First Post First Property

[Paul Dante Pronio]

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Row Home with single car garage and off street parking. Full gut renovation down to the studs. 2 bed with office and 1.5 bath.

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

I made this investment for financial gain and security. I was interested in gaining monthly income and because of the deal and the help I got in the renovation I was able to make this an income property right away. I also bought this property with the piece of mind that if I ever needed a roof over my head this is a place I could live in and be happy in.

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

This property was in the family and I negotiated with the executer of my uncles estate to purchase this home a year or two before my uncles passed away.

How did you finance this deal?

I did a standard 80/20 mortgage with a 30yr term

How did you add value to the deal?

I did a full gut renovation and upgraded every single thing. we even ran new sewer to the city line and put new HVAC. We added a downstairs half bath and fully opened and modernized the kitchen so the layout has a more modern open plan. I also combined two small bedrooms to make one large master bedroom and used the previous master bedroom as the second bedroom and created a small home office. I used a great contractor that does beautiful work so the property has great curb appeal.

What was the outcome?

I immediately got two tenants that have been there since 2017. they are the dream tenants.

Lessons learned? Challenges?

I had it easy on this one and I know that. Due to family help and the luck of the tenants this was a blessing. But I am able to see the potential of how real estate could provide long term income and security. Its a strong addition to a wealth portfolio. I want more and I know it won't be easy but I know it'll be worth it and with patience I can achieve my share of the pie.

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

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