About six weeks I posted a blog entry about Stephanie and I buying an investment property in Bridesburg (Philadelphia Real Estate) - see Investment Property in Bridesburg .
Our goal was to have the property updated and rented by August 1st. We have the property fully updated - we received an application yesterday from a very nice couple who want to move in July 24th. So we were really close to accomplishing the goal.
The property took a little longer to get ready. We made the decision to have central air installed at the property now instead of later. That increased our rennovation costs by several thousand dollars but the decision was based on getting a little bit more monthly rent as well as a more qualified tenant at the same time. Further, in this part of Bridesburg, it is pretty common to have central air at the property.
In our prior entry, we forgot to take pictures of our "before" property but below are two of the "after" . We posted these photos along with a description on Craigslist and had several showings immediately. We hope to wrap up everything with this couple in the next week. They are a perfect fit for the property - we really hit it off with them during the showing as well.
We love investment properties ! Investing in real estate, in our opinion, is a great way to diversify a portfolio geared for retirement as well as protecing and growing one's wealth.
If you are interested in investment properties in Philadelphia and Philadelphia Real Estate, please contact Chris and Somers Stephanie Somers at 215-400-2612. Visit our site and our blog !
Philadelphia Realtors - Chris and Stephanie Somers
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Great looking property. ~Evelyn
Excellent work, it is good to have a plan and stick to it!
your friend in Charlottesville!
Now is the time to buy invewtment property - prices are down and rental activity is up, Karen
Christopher,
Thanks for the post. Good post on what those who are in a position to buy, should be doing. Great buys are to be had.
Evelyn - thank for the post and the compliment about the property. It was an estate sale when we got it - everything was super old but clean. The place has really nice hardwood floors that we were able to keep as well as the kitchen cabinets. We pretty much replaced everything else !
Charles - Coming from you, we appreciate it ! We believe that owning real estate investment properties is essential for an investment/retirement portfolio. Will probably write a blog about that : )
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Karen - Great point ! In the past, and to some degree even today, the good investment properties are hard to get. But at least there is less competition now. There are a lot of good deals out there. And you are right, rental demand is very high ! Our vacancies for our rental properties are very very low... just a month or two here and there if a tenant moves out.
William - Agreed. Even if a local market dips a little more, if you have a rental property that is net cash flow positve, what is their to worry about ? The benefit is over the years that rental property will be paid off, and all the income is cash flow positive.
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