Philadelphia Investment Property – 4 Best Practices

If you are looking to become a real estate investor or want to become one, there are endless options to choose from for buying houses in Philadelphia. Below, we offer 4 of the best practices when it comes to how to find a good Philadelphia investment property.

Look for an Investment Property with Unique Attributes

You may ask yourself if it is possible to find a good Philadelphia investment property to buy, or how to even look for one. Or perhaps you’ve overheard someone mutter, “how do I sell my house in Philadelphia if it doesn’t have unique attributes?” Although you may think it’s unlikely it’ll sell quickly or for top dollar, it’s still very possible! At Brotherly Love Real Estate, we are looking to purchase investment properties! In a nutshell, we buy houses in Philadelphia and all nearby counties. One thing we have learned from our years in business is that it all starts with this- you want a property that’s one of a kind in it’s own way. For example, roof decks and even pools can make Philly homes very unique and can 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.

Demand for Philadelphia Investment Property

A good 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. But if you do find that this is the case when you decide to start this venture, you can still be left wondering, “Can I still sell my property in Philadelphia with strong demand and competition, and what is it worth?” With the simple answer being yes, you still 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 investment property is the structure of the property. It is very important to get an expert opinion and a home inspection before trying to buy or sell a house in Philadelphia with foundation issues. These issues are no joke and should not be treated lightly since foundation issues can cost you tens of thousands of dollars in repairs the worse it is. 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 and cause problems such as bouncing floors, exterior cracks, drywall cracks, and much more.  There are several resources to learn about how other investors handle these roadblocks. We recommend learning on the BiggerPockets forums, where other investors talk about their experiences.

Exit Strategy For Your Investment Property in Philadelphia

The most significant thing to search for in your investment property in Philadelphia is having an exit strategy. There are a TON of different ways to ‘exit’ – and it’s always 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 see if you can identify if it has 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 in case you need to figure out when to sell.

Keep an eye on the market and prices, this will help you determine the right time to sell. 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, and with COVID-19 happening it is very likely that it will fluctuate even more. 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 like TCS Management to help you take care of your rental. The other option is to sell your investment. Make sure to keep your finger on the pulse of the market at all times.

We buy investments of all types, including industrial space. If you need to sell your warehouse building for cash, contact us. We’ll invest in that too if the numbers work!

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!