Updated 4 months ago on .
Philly/NoLibs Medium Term
Investment Info:
Townhouse buy & hold investment.
Purchase price: $142,500
Cash invested: $25,000
Contributors:
Eric Prine
This is the the other trinity townhouse we purchased in Northern Liberties, Philadelphia. It was a full gut renovation, in which we also separated the houses again. It's being used as a medium term rental, quite successfully.
What made you interested in investing in this type of deal?
This deal fell into our lap when someone else's financing fell through. We'd been looking for properties in the area, and it was too good to pass up.
What was the outcome?
We separated the houses and deeds at the closing, now we have two very cute houses in one of the best neighborhoods in Philly. We have one being turned to a long-term rental, the other is doing well as a medium-term.
Lessons learned? Challenges?
We did this renovation while we were still doing an STVR renovation in the Poconos. We furnished all three as well. We discovered that was a bit too much for us, and not worth the stress. Now, we're committing to one big reno at a time if it's our own.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Eric Prine!
