Off Market Folcroft Condo

[Dan Powers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $15,000

My investor was excited to acquire this condo in the Folcroft neighborhood of Delaware county. Sold for 155k, my investor plans on doing some light cosmetic updates to bring this back to life and get it on the market for rent asap. With similar 3 bed rental bringing in between 1850-2000/month and a refinance value around 250k this is one of the cheapest things in the pocket that is this clean.

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

What made my investor interested in this deal is the lack of inventory in Folcroft. Being as this was one of the only properties available in the pocket made it extremely desirable. On top of that being that the property was occupied (delivered vacant) it was in great shape and didn't need that much work to bring it up to market standards.

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

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

How did you finance this deal?

This deal was financed through Kiavi lending.

How did you add value to the deal?

Value is being added to the deal but rehabbing the cosmetics of the house, kitchen, bath, paint, and floors. Just some minor sprucing up being putting it on the market for rent.

What was the outcome?

The outcome is going to be a great rental property in a a desirable pocket bringing in roughly 1850-2000/month

Lessons learned? Challenges?

The only challenge we ran into was the tenant needed an extra week to vacate the property, also this occurred during the 4th of July holiday so a little stress but the property had to be delivered vacant so we made sure that happened.

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

Dan Powers - New Western