146 Normandy drive Upper Darby PA fix and flip

[Steven Goldman]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $88,000
Cash invested: $35,000

This is a 1100 square foot row home in Upper Darby. The property was acquired form an estate while it was in mortgage foreclosure. Exterior rehab. windows, electrical service, concrete and and paint. Interior rehab includes, kitchen bathrooms, flooring and carpets. New breaker box and some rewiring. Time to completion 90 days.

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

We are working in this community due to the recent demographic changes and the condition of the homes. It is a neighborhood in transition in the suburbs of Philadelphia. Delaware County.

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

One of our mortgage customers is a rehabber wholesaler. It was off market and about to be sold at foreclosure auction. We worked with h the heirs to open and estate and to sell the property. The purchase price was the cumulative debt including municipal liens and the payoff with an additional 20 k for the heirs. We negotiated on some judgments.

How did you finance this deal?

Private money at 100 percent of the purchase price and rehab budget less lending costs.

How did you add value to the deal?

By partnering with a wholesaler and rehabber from the area we control the costs of the rehab and give the contractor skin in the game. The rehab if performed by an outside contractor would have been at least 60k.

What was the outcome?

We are in progress and will update.

Lessons learned? Challenges?

The best deals are off market.

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

No. but we will use a selling agent when it is completed.