Manayunk Rental Property

[Dan Powers]

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Purchase price: $150,000
Cash invested: $30,000

This property had great bones as is, with mechanicals in great shape and working order. While it is going to need a full cosmetic overhaul, the juice is well worth the squeeze as Manayunk is a rapidly appreciating area and will be worth a vast amount in the future. I can't wait for my investor to dive into this project, as this will be a great long term rental for him

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

The area of manayunk is a rapidly appreciating area. It's very hard to pick up inventory in this pocket so when it does come around it sells within hrs.

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

I found this property for a client of mine, we had gone back and forth on some other properties but when this one came up I knew it was the right one for him. I called him, and within 15 mins he was ready to pick it up.

How did you finance this deal?

He bought with cash.

How did you add value to the deal?

He is going to do a complete cosmetic overhaul, the mechanicals are in good shape so don't need to be touched.

What was the outcome?

This is going to be a great long term rental property as well as a vastly appreciating area.

Lessons learned? Challenges?

This was his first investment property, and after our we met up for him to sign the contract he said to me "As a new investor there's always going to be a way I could say no on a deal, but at the end of the day the reason I'm here is to get into the real estate game, and I gotta take the jump at some point." This is something I want all new investors to hopefully understand.

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

Dan Powers - New Western Acquisitions