When it comes to fix and flip properties in Philadelphia, PA, there’s a lot of resources you should be aware of — it’s rare to find a property where all you need to rehab it is a bit of paint and elbow grease. The guide below provides helpful tips and resources, from picking the right property to picking up the actual supplies you’ll need.
Buy Where People Want to Live
Obviously, you can’t just purchase a home at random and hope you’ll be able to sell it. You need to know where to look for the right home. You’ll want to find a neighborhood that is attractive to new buyers, yet has plenty of homes you can renovate. If there’s a good number of affordable, distressed properties in a neighborhood where people are looking for newly renovated homes, that’s a good sign. You can start with some simple research at home using the website Niche. Niche is loaded with information about every city and neighborhood around, such as a general report card, how many people rent versus own, what the population is, what the median home value is and more. It’s also a good idea to check out what homes are up for auction, as you might find something worth your investment there.
What are Homebuyers Looking for?
It’s also important to know what sort of properties homebuyers want. There’s no reason to go after row houses if people are looking for three-bedroom single-family homes. The trick to a successful fix and flip is selling a newly renovated home quickly, and that is going to be much easier when what you’re offering is what people are buying. A great resource for discovering what people are buying is the local Real Estate Investors Association (REIA). There, you’ll have access to professionals who know the landscape and can help you find the right kinds of investment properties.
Make the Right Connections with Other Fix and Flip Investors.
And since we’re on the topic of the local REIA, you should know that it is more than just a place to connect with other real estate investors. Your free membership comes with all sorts of perks, such as free admission to their monthly meeting, discounted admission to their one-day workshops, a monthly newsletter, your own website, great swag and more.
And if you’d like to really upgrade your membership’s possibilities, you can pay for a premium membership to add website customization and a lot of other helpful tools. For information about their various membership opportunities and costs, just go here.
There’s always something on the horizon at your local REIA. To keep track of the events, workshops, classes and meetings, simply head over to their calendar and see what may be coming up that could be beneficial to you.
Stock up on Supplies for Your Fix and Flip in Philadelphia, PA
Because Philly is a big city, there’s no end to the number of places you can visit to find the supplies you need to do a proper fix and flip jobs. Here’s some of the top places to visit on your next supply run:
- Contractors can always get a good deal on paint at the better paint stores. And if you’re a real estate investor who does his or her own renovations, you’re also a contractor. Check out your local Benjamin Moore and Sherwin-Williams stores. And while some of their premium paints can seem really pricey, both have a large assortment of paint options that are both affordable and of a decent quality.
- Did you know that Philly is home to some of the best ranked hardware shops in the U.S.? Rittenhouse Hardware, 10th Street Hardware, and Cohen & Co. are great locally-owned options for your renovation needs.
- Of course, some of the big box hardware stores are still great bets. Visit Lowe’s Home Improvement or Home Depot to find a variety of supplies for your fix and flip property, such as paint, lighting, cabinetry, appliances, home décor and more.
- Furnishing a fix and flip property to stage it doesn’t have to be an expensive endeavor. Definitely take the time to swing by Goodwill stores in pricier neighborhoods — you’ll often find some good deals on good-looking used furniture and decorations. You can also find a similar shopping experience at Habitat for Humanity’s ReStore locations.
- If you’re staging a home yourself, be sure to pick up Starr Osborne’s book, Home Staging that Works for expert tips and tricks. Osborne is the Founder and CEO of Tailored Traditions, a Philadelphia-based staging design company (and a good place to start if you’re looking for professional help instead of DIY).
- When it comes to getting professional help, Angie’s List is the tried-and-true method. This great resource vets and reviews all types of contractors in every area of the country. There are also several variety of membership to select from, each with its own set of benefits. Check out here.
- Local help is also available and easy to find on Houzz. There, you’ll have access to architects, interior designers, general contractors, cleaners and more.
- Home Advisor is another great place for finding the contractor you need. You can narrow your search quickly and easily to find exactly what you’re looking for. They even have a True Cost Guide that uses local and national data to help you determine an accurate estimate of what your project should cost.
Ask a Realtor for Help
Realtors have been in this game longer than most investors, and they have some great tools at their disposal that can really help you. For example, they can pull comes from the Multiple Listing Service (MLS), which can give you an accurate idea of what other homes are selling for in the neighborhoods you’re interested in — as well what types of homes people are buying. Realtor.com lists more than 1,400 in the Philadelphia area alone!
Now That You Have the Goods, Go Get Them
With this comprehensive guide and a little sweat equity, you can get your fix and flip project heading in the right direction. All it takes is a little research and the right connections. Ready to get your next Philadelphia fix and flip project started? We can help you fund it.