Philadelphia Investment Property – 4 Best Practices
Real Estate Investors have endless options to choose from for buying houses in Philadelphia. View the 4 Tips to help you find your Philadelphia real estate!
Investment Property with Unique Attributes
You may ask if is it possible to find a good property in Philly. Or perhaps you overheard someone mutter, how do I sell my house in Philadelphia if it doesn’t have unique attributes. It is still possible to sell! Please do not lose hope. At Brotherly Love Real Estate, we purchase investment properties where the numbers work well for our business! In a nutshell, we buy houses in Philadelphia and all nearby counties. But it starts with this – you want a property that’s one of a kind. Roof decks make Philly homes very unique and grab home buyers’ attention. These also boost the value of your property and can help attract buyers to your property when you go to sell. Like these beautiful homes in Greece, try to find properties that are unique.
Demand for Philadelphia Investment Property
The following thing to search for in your Philadelphia investment property is the strong demand for it. On the off chance that this is an investment property, ensure the market isn’t now overwhelmed with rental properties available on the market, or it may be tougher to sell. If you’re wondering, “can I still sell my property in Philadelphia with strong demand and competition”, the answer is yes you can. The Philadelphia market has so many people coming in and out of real estate, including first time home buyers, which will increase your chances. More eyes on the property, usually equates to more offers.
Philadelphia Investment Property with Foundation Problems
A critical thing to search for in your Philadelphia speculation property is the structure of the property. This is the place a specialist proves to be useful. Get an expert opinion before trying to buy or sell a house in Philadelphia with foundation issues. These are no joke and should not be treated lightly. In the event that you are applying for a line of credit to buy an investment property, the bank may require a review of the property to ensure they are setting their assets in a strong structure and it is safe. Banks are sticklers for foundation issues because it can be detrimental to the entire set up of the property. There are several resources to learn about how other investors handle these roadblocks. I love to learn on the BiggerPockets forums, where other investors talk about their experiences.
Exit Strategy for Each Investment Property in Philadelphia
The most significant thing to search for in your investment property in Philadelphia is having a strategy to exit. There are a TON of different ways to ‘exit’ – it is helpful to have a few in your back pocket. Be ready for any type of scenario, even a pandemic! Study the patterns of the zone and ensure you comprehend if you can identify any trends. On the off chance that individuals start to relocate out of the territory to a different area, take a look at what the market is really doing to help you make a decision.
Keep an eye on the market and prices. This will help you determine the right time to sell. I wish I had done this more at the beginning of my career. Nearby comps of homes that are similar in size and shape can give you an idea of home prices. Property values can go up or down very quickly. Fingers crossed the property values don’t change too much with COVID-19 and what is going on in the world right now. I believe that Philadelphia’s real estate is strong, though. However, if property values begin dropping excessively, you will have two options. Hold on to your Philadelphia investment property. By choosing that route, you can utilize a local property management company TCS Management to help you take care of your rental. The other option is to sell your investment. Keep your finger on the pulse of the market at all times.
Call us today at (215) 326-9208 to find out what your investment property in Philadelphia is worth today!
Have you thought that I need to sell my house fast for a quick cash offer in Philadelphia? There are options for you, and we can help. We can help with any real estate situation, and can provide you with options that best suit your situation.