for the pocket in Oakland, I had called about 40 agents and met all of them at their office or near their office for coffee, and it was with the expressed intent to buy houses to flip, because that was a real intent. It's unfortunate you read what I said to took it to the worst extreme because the reality is quite the opposite.
Involved In Real Estate · Oakland, CA · Member since 2008 · 141 posts · 25 votes
12y
@Brandon Lee
I'm glad I misunderstood you, Brandon. Thank you for the clarification.
I willingly and gladly spend untold hours educating my investors and especially first time buyers about the market and the properties of interest. It's all free advice & consultation, freely given. I approach real estate agency with the heart of an educator, which is one reason I've been so successful (I closed over $14M last year, 27 transactions, & I'm on track to better those numbers this year; I was named a BHG Emerald Award winner, placing me in the top 3% company wide--that's a group of over 725 agents). I am always interested in sitting down over coffee with potential clients & love working with fix/flip or buy/hold investors (I'm one, myself).