How to Find Houses to Flip & Rent in Philadelphia
Philadelphia has become a major hot spot for investors looking to flip properties over the past few years. We have been involved in the Philadelphia market for many years. We have also seen many investors looking to cash in and unfortunately, fail. Although there is a ton of opportunity in Philadelphia, the influx of new investors and developers has made it a very cutthroat business.
However, at Property Buyer Connect, we believe in the power of networking and finding long term partners and business connections. After all, everyone has their own niche and building a network of connections helps out everyone in the long run. That is why we wanted to share some of our secrets and strategies in our latest series, “How to Find Houses to Flip & Rent in Philadelphia.” Today, we will focus on finding properties.
Finding Properties to Buy, Flip or Rehab in Philadelphia
Let’s be honest – finding a property to flip is usually what many people consider to be the “fun” part of this business. You check out the newest listings, looking for a hot deal that nobody else has seen yet. You take gambles on properties in depressed areas that you expect to make a turnaround. Or, maybe you have some friends that send you new properties when they hear about them. While all of these are options, chances are, these methods aren’t going to get you the BEST deals.
As we mentioned before, Philadelphia has gotten a lot of attention from investors, developers, and professional flippers. This is mainly due to the revitalization of many areas in the city, leading to big potential profits. Just like with any business, its hard to compete against the big fish if you are just starting out.
First of all, if you want to beat the competition, you have to do things differently than the competition. One of our biggest advantages is the fact that our team is comprised of many long-time Philadelphia residents. A quick Google search may give you tips and advice on the best areas of Philadelphia to look for deals. The problem is that if you can find that information so easily, so can everyone else looking to make a profit.
Hitting the Streets
As you will see in our featured video, one of our favorite strategies is to hit the streets.
Here are some things to keep an eye our for:
- New construction – Try to talk to the developer running the project. Are they building on what was recently a vacant lot? You can keep an eye open for any vacant lots and resell it to them if that is their focus. New construction is also a good sign that people are putting money into that particular area and it could be a good area to invest in.
- Vacant lots – As mentioned, even if you aren’t interested in vacant lots, you may be able to find someone that is. You can act as a middle man and make some money while also expanding your network.
- Recently demolished buildings – If you see a building in the process of being torn down, it’s always great to try to keep an eye on it’s progress. If you see new construction shortly after the demolition, this is a sign that others are investing in the area.
- Recently remodeled properties – If you see a modern, recently renovated home, it is again a great hint that people are investing in the area. If the area seems depressed, it is a good sign that the area may be turning around.
- Vacant properties – It may take some legwork to find the owner, but vacant properties can be your biggest sources of profit. Neighbors and public records can help get you in contact with the owner. Many times, an enticing offer can convince someone to sell a property they’ve been sitting on for years.
- Neighbors – Simply asking people you see if they are looking to sell a home or know someone that is looking to sell their home can net you some great leads. It can be a little uncomfortable at first, but it gets much easier after a few times! Try offering a referral fee to entice the neighbors to help spread the word. Drop off a few business cards and explain that you are looking to buy properties in the area.
- For sale by owner signs – Dealing directly with a property owner can give you a better deal to negotiate a good deal.
Don’t forget to bring some business cards and talk to as many people as you can. As mentioned, building a network is one of the most important keys to success in this business.
Too Much Legwork?
A few years ago, finding properties in Philadelphia was much easier. We understand that many people may not have the time or resources to dedicate to finding properties. At Property Buyer Connect, we do it all, from buying, to selling, to rehabbing properties. This allows us to provide great deals and develop long term relationships with buyers and sellers alike.
If you are looking to buy a property, whether you are looking for something to fix up and sell or a turn-key livable space, enter your e-mail address below to receive our email newsletter featuring all of our latest properties.