All Forum Posts by: Dan Powers

Hi @Naseema Subrati, I know I'm a little late to the party here but the Philly metro is a great area to get involved in, tons of opportunity ranging from 50k-1 million+ SFH, multi unit, development opportunities. Really whatever you can imagine it can deliver. Now I could write a whole book on the differences in neighborhoods of Philadelphia but the suburbs are as hot of a market as ever right now. Most homes selling over asking in under a week on market with rentals being scoped up in the same timeframe. Happy to point you in the right direction!

@Jacob Kampler Hi Jacob I work with a ton of investors, would be more than happy to point you in the right direction. I'll shoot you a DM!

@Ifeanyi Okoye Welcome to the community, BiggerPockets is a great resource to connect with like minded individuals. I would be more than happy to help you on your journey to investing in the Philly area, I'll shoot you a DM.

@Ayanna Donovan I have a few commercial agents that would be more than happy to help you get the word out about the new space. If you're looking for something more low-key I would look into the Philadelphia business facebook groups.

@Nicholas Williams I work with a ton of investors, more than happy to point you in the right direction. @Jacob Kocent Keep up the consistency here, I meet most of the investors I end up working with on here.

@Mark Sherlock Welcome to the community. If you're looking to acquire land and tear downs Philly certainly has a lot of them haha. I'll see you a DM to connect!

Hello all, wanted to throw this link out there as a way to see a lot of the major development projects that are ongoing in the city all in one place and is updated regularly. I think its very interesting to see developers like National Real Estate who are wrapping up the 15 story development on 2nd and Spring Garden saying their next project on Spring Garden is simple a matter of time. While it might be obvious, most of the developments are close to the major arteries of the city. 

Are there any developments that you feel were left off this list, or any you are looking forward to finally being complete. Personally as someone living in Old City the many developments along Christopher Columbus Blvd, and the capping project along I-95 near present great opportunities in the future for new shops and restaurants.

What are your thoughts!

@Nicole Starke Welcome to the community, BP is a great place to help in all avenues of real estate. Please feel free to reach out if you have any questions about the Philadelphia area!

Welcome @Erin O'Brien the Philadelphia suburbs (Delaware, Montgomery, Bucks, and Chester counties) are some of the hottest markets right now to get into. Would be happy to point you in the right direction and start getting a team together. I'll shoot you a PM.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $180,000
Cash invested: $130,000
Sale price: $430,000

My investor just closed on this property in Point Breeze, right off 22nd and Washington this pocket is hot with and new construction and rehabs. My investor plans on making this a luxury 2/2.5. Traditionally more bedrooms = more value, in south Philly the 3rd bedroom can often be super small and it makes more sense to add additional sqft to the master suite and therefore 2 beds trade at similar prices to 3 beds. Expecting a sale price north of 400k and a turn around time of 2-3 months!

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

What made my investor interested in this deal was how far north in Point Breeze this property was. Traditionally you find a lot of inventory south of Reed st that you can buy for 150-165k and sell for 350-380k. Being just off Washington Ave offered a higher sale value compared to other homes in the pocket. On top of that being already in shell condition helped the rehab budget by cutting down on demo work.

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

This was sold at a first come first serve basis and my investor bought it sight unseen. Sourced through New Western.

How did you finance this deal?

This deal was purchased with cash.

How did you add value to the deal?

Value is being added by completely gutting the house and adding all new mechanicals (HVAC, plumbing, electric) as well as cosmetics (kitchens, baths, paint, floors) He is going to transform this into a luxury 2/2.5 with a high end master suite with walk in closet and master bath

What was the outcome?

The outcome is going to be a fantastic freshly rehabbed property in a pocket that is not overly saturated with inventory.

Lessons learned? Challenges?

Only challenge we had was needing to extend 1 week to clear up a title issue.

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

Dan Powers - New Western