All Forum Posts by: Eric Prine

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $175,000
Cash invested: $60,000
Sale price: $370,000

We decided to sell this property after successfully BRRRRing it. We had good renters in place for about a year. We decided to sell it and recapture the equity. The tenants wanted to buy it. We sold it to them for $370,000 and had an $80k profit.

Investment Info:

Single-family residence fix & flip investment in Philadelphia.

Purchase price: $175,000
Cash invested: $60,000
Sale price: $370,000

We just closed on our latest BRRRR project. We'll be renovating it over the next several months and then getting a renter in it.

1/16/23 Update. Our renovation in nearly complete. it should be done by the end of the month. I'm very happy with the process so far. I'll update with photos and costs.

UPDATE
We have completed the renovation and are very happy with how it came out. The reno ended up costing about $65,000. We have renters who just signed a new 2 year lease for $2400. We are now working on the cash out refi.

UPDATE
We decided to sell this property. We sold it for $370,000 and had an $80k profit.

Investment Info:

Townhouse buy & hold investment in Philadelphia.

Purchase price: $142,500
Cash invested: $25,000

We purchased 2 adjacent, tiny rowhomes in the Northern Liberties neighborhood of Philadelphia. They are major BRRRR projects with the main exit strategy being to hold as medium term rentals. The projects finished up and we are super happy with the results. We spent about $80,000 each on renovations and they appraised for $350k each. We have been doing medium term for a few months with less success than we hoped. We will probably pivot one or both to be long term rentals.

Investment Info:

Townhouse buy & hold investment in Philadelphia.

Purchase price: $142,500
Cash invested: $25,000

We purchased 2 adjacent, tiny rowhomes in the Northern Liberties neighborhood of Philadelphia. They are major BRRRR projects with the main exit strategy being to hold as medium term rentals. The projects finished up and we are super happy with the results. We spent about $80,000 each on renovations and they appraised for $350k each. We have been doing medium term for a few months with less success than we hoped. We will probably pivot one or both to be long term rentals.

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

location, location, location

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

sat on the MLS for a year. i think the unique quirks of it made it scary for some investors.

How did you finance this deal?

hard money

How did you add value to the deal?

gutted it.

What was the outcome?

rehab came out great. trying it as a MTR has been less that fully successful. considering pivoting to LTR>

Lessons learned? Challenges?

MTR is harder than expected. also the reno took longer than anticitpated.

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

refied with Mike Tavani and Krista Oslar are Guaranteed rate. they are incredible!

Investment Info:

Townhouse buy & hold investment in Philadelphia.

Purchase price: $142,500
Cash invested: $25,000

We purchased 2 adjacent, tiny rowhomes in the Northern Liberties neighborhood of Philadelphia. They had previously been combined into one house. We are separating them back into 2 properties. They are major BRRRR projects with the main exit strategy being to hold as medium term rentals. The projects finished up and we are super happy with the results. We spent about $80,000 each on renovations and they appraised for $350k each. We have been doing medium term for a few months with less success than we hoped. We will probably pivot one or both to be long term rentals.

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

location, location, location

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

sat on the MLS for a year. i think the unique quirks of it made it scary for some investors.

How did you finance this deal?

hard money

How did you add value to the deal?

gutted it.

What was the outcome?

rehab came out great. trying it as a MTR has been less that fully successful. considering pivoting to LTR>

Lessons learned? Challenges?

MTR is harder than expected. also the reno took longer than anticitpated.

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

refied with Mike Tavani and Krista Oslar are Guaranteed rate. they are incredible!

Thanks so much @Stephanie Corrigan!  I'd be happy to help in any way!

Investment Info:

Townhouse buy & hold investment.

Purchase price: $142,500
Cash invested: $25,000

We purchased 2 adjacent, tiny rowhomes in the Northern Liberties neighborhood of Philadelphia. They had previously been combined into one house. We are separating them back into 2 properties. The are major BRRRR projects with the main exit strategy being to hold as medium term rentals.

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

Location!

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

on the MLS. my client had it under contract but it didn't work out for her. so we bought it.

How did you finance this deal?

Hard money with Rehab Financial Group

How did you add value to the deal?

full renovation pending

Investment Info:

Townhouse buy & hold investment.

Purchase price: $142,500
Cash invested: $25,000

We purchased 2 adjacent, tiny rowhomes in the Northern Liberties neighborhood of Philadelphia. They had previously been combined into one house. We are separating them back into 2 properties. The are major BRRRR projects with the main exit strategy being to hold as medium term rentals.

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

location, location, location

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

my client had it under contract. when she wasn't able to purchase it, i decided to do so.

How did you finance this deal?

hard money with Rehab Financial Group

How did you add value to the deal?

it will get a full renovation

What was the outcome?

TBD

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $30,000

This is our first BRRRRSTR. The property is in the Poconos and will be our first STR up there. The reno should finish by the end of summer, at a cost greater than the purchase price. Also a first for us. I'll keep you posted.

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

We want to grow our STR portfolio but love the BRRRR strategy.

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

Using a great agent in the Area, Melissa O'Connor. The deal had been sitting on the market for a long time and we put in a low offer. When we had the inspection we discovered there were major structural issues so we were able to drop the price even more.

How did you finance this deal?

Hard money.

How did you add value to the deal?

it is currently getting a full rehab.

What was the outcome?

TBD.

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

Melissa O'Connor of Compass was fantastic. and we're working with Rehab Financial Group for the first time and it's going well so far.

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Purchase price: $175,000
Cash invested: $60,000

We have completed the renovation and are very happy with how it came out. The reno ended up costing about $65,000. We have renters who just signed a new 2 year lease for $2400. We are now working on the cash out refi.

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

it's in a great neighborhood we know well. The house needed a lot of work so we knew we could add a lot of value.

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

I met the seller 4 years ago and was going to try to help him sell it. He inherited it when is sister passed. Unfortunately over the last 4 years he wasn't able to get anything done with it and we finally offered to buy it from him. it still had all of his sisters things and had had squatter break in and live there for a month. They stole the copper before they left. We took it totally as-is so he didn't have to deal with anything.

How did you finance this deal?

it was in just good enough shape to qualify for a conventional loan with 25% down. We financed the renovation with a 0% interest credit card for materials and a heloc for the contractors.

How did you add value to the deal?

We rewired and replumbed, added AC, redid the kitchen, expanded and redid the main bathroom, added a half bath and laundry room. refinished the original wood floors. Basically everything except take it down to the studs.

What was the outcome?

We just signed a renter for a 2 year lease. So far, so good.

Lessons learned? Challenges?

there were hiccups but we rolled with them. we didn't think we'd need to replumb but then we discovered the stack drain pipe was basically rusted into nothing.

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

Mike Tavani of Guaranteed Rate. Best lender in the business.