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Updated 7 months ago,
Point Breeze 2000 Sqft Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $205,000
Cash invested: $175,000
This was quite the rare deal in the South Philly neighborhood of Point Breeze, located a few blocks south of Washington Ave and 22nd St this corner property while only having a lot size of 16x64 was 2000 sqft! This property was very enticing to my investor as the possibilities of a full 3rd story addition would make this one of the largest homes in the area. With similar 3 story properties reaching 600k you can see huge potential this presented.
What made you interested in investing in this type of deal?
What made my investor interested in this deal was being a corner property you are able to build a full 3rd story addition by right which would massively increase the value of the property with similar 3 story properties trading in the low 600k's. On top of that the tall ceiling height on the 1st floor presented a great open floor plan concept.
How did you find this deal and how did you negotiate it?
This deal was sourced through New Western and was sold at a first come first serve basis.
How did you finance this deal?
Deal was purchased through Sherman Bridge Lending.
How did you add value to the deal?
Value is being added to this deal by fully gutting the property, on top of that adding a full 3rd story addition with master suite. In addition my investor is exploring the option of getting a variance to add a parking spot in the backyard of the property.
What was the outcome?
The outcome is going to be one of the largest homes in the neighborhood with stunning finishes and fingers crossed with parking!
Lessons learned? Challenges?
Biggest challenge I would say was deciding if my investor was going to keep it 2 or 3 stories, obviously a large investment to begin but my investor decided the juice was worth the squeeze to go 3 stories up.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Dan Powers - New Western
