Philadelphia Trinity Row Home BRRRR completed!

[Eric Prine]

Investment Info:

Townhouse buy & hold investment in Philadelphia.

Purchase price: $142,500
Cash invested: $25,000

We purchased 2 adjacent, tiny rowhomes in the Northern Liberties neighborhood of Philadelphia. They had previously been combined into one house. We are separating them back into 2 properties. They are major BRRRR projects with the main exit strategy being to hold as medium term rentals. The projects finished up and we are super happy with the results. We spent about $80,000 each on renovations and they appraised for $350k each. We have been doing medium term for a few months with less success than we hoped. We will probably pivot one or both to be long term rentals.

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

location, location, location

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

sat on the MLS for a year. i think the unique quirks of it made it scary for some investors.

How did you finance this deal?

hard money

How did you add value to the deal?

gutted it.

What was the outcome?

rehab came out great. trying it as a MTR has been less that fully successful. considering pivoting to LTR>

Lessons learned? Challenges?

MTR is harder than expected. also the reno took longer than anticitpated.

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

refied with Mike Tavani and Krista Oslar are Guaranteed rate. they are incredible!