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Updated 7 months ago,
Mt. Airy Flip w/ Detached Garage
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $127,250
Cash invested: $110,000
Sale price: $390,000
This was a fantastic flip opportunity my investor picked up in the coveted neighborhood of Mt. Airy. What made this project unique is the detached garage on the adjacent lot that came with the property. While the house itself can be flipped for upwards of 400k, new construction in this pocket is early clearing 500k pushing 600k. My investor plans to rehab and rent out the property initially and develop it later on.
What made you interested in investing in this type of deal?
What made my investor initially interested in this deal was the area itself, Mt. Airy is one of the hottest neighborhoods in Philadelphia. On top of that the future development opportunity is hard to look past in an area where inventory is super limited to begin with let alone new construction.
How did you find this deal and how did you negotiate it?
This deal was sourced through New Western and was sold as a 24 hour highest & best offer.
How did you finance this deal?
This deal was sourced through Sherman Bridge Lending.
How did you add value to the deal?
Value is being added by doing a full gut to the property, new mechanicals (plumbing, electric, and HCAV), as well as new cosmetics throughout.
What was the outcome?
The outcome is going to be a fantastic property and a stunning new construction project.
Lessons learned? Challenges?
This was as smooth sailing as it comes, easy title, easy loan, easy closing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Dan Powers - New Western