Investment Info:
Single-family residence fix & flip investment in Broomall.
Purchase price: $237,000
Cash invested: $100,000
This property is located in a good school district, within walking distance to an elementary school and with lower taxes than the surrounding townships. The inventory in the area is also very low, with comps from the past year sold in less than 30 days. The home will be completed in a total time of ~6 weeks, with completely new kitchen and baths, new drywall, new roof, exterior repairs to the cement, new hot water heater and new HVAC.
What made you interested in investing in this type of deal?
I liked the low days on market in the area, along with the low inventory and the location in a good school district.
How did you find this deal and how did you negotiate it?
I found this deal at auction.
How did you finance this deal?
I got hard money funding from a private lender
How did you add value to the deal?
I made major repairs to the property (see above). Nearly everything in the home is new.
What was the outcome?
We are pre-marketing the home, and there has already been interest. The project won't be completed for two more weeks.
Lessons learned? Challenges?
As always, more repairs than expected. The township was pretty harsh regarding the certificate of occupancy, which really just meant repairs to the sidewalk and driveway / curb-- and in certain spots they wanted brand new slabs when patching would have been sufficient.
