Added SFH to Portfolio
Investment Info:
Single-family residence buy & hold investment in Phila.
Purchase price: $172,000
Cash invested: $55,000
A solid but drab SFH. We did minor upgrades and repairs, added 1 full bath, and after COVID delays, finally rented the property at $2300 per mo.
What made you interested in investing in this type of deal?
Great appreciating area, great upside, familiar property, fair price
How did you find this deal and how did you negotiate it?
A long time agent friend presented it to me.
How did you finance this deal?
Hard money to BRRR
How did you add value to the deal?
Light renovations, new kitchen, some minor repairs, added a full bath to the walk out basement, reorganized the basement space
Lessons learned? Challenges?
COVID had us stop work and it caused huge delays. Our favorite agent was closed so we asked another agent to get it leased. We ended up firing that agent after many months and went back to our favorite agent who got it rented in 10 days!