All Forum Posts by: Louise Cornell

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $105,000
Cash invested: $100,000
Sale price: $330,000

Royersford flip my investor completed earlier in 2023. He gave the house some well deserved TLC and brought it back to life. The home sold in 14 days and sold $15,000 over ask. Very happy for my investor and his partners!

How did you finance this deal?

iFundCities financed the deal!

How did you add value to the deal?

I sourced the property for my investor and got him in contact with the lender.

What was the outcome?

Very successful flip!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $390,000
Cash invested: $150,000

Closed first week of January. Massive off market property in a prime section of Northeast Philly. Homes in the area sell for $600,000 - $700,000 in outdated condition. My investor will be fully gutting the property and bringing it back to life. Excited to see what comes of the project! Will post updated photos when I have them.

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

The agent working with the sellers was referred to me by another agent who I've done multiple pocket listings with.

How did you finance this deal?

Hard money lender. My buyer used Sherman Bridge Lending who was able to do a refi on one of his properties which he used as his cash to purchase the property.

Happy Monday, everyone! 

I'm currently looking to connect with more wholesalers and agents in the Greater Philly area. My team has grown significantly in the last 3 months and putting out an average of 4 deals per day for my sales team to sell to investors has not been enough to keep my sales team properly fed. They're hungry for more deals as are our investors. 

Personally, I am trying to close an average of 6 deals per month and need to connect with more people who can help me access deals. Cash buyers are not my issue, finding more deals is! I am looking in Philly, Delaware County, Montgomery County, Chester County, and Bucks County.

Disclaimer: I will be assigning the contract or double closing on it. I typically only need access to the property twice. Once to view it myself and get an idea of rehab and a second time to walk my investors through. I don't ever get deals under contract for more than 5 days. If it doesn't move within 48 hours I typically cut it. I will never ever try to step on toes between you and your seller and you can stack as much of a fee on top as you like. I will let you know what I can pay and you can negotiate what price you get it at with your seller. If you're an agent, you can collect both sides of commission. All I need to get you an offer is photos, address, and a rough price or I can give you an idea of where to offer at with your seller.

I am looking to build relationships, not do one-off deals. If this does not appeal to you, no worries and I wish you the best of luck. If this post interests you, message me or find me on Facebook and let's connect! Trying to get at least 4 more under contract by the end of June. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Ridley Park.

Purchase price: $315,000
Cash invested: $30,000

This was a fantastic fully occupied quadplex in Ridley Park on a large corner lot. It's a little more than 2,600 sqft in solid shape. Needed an exterior and minor interior clean up. All units are 1 bed/1 bath but buyer is considering eventually making one very large unit into 2 beds. Looking to appraise in a few months.. will keep everyone posted.

Update 10/26/2021: The buyer put $365k in ($315k purchase, $50k in rehab) and ended up appraising for $475k!

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

Off-market. A seller who had lived there for 30 years was ready to let it go and needed the cash within 30 days for a new property.

How did you finance this deal?

Buyer purchased with cash.

How did you add value to the deal?

$50k of work was put in. Updated two of the units, new exterior paint job, and partial roof replacement. 2 tenants agreed to pay up a bit to stay.

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

Buyer came to me for an off-market multi. I was able to find them one in 25 days.

@Matthew Gonglik My investors have had amazing experiences with iFundCities, Rehab Financial Group, and Spring Garden Lending. By amazing I mean very communicative, easy to work with, met deadlines, and stayed true to their loan terms. Stay away from Lima One (this goes for all cities)! If you need direct contacts for the companies I mentioned, send me a PM. 

@Stephen Mahler sent you a PM!

@Matthew Mulrenan Hey Matt, congrats on getting started... As exciting as it is to immediately think scale, there can often be problems/unknown factors that arise with the first few properties. I would start with buying one and focus on ironing out any kinks in your system. Are you looking for flips or rentals? And do you have a team (contractors, lenders, agents, etc.) or are you looking to make some connections?

I'm a licensed agent but I've been primarily wholesaling for the last year or so. I also work with many lenders in the area and have a few close relationships with contractors. Let me know if/how I can help! 

All the best, 

Louise 

@Marc Possoff Generally, how much the tenant pays vs. how much you get from the program is income-related but it can be pretty case-by-case. The investors that I work with have a fairly easy time getting set up with Section-8 but you might not know how much you'd get from who until you get placed with a tenant. 

Happy to answer any other questions.

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Purchase price: $95,000
Cash invested: $20,000

This Germantown rental needed very light cosmetic work to be brought up to speed to get tenants in there. My investor updated the kitchen and bathroom as well as some fresh coats of paint. It's a 3 bed 1 bath that is being rented for $1250/month. I'm a big fan of Germantown for the solid cash flow and appreciation.

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

I got the deal for $10k less than what it was listed for on MLS.

How did you finance this deal?

My investor worked with a private lender who was great, especially since he was lending to a first time buyer!

@Ty Thomas I would look into the HOA fees for the condo. They can be pretty expensive and eat into your cash flow.

Best of luck!

Louise