Fishtown Flip Property

[Dan Powers]

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $240,000
Cash invested: $100,000

This was a great project my investor is undertaking right now, it is a classic grandma home that needs a full gut. With the possibility of adding a setback or even a 3rd story the ARV you have tons of room on the spread to make a killer return.

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

What made my investor interested in this property was the area, prime fishtown. I don't have to say much about the area because it sells itself.

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

This was a first come first serve deal, sourced from New Western Acquisitions.

How did you finance this deal?

This deal was purchased through cash.

How did you add value to the deal?

Value is being added to the deal by completely rehabbing the interior of the property. The layout of the property is being changed from a 3/1 to 2/2 so there is a master suite instead of 3 tiny bedrooms. There is also the possibilty to add a 3rd story setback or flush full story.

What was the outcome?

The outcome is going to be a great new modern property in a super hot area.

Lessons learned? Challenges?

Honestly, the biggest challenge was my investor deciding what rehab he wanted to do. Obviously, a full gut is needed, but any addition on top of the property was still up in the air due to needing a variance for any additional work.

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

Dan Powers - New Western Acquisitions