We just closed on a property personally in Bridesburg - a 3 br / 1 bath property for $81,000. We offered $1,000 above the listing price of $79,900 to have our deal accepted as it was competiive.
We have completed the process of getting a couple of estimates from contractors and have chosen a referral contractor that we have not used before. His estimate was for about $10,000 and he starts today so we are pretty excited about getting the property ready to be rented out.
We already have had some roof work done and will also get a new HVAC heater and have it set up for central air in the future - the HVAC person will have it ready for central air by ensuring the ductwork is in place and install the a/c coil so when we do resell the property, the upgrade to central air will be easy.
We love the opportunity to provide housing in Philadelphia and we look foward to having a great product to offer to someone. Our theory is always to do have good work done on a property which brings in a better tenant and a more qualified tenant as well.
Our goal is to have the property ready in 3 weeks so we can have it occupied by August 1st.
This is a great time in my opinion to be picking up a few investment pieces for the long term in this market !
Philadelphia Real Estate
Philadelphia Real Estate Blog
;)
;)
;)
