Roachtastic rental rehab in Brewerytown section of Philadelphia

[Troy Sheets]

This property came in through our direct mail campaign and it took a bunch of hand holding from @Mark Redmann to get this deal done. For those that don't know, we JV with Mark on our direct mail campaign and he's a rockstar with sellers. He did a phenomenal job working with the sellers to make them comfortable, keep them updated, and get them to the closing table. Mark can fill you in on the back story with the sellers but I can tell you they were flighty.

We paid $30k for the house as-is and put $20k into a quick rehab including new windows, roof, kitchen, freshened up the bath, new flooring, etc. You'll notice this rehab looks exactly like the last one we did. That's because we're using a system we stole from our good friend @Ethan Giller. Ethan has dozens, maybe hundreds of rental units (I don't ask, he doesn't tell), and has helped us get up to speed on these types of rentals by using some of his same systems. Ethan uses the same contractors and materials for all his rentals and it really pays off in speed and cost and the results speak for themselves. He has a ton more systems we haven't tapped into yet but it's coming! 

Oh, I mentioned roaches in the title. This house had more roaches than I've ever seen in my entire life. I have no idea how anyone lived here. I swear they must have had them crawling on them in their sleep (tenants, sellers didn't live there). The rehab took about two weeks and we finished over a week ago but I haven't listed the property for rent yet. Why you ask? There's still creepy crawlies running around in there! I just had the 3rd roach treatment completed today. It usually takes two treatments but when I went in last week there were still a few of those gross little suckers running around. It may need a 4th at some point but that should eliminate 99% of them. It's a rowhome so the neighbors must have them as well and they're probably creeping back in a few at a time.

We expect this house to rent for $900 per month or so and appraise around $80k on the low end, possibly as high as $100k-$110k. This area of Brewerytown is really the wild west right now so comps are pretty hard to pin down... 

Anyway, enough chit chat, here are some pictures for you! 

Before:

After:

Video walkthrough below, apologies if you get motion sickness, my camera skills leave a lot to be desired! 

https://drive.google.com/file/d/0ByGTtO_pz037RXZ0T...