All Forum Posts by: Kristy Pedersen

Hello! I am investing in Philadephia PA and have completed two renovations since 2017. I’m looking to buy, renovate for myself but also am working on interior design/renovation projects for new clients. I come from a landscape architecture background and in the past developed my own plans for my building permits however Philadephia has now required projects over 25k to have either an architect stamp or a PE stamp.

In some, not all, cases the renovations require structural work and I know I would need to hire a PE anyways to finish the plans. Therefore I’m looking for a PE that can work with me to prepare the finished drawings. All projects are in Philadephia. I can take measurements and start the drawings but I would need guidance on code related questions too.

Thanks!

I did a full gut renovation 3 years ago on a 3bed 2.5bath property that was 1400 SF and it cost me $110k for nicer finishes, no finished basement. I would say closer to 200k since you will have more square footage and the finished basement. 

You could probably waterproof the basement without actually drywalling/installing flooring to save some money. I'd think a roof is priority since you don't want to damage the rest of the house. Windows could be 10k alone which you might be able to save for later. I like to think about things as by trade.. so you want each trade to come out once to the project. It'll be cheaper and less headache

Thanks for sharing!

Hi Ryan! First of all, congrats on getting started! It will be a fun learning experience. 

I'd recommend first understanding what the comps are in the neighborhood. Depending on the neighborhood it might mean within 1-2 blocks. Your likely going into an old house that might need more work than what looks like on the surface. Depending on your strategy, you'll have to see if the amount of work adds up to make it worth it. For example.. I can almost guarantee if you see outlets in the baseboards it means very old electrical, lathe/plaster walls, plumbing, mechanical. I always prefer assuming these jobs are near full gut renovations to abate all that lathe + plaster, upgrade mechanicals, plumbing, ect.

If this is your first time venturing out in the Philly market see a few before you make any decisions. 

Good luck!

It sold for $160k in December 2019 

This was in the Logan neighborhood - West of Broad Street. This neighborhood is good for investors right now, but specifically the West side of Broad I felt much safer visiting for when I had to check in on the unit.

 Hah thanks Alex! A learning experience it was for sure!! 

Thank you Julio! I am so happy with the outcome!

Thank you! It was a great jump start for me. This was in the Brewerytown/Sharswood section of Philly. I bought it at the perfect time and found the right block to invest in (very important in this neighborhood). I did contemplate renting it, but this was really my plan the whole time. I made some decisions about the finishes I probably wouldn't have made if I was just going to rent it out. Plus I have way more money to work with now in cash than I did with my HELOC. Good luck with your home in Fishtown - I recently visited after a few months of not and its STILL constantly changing! Good returns there I'm sure.

Thank you for this break down!