Wharton (19148) Flip Homerun

[Dan Powers]

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $210,000
Cash invested: $75,000
Sale price: $375,000

This fantastic 2/1 property in the heart of 19148 was already gutted, framed, and had all the permits pulled out by the previous investor, making this a much quicker project than normal. With a straightforward rehab and new construction on every surrounding block this project is going to be a home run.

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

What made my investor interested in this deal was mainly the condition and the permitting that had already been done. Being gutted and framed out already meant he was going to save a ton of lumber + demo costs. On top of that all the permitting has done meaning my investor can start work immediately.

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 hard money.

How did you add value to the deal?

The value being added to this property is by doing a complete full gut to this property as well as adding a setback + roof deck to the existing structure. This property is very unique as well because there is a back deck area on the 2nd floor.

What was the outcome?

The outcome is going to be a great flipped house, with unique features of a roofdeck as well as a 2nd floor balcony in the rear of the house.

Lessons learned? Challenges?

The only challenge with this property was figuring out rehab my investor wanted to go through with, we were debating if it was worth the extra money and time to do a flush 3rd story addition over a setback + roof deck. We ultimately decided with just the setback + roof deck.

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

Dan Powers - New Western Acquisitions