High End West Philly Rental

[Dan Powers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $109,000
Cash invested: $62,000

This clean West Philly property was my investors first property in the Philly market (she has other properties in other markets). The bones of this property were in good shape, with solid mechanicals, my investor is doing a complete overhaul of the cosmetic items to make this a nice high end rental.

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

What made my investor interested in this deal was the condition of the mechanicals and the rent potential of the area.

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

This deal was sourced through New Western Acquisitions and was bought on a first come first serve basis.

How did you finance this deal?

This deal was financed through Sherman Bridge Lending.

How did you add value to the deal?

Value is being added to this deal by redoing all the cosmetic items to the property.

What was the outcome?

The outcome is going to be a fantastic rental property that is going to cashflow 350/month at market rent and should refi around the 190-200k range

Lessons learned? Challenges?

The only challenge was getting a contractor bid at a reasonable number in a timely manner for my investor. Otherwise, this was a smooth closing.

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

Dan Powers - New Western Acquisitions