All Forum Posts by: Leon B Buie

40th n Market isn't the best area but these numbers don't lie.. I purchased it for 65k( put dwn 35%) put 40k( 100% hard money loan) into it . It appraised for 180k . Refinanced and got money at closing. I have 2  successful Airbnb's on average bringing me 3k per month. !  Its a Win Win in not the best neighborhood.. ! 

Hello.. Yes Philadelphia is more expensive and competitive.  You have to really do you homework and also be ready to put in an offer really quickly because properties don't last long. Where as I bought a nice duplex for 65k near 40th n Market in Wilmington that was on the market for over 3mths.. 

I'm also a real estate investor for over 20 years in the Philadelphia/ Delaware area. Feel free to messege me..! Welcome

Waddup Justin .. The ARV is 180k. but Ive done a nice rehab so Im hoping the actual appraisal comes in around 190-195k. Im in the process of refinancing now.

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $65,900
Cash invested: $60,300

Newly renovated duplex in Wilmington De.

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

Investment

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

My gf saw it on Zillow and thought I maybe interested for 55k. when I submitted my offer another person submitted an offer so I offered 65900 and got the property.

How did you finance this deal?

Hard money loan with Lima One Capital.

How did you add value to the deal?

I turned a 1 bedroom into a 2 bedroom by eliminating the dining room along with upgrading both apartments.

What was the outcome?

Its a cash generating Airbnb Duplex!

Lessons learned? Challenges?

Delaware contractors aren't aggressive or they are super expensive.

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

Lima One Capitol got the job done when it came to funding it..