What to do When You Cannot Find Good Investment Property in the Philadelphia Area
Everyone knows that the key to making a profit in the real estate industry is to buy a property for as low a purchase price as possible, then turn it around and sell it for a high profit margin. The problem is, in a big city like Philadelphia it can often be difficult to find properties that aren't severely overpriced by virtue of their location. So how do you go about finding a property at a bargain price that can be resold for a huge profit? You find a good wholesaler!
Why should you buy wholesale property when there are so many other options available? Simple!
1) A wholesaler is not looking to grind out the maximum possible dollar for themselves.
Purchasing a property from a lender, such as is the case with REOs, HUD properties and foreclosures, means that you are working with a corporate entity rather than a real person. That corporate entity has spent a great deal of its money in the acquisition of the recently taken house, and they want that money back. Therefore, the minimum purchase price on these homes is going to reflect what the bank wants to recoup on its investment, and not the value of the home.
A wholesaler is a person who has made a career out of helping investors locate properties with the lowest purchase price and highest resale value after renovations, and they do this because they make short, quick profits on every house they do this to. This means that you will be able to purchase the property for the lowest purchase price possible, not the minimum amount of money the bank wants to take out of your pocket.
2)Wholesale listings are not made available to the public.
Other "bargain properties" in the city are listed in public locations easily accessible to every investor and homebuyer that cares to look. The banks do this to ensure that they attract the maximum number of potential purchasers to their properties so that the purchase price will be driven up. While this is good for banks, this is bad for investors as it robs them of the necessary profit margin needed in buying a home.
Wholesale listings, however, are not made available to the public. If this were the case, wholesalers would lose the advantage over their competition in being able to market their properties. As of right now there are only two ways to obtain access to wholesale listings. You can contact a wholesale dealer on your own and establish yourself as a serious investor. This is very important because wholesalers go to a lot of time and expense to find the best value possible on their properties and do not want to have their time wasted by investors who are not serious about making a purchase. After establishing yourself, it would necessary to check in with the wholesale dealer on a regular basis in order to stay on top of the current investment properties in Philadelphia.
Another option is to join our community here at MyHouseDeals.com. As a member of MyHouseDeals.com, we'll keep you updated about new properties in your area daily, and each new house added to the list comes with full descriptions, value and repair estimates, and full contact information for the seller. That's right. We do all of the leg work for you, so all you have to do is focus on establishing and expanding your business. Become a member for free today by clicking the button below!