All Forum Posts by: Louise Cornell

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, just needed an exterior clean up. All units are 1 bed/1 bath and the investor I sold it to is considering eventually making one very large unit into 2 beds. Looking to appraise in a few months.. will keep everyone posted on the outcome!

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

I worked direct with seller.

How did you finance this deal?

Investor financed with cash.

How did you add value to the deal?

By fixing and cleaning up the exterior. They plan to eventually clean up each unit a little bit.

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

My investor bought from me and was a wholesale deal.

The price of entry in the neighborhoods you mentioned is going to be extremely high. I specialize in sourcing fixer uppers for landlords and flippers and I can tell you from first-hand experience inventory is very low, and as a result, very expensive in these pockets. You will pay a very high premium even for a small rental grade property. While certainly not as gentrified yet, Brewerytown is definitely a much cheaper entry point and I think will ultimately follow a similar trajectory given its already strong commercial corridor. 

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

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

This Germantown property needed very light cosmetic work to be brought back to its former glory. 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 love Germantown for the solid cash flow and appreciation, best of both worlds!

How did you finance this deal?

Financed with hard money.

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

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

This Germantown property needed very light cosmetic work to be brought back to its former glory. 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 love Germantown for the solid cash flow and appreciation, best of both worlds!

How did you finance this deal?

The deal with financed with a hard money lender.

@Eric Greenberg all depends on what investors consider to be A-class. If you consider Rittenhouse, Fairmount, etc in the running then obviously Brewerytown and Point Breeze aren't as highly rated. But in an area where certain blocks get 400k+ on the out I consider that to be B+ or higher. Most first time investors don't even consider those super high-end areas though so I think the scale changes slightly from investor to investor. 

Investment Info:

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

Purchase price: $215,000

Very clean Lansdowne triplex. One bed was bringing in $900/month, two other units were bringing in $800/month. 6 bed 3 baths total. With new tenants, the property is now bringing in $2,600/month. Everything was separately metered with all mechanicals recently replaced.

How did you finance this deal?

Financed with hard money.

@Pamela L Assogba Hi Pamela, congrats on starting your investing journey. For rentals as a new investor I would look into Cobbs Creek, Germantown, Olney, Logan, and Haddington. There are some great rental areas in the suburbs of Philly too such as Delaware County (Upper Darby, Parkside, Prospect Park, Brookhaven). It depends on what your scale is for A/B/C neighborhoods. The neighborhoods I mentioned are from the viewpoint that Northern Liberties, Fishtown, Brewerytown, Point Breeze, etc are A neighborhoods for investing. Happy to shed more light on some of the neighborhoods mentioned above. I'll send you a DM as well. 

Best,

Louise 

@Rob Stiefel I sent you a PM with some information regarding properties in the suburbs. 

@Pinank Parikh sent you a PM!

@Matthew Nadel I’d be happy to, I’ll send you a PM.