Updated almost 4 years ago on . Most recent reply
Southwest Philly Rental Property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $85,000
Cash invested: $88,000
This property was located in Southwest Philly and needed a standard full gut to turn it around. My investor is turning this property into a high end rental property.
What made you interested in investing in this type of deal?
What made my investor interested in this deal mainly was the huge development projects coming to the area. First, is the new Amazon distribution warehouse being built down in Elmwood Park, and the other more long-term project is the new Bellwether District. Both projects are set to make huge impacts on appreciation and demand for the area.
How did you find this deal and how did you negotiate it?
This deal was sourced through New Western and was sold on a first come first serve basis.
How did you finance this deal?
This deal was bought with the use of Sherman Bridge Lending.
How did you add value to the deal?
Value is being added to this deal in the form of a full gut rehab, everything top to bottom is being done to this deal, all new mechanicals and high-end cosmetics throughout with the end goal of being a higher-end rental
What was the outcome?
The outcome is going to be a very nice rental property in a pocket primed for appreciation.
Lessons learned? Challenges?
The only challenge encountered on this file was having to deal with the water department on the property. Had to extend closing 6 weeks due to having to install a new water meter and waiting for it to run a new cycle.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Dan Powers - New Western
