All Forum Posts by: Dan Powers

@Damion Brown There are plenty of options where your total cost would be between 150-200k in Philly and the surrounding suburbs. Would be more than happy to point you in the right direction I work exclusively with investors. I'll shoot you a PM!

@Vhernadette Sasing Welcome to the community, I work with a ton of investors and would be more then happy to point you in the right direction in terms of contractors and lenders as well!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $127,250
Cash invested: $110,000
Sale price: $390,000

This was a fantastic flip opportunity my investor picked up in the coveted neighborhood of Mt. Airy. What made this project unique is the detached garage on the adjacent lot that came with the property. While the house itself can be flipped for upwards of 400k, new construction in this pocket is early clearing 500k pushing 600k. My investor plans to rehab and rent out the property initially and develop it later on.

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

What made my investor initially interested in this deal was the area itself, Mt. Airy is one of the hottest neighborhoods in Philadelphia. On top of that the future development opportunity is hard to look past in an area where inventory is super limited to begin with let alone new construction.

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

This deal was sourced through New Western and was sold as a 24 hour highest & best offer.

How did you finance this deal?

This deal was sourced through Sherman Bridge Lending.

How did you add value to the deal?

Value is being added by doing a full gut to the property, new mechanicals (plumbing, electric, and HCAV), as well as new cosmetics throughout.

What was the outcome?

The outcome is going to be a fantastic property and a stunning new construction project.

Lessons learned? Challenges?

This was as smooth sailing as it comes, easy title, easy loan, easy closing.

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

Dan Powers - New Western

@Robert Ellis Not sure why the other pictures I included aren't showing up but you can see on my profile under investments the other photos of the completed project. 

@Shane Kluiter Yes the multi family play or single family to multi conversion plays are very lucrative. For multis you can find plenty of land zoned for multi use but making sure you have the lot dimension to build multi units is the other factor not to mention being in an area that it's worth it to dump that much capital into it.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $99,000
Cash invested: $350,000

This is a fantastic multi family opportunity I sold my main contractor that came with stamped and approving plans and permits to build a new construction triplex in the heart of Temple. With plans calling for a 3/3 unit and 2-2/2 units and similar triplexes trading north of 750k this is a home run investment to keep in his portfolio.

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

What made my investor interested in this deal was the fact that the land was coming with all the plans and permits. If you know anything about building in Philly the plans and permits can be the hardest part of the project with it often taking many months to get everything in place just to be able to start construction. Having this in place already saved my investor money but more importantly time and made it possible to start construction right away.

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

Deal was sourced through New Western and sold at a first come first serve basis.

How did you finance this deal?

Deal was financed through IFundCities.

How did you add value to the deal?

Value is being added by building a new build triplex on a vacant piece of land.

What was the outcome?

The outcome is a fantastic project that just wrapped up construction and got renters in place within a week of listing. With 3 bed renting for 1800-2000/month and 2 beds renting for 1400-1600/month this is going to be a cashflow monster bringing in over 5000/month!

Lessons learned? Challenges?

Nope, smooth sailing on title, financing, and closing.

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

Dan Powers - New Western

@Shay Sherbotseli I'm an agent that works exclusively with investors looking for investment properties. Montgomery County (Montco as we call it) is one of the hottest Philly suburbs. Driven by the fantastic schools it's hard to go wrong when picking a location in this county. There is very low crime, no drug problems, everyone under the sun wants to buy a house here. Things to consider are pretty simple, if you can find a property jump on it, there is extremely little inventory and it is highly competitive with the majority homes on the market selling over ask in very few DOM. If you're able to secure a property you can't go wrong at all flipping or renting.

Hope this helps, let me know if you have any other questions!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $350,000
Cash invested: $250,000
Sale price: $850,000

This rare corner property located in the coveted Havertown neighborhood had my investors running to get a chance to secure this beauty. At over 2400 sqft and a beautiful wrap around deck my investor planned to fully gut this property and get top dollar. With comparable properties reaching north of 800k and selling under a week on market and over asking this is a home run any way you slice it.

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

What made my investor interested in this project was the area plain and simple. Located in Havertown school district there is an overwhelming amount of demand for the Philly suburbs with all comparables selling over ask in under 6 DOM.

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

This deal was sourced through New Western and sold as a 48 hour highest and best.

How did you finance this deal?

This deal was financing through Sherman Bridge Lending.

How did you add value to the deal?

Value is being added to this deal by a full gut rehab and remodel of the current layout. Changing the current layout from a 3/2.5 to a 4/2.5 while enhancing the master bedroom into a master suite with huge walk-in closet and bathroom. In addition to all new mechanicals and cosmetics a portion of the rehab will focus on upgrading the current landscaping to enhance privacy.

What was the outcome?

The outcome is going to be a stunning home in a great school district that is going to sell in under a week.

Lessons learned? Challenges?

When talking to investors about the project some newer investors did not understand all the hype behind the area and why an investor would put so much capital into a single project. Everyone is at difference levels in their flipping careers but I explained that in these nicer areas you're going to have a slightly smaller margin but you are paying up for the security of that return. When houses are selling over ask by 10's of thousands cash and under a week you risk is significantly less.

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

Dan Powers - New Western

@Brad T. You've come to the right place, I have connected with a ton of investors on BP that are always looking for inventory, I'll shoot you a PM

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000

This property was a classic grandma home that needed some TLC to bring it up to modern standards. My investor bought it for 65k with the intent to gut the house and sell as a nice fully rehabbed 3 bed. With comparable trading north of 150k there was plenty of spread for him to make a nice return. As a back up strategy we knew he could always rent the property if needed and bring in a minimum 1500/month.

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

What made my investor interested in this deal is having the ability for multiple exit strategies in the hot neighborhood of Pottstown. The house was a classic grandma home so either a cosmetics job needed for a rental or a full gut for a flip. Being a contractor himself helped bring down the rehab budget.

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

Souced through New Western and sold on a first come first serve basis.

How did you finance this deal?

Deal was purchased cash.

How did you add value to the deal?

In talking to my investor since he closed his plan is to gut the house and flip the property. New mechanicals (HVAC, electric, plumbing), kitchen, bathroom, adding a 1/2 bath in basement or 1st floor, new drywall, floors, paint, etc.

What was the outcome?

The outcome will be a great new modern flip in the hot hot market of Pottstown. There is very little inventory available in Pottstown at one time so this is expected to fly off the market the second it hits.

Lessons learned? Challenges?

Only real challenge was deciding which exit strategy he wanted to take. Other then that smooth sailing.

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

Dan Powers - New Western

Hello @Jayden Parks I work with a lot of investors, I'll shoot you a PM.