Following my investor's success post wholesale!

[Jimmy O'Connor]

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $80,000
Cash invested: $200,000
Sale price: $450,000

This is tracking the property that I sold one of my repeat buyers in April 2019. This property started as a 3 story SHELL in rough shape on the outskirts of Brewerytown on the 3200 Block of Cecil B. Moore. My investor financed it with a private lender and made a GEM including a finished basement, Juliet Balcony, roof deck, and a cleverly made enclosed parking space in the back.

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

My investor expressed that he specialized in saving near demo ready properties. This particular part of Brewerytown/Strawberry mansion is rapidly appreciating as the inventory due south is running scare. Due to this scarcity, time was on my investor's side as his home's ARV increased in value as the path of progress pushed northwards.

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

My in house call center found the lead of the motivated seller.

How did you finance this deal?

My Investor used Private Money for this transaction.

How did you add value to the deal?

A COMPLETE REMODEL, about as close as you can get to new construction. The key selling point was adding parking in the back of the property for an area that will soon be scarce on places to park.

What was the outcome?

My investor was able to sell this property for 450k. Based on his returns, he netted well over 100k for a 10-month project.

Lessons learned? Challenges?

The permitting process drastically changed in the time he bought versus the time he finished the rehab. Originally the plan was to turn into a multi but the city hit him with a zoning overlay changing from RM1 to RSA5. FORTUNATELY, he was able to pivot and turn this monster into an even more successful flip.

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

My investor, unfortunately, does not have a Bigger Pockets Profile or else he would be getting a shout out here!

[Joe P.]

Wow @Jimmy O'Connor that thing is a beaut. Any more pictures to share? Would love to see the finishes. 450k in Brewerytown - 5 years ago people would have laughed. Now you can't build them fast enough!