A "Survivor" from New York
Glad I've found BP. I have been trolling the Podcasts, Webinars, and generally reading as much as I can here on BP. All the while trying to figure out what I did wrong the first time around. As many can attest one's first foray into the world of REI can leave many wanting and "scared" to try again. Well here I go, this time there is a defined strategy, trusted partners, albeit in my primary business, and the experiences drawn from my first investment. This is a story I can one day tell without wanting to cry…a bit of an overstatement but not too far off...let's just say I do not go to Connecticut anymore.
So a bit about myself and my partners, we have collectively 60 years experience in the construction trades, our Construction concern is focused on New Construction Hi-Rise projects in the NYC area. Given our experience we have chosen to leverage this experience and focus on Philadelphia investments, I am familiar with the areas targeted as I had lived in Philly for a period of time for school, and the cost of entry is within our tolerance for risk.
Our long-view is to pivot to Rehab/Hold, and New Construction, strategies…our preference are Rehab/Hold properties within close proximity to existing vacant lots where we can subsequently add new inventory, contiguous lots preferred. We believe in a hyper-local Block building strategy… this strategy is to acquire, rehab, rent and Hold renovated properties... while concurrently securing building lots in close proximity to the “owned” properties and subsequently constructing new resale inventory, thereby improving the “Block” and the relative appreciable value of the rental properties owned.
These first Rehab/Flip projects will permit us the ability to refine the process, identify local partners, i.e. realtor, expediter, licensed trades, etc., working out the kinks, so to speak. Whether we do one or five prior to our pivot will be determined based upon the experiences of these “trial” projects.
We have identified specific areas in which we are seeking to identify, acquire, Rehab, and Flip projects that meet the following criteria:
Proj. Profile: Late – Mid 19th Century
2-3 Story Row House
840 – 1100 SF
ARV Range: 130k – 165k
Acquisition and Rehab:
Max of 60%-65%
If you believe there may be an opportunity to assist each other in building a mutually beneficial relationship we would love to hear from you. Feel free to contact me, provide your contact information, and I would love to discuss our plans and how we can help each other.
