All Forum Posts by: Michael Lenahan

Short Answer - Yes. Philly is a great market for BRRR.

Longer Answer - A number of strategies work in Philadelphia, ie. BRRR, Fix and Flip, Buy and Hold, New Construction, Land flipping, wholesaling. You name a strategy and there is an opportunity to make money.

I've been having success for a number of years in West Philly.

Take a look at my profile for a proof of concept.

Cheers.

Yea, appraisers love the refinished hardwood floors.  I've been adding recessed lighting too, recently.  Those are baseboard electric heaters.

An average BRRR takes about 7-8 months from acquisition to refinance. Maybe a little more to hold out for the right tenant.

This was in Cobbs Creek section of West Philadelphia.

I've had success in those neighborhoods. 

Check out my profile for an idea of some of the deals I've been doing.

Let me know if you have any questions.

Cheers,

What Joe said and too long of a post.

Luis,

1. Good for you for taking the initiative to learn and try something new.

2. For some reason you are getting a lot of haters on this thread.  Don't let them discourage you. 

3. If you have a great deal, then you'll find a buyer in any market. 

4. I'd start networking with investors in Mississippi via the BP forums and maybe partner with another wholesaler in that region.

Good Luck.

Investment Info:

Single-family residence buy & hold investment in Phila.

Purchase price: $40,000
Cash invested: $41,500

Link to photos: https://photos.app.goo.gl/YqAx8eakL3VwhzY79

5503 Master St, Philadelphia, PA is a townhouse home that contains 1,194 sq ft and was built in 1925. It contains 3 bedrooms and 2 bathrooms. This home last sold for $40,000 in November 2019. The Zestimate for this house is $144,303, which has increased by $8,212 in the last 30 days. The Rent Zestimate for this home is $1,300/mo, which has increased by $90/mo in the last 30 days.

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

Former mentor owned and operated this house as an illegal rooming house for years and it fell into disrepair. He sold to me to 40K to get out.

How did you finance this deal?

Redeployed BRRR money and Cash reserves.

How did you add value to the deal?

Total rehab from top to bottom.

Hello, I'd like to propose a sharing of contact information of contractors, handy, and maintenance men in the West Philadelphia area.

I'm finding that my 1st tier and 2nd tier guys are either booked out or too busy for small to medium sized jobs. 

Is anyone else experiencing this?

This is causing me to realize that I need a deeper bench.

Feel free to share the name/contact info of your reputable contractor or handy man contacts here.  I will do the same.

Together we can build out our list of "go-to" guys so we aren't delaying projects waiting for guys to free up.