Brewerytown High-end Rental

[Dan Powers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $192,000
Cash invested: $118,000

This 1600 sqft 3 story located in the heart of Brewerytown is just 2 blocks north of Girard College. It has huge 10 ft ceilings on the main floor, and spacious rooms throughout. The property needed a full gut, and my investor is planning on turning it into a high end rental.

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

What made my investor interested in this property was mainly the location, he already had a multi in Brewerytown and wanted to find another rental property, and while multis don't grow on trees this massive SFH appealed to him.

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

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

How did you finance this deal?

This deal was bought through Sherman Bridge Lending.

How did you add value to the deal?

This property is undergoing a huge full gut rehab top to bottom, new mechanicals, bath additions, finished basement, you name it.

What was the outcome?

The outcome is going to be a huge rental property in one of the most up and coming areas in philly.

Lessons learned? Challenges?

We did encounter a challenge with the original private lender pulling out, but we quickly made the switch the Sherman Bridge Lending who came in and funded the deal.

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

Dan Powers - New Western Acquisitions