All Forum Posts by: Peter Dunne

Don't do it!!!! Just keep the original mortgage in place (If that is allowable given your change in life circumstances).

Real estate is a long-term business and your reputation is your most valuable asset. Short-term gains are not worth it in my opinion.

Hi @Jamier Hughes,

I know a number of wholesalers in Philly. The successful ones threw themselves at it 100% and had multiple strategies. Mailings are standard, and you should know that dozens/even hundreds of others are sending cards to those same people. We're pretty far along in a hot market here in Philly, so there is lots of competition. I've seen more success when wholesalers spend more time on the street, knocking on doors, talking with neighbors, attending community meetings, etc. These strategies take WAY more effort, but they boost face-to-face interactions which have a much higher probability of panning out (or directing you to another person). Some neighborhoods have simply been picked over, and you will have to work harder because all of the easy deals have already been found. Whatever you do, give it a fair shot, but have a way to test its effectiveness. Hard work doesn't always pay off in this business if it isn't directed strategically. I highly recommend the book "Lean Start Up" for ideas on how to efficiently test strategies to boost effectiveness and limit wasted resources. 

Good Luck!

-Peter

Hey @Dan M.

I highly recommend my personal CPA who works out of a large firm in Horsham, PA. They focus on real estate, contractors, investors, etc. DM me if you are interested and I will make a personal connection.

Best!

Disclaimer: This is not my personal listing, but is being sold within the real estate team I work with. I cannot vouch for the numbers, but the owner wants to get quality feedback and offers.

View photos here: http://www.thelambsquad.com/mt-pleasant

MLS ID: 6967354

Listing Description:Please direct your questions to the Lead Agent: Rob Lamb (215) 370-6798 & [email protected]

Description:

Hey @Glenn Russo,

Great start!

I am a licensed Realtor based out of Berkshire Hathaway's Chestnut Hill office (I work with Rob Lamb and his team The Lamb Squad - Long-time experience in NW Philly and surrounding suburbs). The team does some amazing residential work, but my focus is on multi-family investments. I'm currently working on a quiet 120+ unit deal here in the city, and would be happy to discuss your goals.

Best,

Peter

@Robert Guilfoyle That's not an area of the city I know very well, but one of my colleagues recommends http://penstonecorp.com/ . They might not do projects in the $50k range, but worth a call.

"Maybe contact Chrys to see if he would be interested. He can usually salvage things in the house and cut costs.  bbcgeneralcontractor (at) gmail.com" Tell him Bobo Beck directed you.

There is also Mr. Contractor (A well known larger operation in the city) whose are headquartered in Port Richmond, so that could be worth checking out. http://mrcontractorinc.com/

I hope that helps. Good Luck!

Welcome to BP @Jordan Maxwell

I'm not sure what neighborhoods you are looking at, but my advice (other than absorb everything on BP) is to narrow down your asset criteria and pick an area of the city you like and master it.

If you are ever in the NW (My office is in Chestnut Hill), feel free to reach out. 

Best!

Hey @Alex Capozzolo.

I am no expert, but have gone to a few of the Sheriff Sales, and know people who buy from them. 

@Sathya Weerasooriya was dead on. It's a fairly simple system to figure out, so there are investors and businesses (Mostly flippers) focus on it as a primary deal source, building a system to study properties in advance of the sale and having top bids ready to roll.

There is also a fair amount of, let's call it, less than ethical behavior going on. The only folks I've known to be successful have taken the time to learn the system and have a clear sense of value in a specific neighborhood or two. Knowing an area block-by-block (and getting lucky by properties popping up in your area), is the best way to increase your odds at seeing value others don't see.

Hey @Phillip Rivers. I actually live in Germantown and do business all along the NW corridor. You should definitely be able to find cap rates in those ranges (even better). However, Germantown is very much block by block in terms of property value and upside. Certain pockets are turning over very quickly (Homes selling $300+), but 3 blocks away the same house sits on the market at $150.

I am personally looking to do my own investing and development in Germantown (my background is architecture), so I believe in the neighborhood, but you have to be careful. I'm working right now with an owner on a vacant, off-market property (Commercial space + two 1BR apartments). It will require a full gut rehab ($100k+), but I already have tenants in mind. 

Good luck!

Hey @Robert Guilfoyle. If you can provide a little more info, I may be able to point you in the right direction. What area of the city are you looking in, property types, and price-point? Do you have range of rehab/development budgets? The city is so hot right now, good GCs are finding plenty of work, so the best ones can be choosy.