Purchase & renovation

[Glenn Mancini]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Phila.

Purchase price: $3,600
Cash invested: $65,000
Sale price: $375,000

I purchased this 3 story row house at 701 South Mole Street in shell condition requiring total renovation. I completely designed and renovated the property converting to two bi-level apartments doing all design and construction work myself. I rented successfully for 15 years then sold in 2008.

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

Was approached by a person interested in partnering.

How did you finance this deal?

Paid cash then renovated out of pocket.

How did you add value to the deal?

Complete renovation of a shell property.

What was the outcome?

successful

Lessons learned? Challenges?

Many construction skills that I previously had no experience.