PropStream Pros: Mit Smith on Navigating Inner-City Real Estate Investing

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Disclaimer: This article is for informational purposes only. PropStream does not provide legal, financial, or investment advice. Wholesaling laws and requirements vary by location, so always research local regulations, conduct your own due diligence, and consult qualified professionals when appropriate.

Quick Answer: Inner-city real estate investing can require a different approach to property valuation, seller conversations, and due diligence. Investor Mit Smith says some rental-heavy neighborhoods may not have a clear traditional ARV, making local market knowledge and relevant comparable sales especially important when evaluating opportunities.

Key Takeaways for Real Estate Agents:

Your first deal can be the proof you need. Mit’s first $4,500 wholesale check didn’t put him ahead financially, but it gave him the confidence to keep going.
Start with what you know. Mit began in Philadelphia because he understood the neighborhoods and had a local network to lean on.
Know the market before applying the formula. His experience in inner-city markets taught him that traditional approaches like ARV may not fit every property or neighborhood.
Understand the person behind the property. Looking beyond the asking price and doing additional research can help uncover what a seller is actually trying to accomplish.
Be willing to evolve. From wholesaling and rentals to becoming licensed and mentoring others, Mit’s journey shows how strategies and priorities can change over a long real estate career.

Real estate has changed a lot since Mit Smith closed his first wholesale deal in 2012. Markets shift, strategies evolve, and what worked a few years ago may not work the same way today. But learning how to adapt is part of what has kept Mit in the game for more than a decade.

In the latest episode of the PropStream Pros Podcast, host Burton Alicando sits down with Mit, a longtime real estate investor, wholesaler, licensed agent, and mentor, to unpack the lessons behind that longevity, from navigating inner-city markets and evaluating properties to understanding sellers and knowing when to adjust your approach.

It’s a conversation shaped by years of experience, including the wins, mistakes, and changing priorities that come with staying in real estate for the long run.

Watch the full episode below.

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Why Mit Calls His First Wholesale Check a “Reality Check”

Mit started wholesaling in 2011, shortly after college, while working a federal government job in Maryland. The career offered stability, but Mit says he “hated putting a suit on every day” and couldn’t picture himself spending the next 30 or 40 years in a cubicle.

Real estate offered another path. After months of investing in mentorship, lead lists, skip tracing, and learning the business, he closed his first deal in March 2012: a $4,500 wholesale assignment in Philadelphia.

The money didn't put him ahead financially, but at a time when wholesaling was far less mainstream, it proved to him that the model could actually work.

As Mit said, “That first check is a reality check.”

It gave him the confidence to keep going and figure out how to repeat the process without making the same mistakes. 14 years later, wholesaling remains Mit’s primary real estate strategy.

New to wholesaling? Learn for free the basics step-by-step with PropStream Academy’s Introduction to Wholesaling course

Starting With What You Know: Mit’s Approach to Inner-City Investing

Although Mit was living in Maryland when he began wholesaling, his first deal came from Philadelphia, and the reason was simple: Philadelphia was home. He knew the neighborhoods, understood the market, and had family and friends there who could provide boots on the ground.

That experience established a principle he still shares with newer investors:

“Start with where you are and what you know.”

For Mit, that meant inner-city real estate. Over the years, he learned that properties in these markets can require a different approach to valuation, explaining that in certain investor-heavy rental neighborhoods, there may not be a traditional after-repair value (ARV) to work from.

What happens when there’s no clear ARV to work with? Mit breaks down how he approaches comps in inner-city rental neighborhoods and the rule of thumb he uses when evaluating these properties. Watch the full episode to learn more.

Before You Negotiate, Understand the Seller’s “Why”

Property value is only one part of the equation. When a seller gives Mit an asking price that doesn’t align with the comps, his first instinct isn’t to negotiate them down.

Instead, he asks where the number came from:

Did an agent suggest it?
Is it based on another sale?
Is there a specific amount the seller needs to walk away with?

For Mit, the answer can uncover the seller’s real motivation, whether that’s paying off debt, relocating, or solving another problem. Once he understands the “why,” he can determine whether there’s a potential solution that makes sense for both sides.

Mit takes that same approach to his research. He specifically points to PropStream’s demographics data as a useful way to gain more context about the markets he works in, including factors such as household income and education levels. Combined with property and ownership information, that additional context can help him go into seller conversations better informed.

Want to hear how that conversation actually plays out? Burton steps into the role of a homeowner with a $110,000 asking price while Mit walks through how he would approach the conversation. Watch the full episode to see the role-play.

Why He Got Licensed After Years of Wholesaling

After more than a decade of wholesaling, Mit decided to add another credential to his business, earning his real estate license in October 2025.

The decision wasn't about leaving wholesaling behind. Instead, getting a real estate license was partly a response to the skepticism he was noticing in seller conversations about who was contacting them and whether they could be trusted.

As Mit says, “We always go in as an investor first and then REALTOR® second.”

For Mit, being licensed adds another layer of credibility and accountability. It also gives him another potential path when a cash offer isn't the right fit. He also says being able to submit offers as an agent has changed how some real estate professionals respond to and work with him.

The Lessons That Have Come Full Circle

After more than a decade in real estate, Mit says one of the most valuable skills he’s developed is patience. Deals fall through, sellers change their minds, and expected checks don’t always arrive.

As Mit puts it, “You have to be extremely patient, and you gotta control your emotions.”

That perspective is also personal. As a teenager, Mit watched a real estate agent help his mother sell a duplex after she struggled with nonpaying tenants. Today, he often helps homeowners facing similar challenges in the same kinds of inner-city communities where he grew up.

That experience has also inspired Mit to give back. When sellers’ children have shown an interest in real estate, he says he has invited them to his classes, answered their questions, and offered free mentorship.

In many ways, that brings Mit’s journey full circle. From watching someone help his family navigate a difficult real estate situation to becoming someone other families and aspiring investors can now turn to for guidance.

Watch the full episode to hear what Mit would tell his 21-year-old self, drawing on more than a decade of real estate experience and the lessons he now shares with the next generation.

Follow Mit’s journey:

Instagram: @mit215
Web: 9to5flipping.com