Good design is everything

5 Replies

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $155,000
Cash invested: $55,000
Sale price: $305,000

Cute, tiny home with nice finishes at an easy first time homeowner price.

What made you interested in investing in this type of deal?

The new home stock in Philly isn’t keeping up with national trends in design or function so I thought it would be an easy win.

How did you find this deal and how did you negotiate it?

I found it through a local realtor who knows everyone in the area.

How did you finance this deal?

Hard money and my own $.

How did you add value to the deal?

Design, design, design. Good quality materials in a small package.

What was the outcome?

It was very lucrative.

Lessons learned? Challenges?

It’s really hard finding good labor in Philly. I found that I needed to be on site almost always to keep everything on point. I need an in-house project manager with a design/ architect degree.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dolan Family Realty if you are looking in Fishtown or Port Richmond. Alpha Funding Solutions was fantastic to work with.

@Nicole Marsellla awesome job!! Do you mind sharing what address this was? I'm looking at taking on my first flip in Olde Kensington that sounds like very similar numbers to yours. Feel free to private message me if that works better.  Welcome to BP :)

Have you thought of partnering with a local architect whom can assist with these types of project if you attain another? This may be your best choice for ensuring a certain level of design in your project. Befriending an architect to utilize often can be the best thing for an investor. @Nicole Marsellla

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