West Philly Cosmetic Rental Property

[Dan Powers]

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Purchase price: $105,000
Cash invested: $35,000

Check out this huge 4 bed 1.5 bath in the Carroll Park/Overbrook section of Philadelphia. This property is clean as a whistle and is currently rented out for $1,000 a month. With only cosmetics needed and a good paying tenant in place, this is going to be a fantastic rental property once cleaned up and refied out.

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

What made my buyer interested in this property mainly was the condition, my investor is going to keep this property as a nice rental property, and being this was simply a cosmetic rehab there was not too much that has to be done. Next was the price, selling at 105k in this condition especially with how the West Philly market has been appreciating over the last year is almost unheard of.

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

This deal was sourced through New Western Acquisitions and sold on a first come first serve basis.

How did you finance this deal?

This deal was purchased with cash.

How did you add value to the deal?

The value being added to this property is going to be through doing minor cosmetic updates with the kitchen, bath, paint, and carpets being redone.

What was the outcome?

The outcome is going to be a great rental property bringing in roughly 1100-1300/month in rent, while having a refi value of around 200k, meaning my buyer will able to pull all of her money out immediately.

Lessons learned? Challenges?

This property was a super easy close, with a remote buyer, little title issues, I wish all my closings were this smooth.

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

Dan Powers - New Western Acquisitions