Knowing How The Fix Is On In Philly

 

Some real estate investors and brokers see problems while others see opportunity in the same place. 

 

The below linked research and data details plenty of both in Philadelphia, emphasizing the number of existing homes which were built prior to 1960. It is likely that some developers, investors, and brokers will run the other way upon reviewing the information. The ones that think “Who can I talk to about getting involved?” are the ones I want to work with. There are major opportunities for lenders that could help home owners, along with investors who understand what it takes to execute Subject To deals.

Meanwhile, the City of Baltimore is among several municipalities which have introduced programs within the past couple years to facilitate city-owned parcels being sold to local investors with a commitment to building much needed housing. 

Put these scenarios together, and we see large cities taking opposite approaches while addressing the same problems. One side is to entice new local investors to purchase, while the other side is working to help current owners to make improvements and increase the value of their properties for the benefit of many.

These two different situations each create opportunities, but what they are depends upon what you and your business do, where you do it, and how creative you think. To me, either way there are also plenty of learning opportunities. It would be interesting to track some of the specific eligible properties in Philadelphia over the coming months. 

By doing so, here are some examples of what you could find out:

• A number of percentage of homes which are fixed up

   

• The eventual impact of repairs and upgrades on eventual resale value 

   

• Type(s) of loans and repair plans made available 

   

• Names and info about participating investors, lenders, and brokers involved

   

If you are not in Philadelphia, you could benefit by understanding how these programs work and gauge their success. Perhaps you are, or can be involved in bringing this to a municipality you serve, whether via legislation or being able to be “first in” to offer it to home owners and investors.

These are still more ways you and your team could be using research to create opportunities which make your business or portfolio thrive. My team and I are available to help you get there!

https://philly-stat-360.phila.gov/pages/home-plan