Philadelphia, PA - Brewerytown Flip - Troy S. & David Ross

[Troy Sheets]

If you'd like to follow along and watch as my partner @David Ross and I flip a Brewerytown row home, the link to our blog is below. I'll also post pictures and updates in this thread but I won't replicate what David has already done so well to date. He's the keeper of spreadsheets so I won't go into numbers too much but it's safe to say, we're in over our heads already. I *think* we'll get through this and make some (very little) money but there are no guarantees. The beauty is, David and I are very similar in our approach to this first flip; first and foremost, we want to put out a product we're proud of. Secondly, we won't feel we've failed if, once the flip is sold, we can break even. If we can get a free education from the school of hard knocks, sign us up. Obviously we went into this flip expecting to make money, and we still could, it's just never been our focus since day one. That said...DAMN it'd be fun to turn a profit!!! 

Here are a few baseline numbers:

Purchase - $60k

Rehab budget - Initially $20k and 3-4 weeks, now scope has ballooned and we're at $40k and 2 months

ARV - Initially $115k, now $135k. We weren't going to move walls or finish the basement but, to compete and to offer a comparable product to others that have sold, we felt we must (so did our wives). There are a few sold comps that support this but, not on this exact block and Philadelphia is not just a city of neighborhoods, it's a city that can change drastically block-by-block and property values are no different. One block the wrong direction can be an easy $20k difference.

So, follow along, ask questions, tell us what we're doing wrong (and right, if that were to happen) and enjoy the show. 

http://www.argopg.com/blog/

[Troy Sheets]

Originally posted by @James Masotti:

@Troy Sheets I echo the others. This has been a great post and very helpful to learn a lot. Continued success to you and @David Ross

 Thanks James,

Make sure you check out our Fishtown Flip post, it sold last week and was an even wilder ride. Since these posts have been so well received I'll keep documenting our flips and builds for all to follow. We've got a new construction SFH build starting in the next few weeks as well as a mixed-use building we just got rezoned for residential and it'll become three condo units. Lots of other stuff too but it's all a bit more cookie-cutter.

[Sheryl Sitman]

I am moving back to the Philly area soon and visiting in April. I have cash to invest and am seeking partners that can compliment my ability to invest. Brewerytown is one of the areas I have shortlisted and would love to meet up with people interested in cooperating or who would just like to share info.

[Kevin N.]

@Troy Sheets and @David Ross . For a novices investor like me, this post is priceless. I really appreciated for taking time posting this.

[Mags S.]

@Troy Sheets thanks for writing this and sharing your local experience. Always interesting.

 interested in your thoughts on pro photographer. Considering using one. Would you refer/recommend the one you used?