My third investment property, the Pearl House is a single family rowhome located in the West Philadelphia, specifically Cobbs Creek, section of Philadelphia. I purchased this home specifically to renovate and flip with the option of renovating and holding as a rental.
I found the home through a wholesaler, meaning off-market, for a great price. I purchased the home in cash using mostly profits from the sale of my first home and with the help of a local hard money lender.
The home had been sitting for a few years prior to me purchasing it, so it was in need of a lot of work. The bones were good so I was able to salvage most of the existing structure and delicately, surgically, transform the necessary plumbing and mechanicals.
We added value to the home by adding a powder room on the first floor, upgrading the heating from radiators to central air, upgraded kitchen, and upgraded main bathroom. The home also was completely repainted, original hardwood floors refinished, and the front porch opened up.
Purchase price: $60,000
Cash invested: $92,000
Sale price: $230,000
If you want to find out more about investing in real estate in Philadelphia, feel free to reach out to me here! I’d love to help you find a house to renovate. Also please check out my post about my FHA 203k renovation since it was the catalyst to the rest of my real estate career.
BEFORE AND AFTERS
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