Did you know it is possible to buy your dream investment home in only a few days! When you buy directly from a company such as Philly Off-Market Deals, you can find and purchase the perfect house quickly! Learn more about how simple it can be in our latest post!
Maybe you have a robust portfolio already or many you are just getting your feet wet in real estate investment. Either way, buying an investment property in Philadelphia doesn’t need to be a long and drawn out process. In fact, in many cases, you can find and purchase the perfect investment property in only a few short days. To do this, you need to prepare a bit ahead of time, keeping all your ducks in a row. This way, when your ideal property becomes available, you are ready to take action and close quickly.
Go To The Source
Working with a professional such as Philly Off-Market Deals will help you find some of the best deals in the Philadelphia area. We are constantly on the hunt for amazing investment deals and we pass these deals on to our buyers. We sell to seasoned investors, novice investors and even to individuals looking for a deal on a home of their own. We do all of the property research so you don’t have to! If you would like to invest in the Philadelphia area, take advantage of our expertise!
Do Your Homework
If you choose to not work with a professional, there is a good amount of homework you will need to do on your own. You should spend some serious time studying the market and the latest trends. Look for the hot neighborhoods and the types of properties people are after. If you are planning on renting out the property, study the vacancy rates and how much people are willing to spend on rent. If you are flipping the house, make sure there is a market for it. You don’t want to get stuck holding on to a property you hadn’t planned on owning.
Have Your Funding Available Immediately
To close on a home quickly, you will need to have the funds ready to go. This means paying in cash or already having the funds from a loan at your disposal. Most sellers are looking for someone who can close right away. If you are working with a traditional lender, the process is bound to take several weeks, and this will deter many sellers from working with you.
Know Your Criteria And Financial Limits
Just because you find a great deal, doesn’t mean its right for you. Set limits on what you will spend as well as the size and condition of the house you are willing to buy. Set geographical boundaries and stick to them. Setting your intentions about the house you are looking for will keep you from getting in over your head with a property you can’t handle. You don’t want to find yourself spending more than you can afford or buying in a bad area because you hadn’t done your homework on that particular market.
When a great deal comes along it is important to act fast. Of course, you will want to do some research on the property, but make sure you do it quickly. A hot deal will not last for long. Other Philadelphia investors will spot it and make an offer right away so you need to be ready to compete. If you know a property is right for you, get in there quickly and make your offer!