Fantastic Fishtown Flip Property

[Dan Powers]

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $255,000
Cash invested: $150,000
Sale price: $525,000

This property was in the heart of Fishtown. Finding a property like this was no small feat, and opportunities like this do not come around very often. This house was going to need everything done to it as well as building back on the 3rd story to increase sqft. While this project is a big undertaking it will be well worth it once it's completed.

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

What made my investor interested in this deal was the location. Being in the heart of Fishtown you really can't beat this location.

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

This deal was sold as a highest and best deal. The starting bid was 205k, and while there were 11 bids total on this property I told my investor what it would take to get it done and he placed a bid for 255k.

How did you finance this deal?

This deal was a cash purchase.

How did you add value to the deal?

He is going to add value by fully gutting the interior as well as building back on the 3rd story to increase the total sqft.

What was the outcome?

The outcome was my investor got a hell of a deal in a hell of an area.

Lessons learned? Challenges?

While putting a bid 50k over ask is a very big pill to swallow, my investor said he really wanted this property and I knew 255k was the number to get it done since I found out there were bids at 250, 240, and 230k.

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

Dan Powers - New Western Acquisitions