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We Bought this House at 3112 N Taylor St
This was a renovation project in North Philadelphia 19132. We buy houses in Philadelphia.
We bought this single-family house in Philadelphia
3112 N. Taylor Street was one of our favorite projects that we have completed. We bought this house from another Philadelphia home buyer. This house is located up the street from the Brotherly Love Real Estate Office. Renovating a house feels less stressful when it is close by and accessible. The seller was planning on moving. We were able to buy this house fast so that she could move outside of the city.
Typically, our team focuses more on multi-family properties when we buy houses as a long-term investment. As you can see in this photo, the property was in rough shape. We will review the details and show more photos once we get into the renovation process for Taylor Street. After considering the condition, this house still fit our buying criteria perfectly. We had to jump on it and buy it.
We bought this home in July of 2019. At the time, one month before this, our team had just locked another property under contract. With two closings in less than one month, we were excited about doing two projects at once since this would give us good economies of scale. Our other project was in Brewerytown, which has seen major appreciation in the past decade. Jon and I knew we had to make both of these great real estate deals happen.
About 3112 North Taylor Street
This single-family house that we bought in Philly is a two story, with 1,320 square feet and three bedrooms. You can review the full details of 3112 N Taylor St, or any other property in Philadelphia, at the resource linked.
In Philadelphia, there are plenty of other single-family homes that are much smaller than this one. You can find properties that are less than 700 square feet. That is crazy! When we buy houses in Philadelphia, size is a huge factor that we consider.
How We Bought This House in Philadelphia
We paid $50,000 for this house when we purchased it. Fortunately, we were able to use Jon’s line of credit to pay for the property. Doing this allowed our offer to appear stronger than others since it was paid in cash. Other Philadelphia home buyers placed offers for 3112 N Taylor Street, but we were able to get our offer accepted.
House Repair Plans
Our plans to repair this house was a full cosmetic renovation of the interior of the property. It was not in great shape when we bought the house, but the structure was sound and workable. Jon helped lead the renovation process with others to complete this house project. Before we buy houses in Philadelphia, our team does a complete analysis of the renovation costs. For this particular house and project, we were almost exact with our repair cost estimations. For Philadelphia home buyers, I think that is the biggest obstacle in the real estate business.
Repair Estimations
Why Did We Buy This House located in Allegheny West?
The Vision for this Project:
Our plan was to add value to this house through renovations and repairs. We forced the equity into the building. From here, we filled the property with tenants, and eventually refinanced. Fortunately, we were able to pull our money back out. This process is called the BRRRR Method. At Brotherly Love Real Estate, we call this a success. Here are several factors that we look for in houses we buy in Philly:
- Layout
- Lot Size
- Current Condition
- Rentability
Before Photos of 3112 N Taylor Street
As mentioned previously, this house that we bought on Taylor Street was not in terrible shape. However, it did need significant work to bring it to 2020 rental standards. For those who want to explore the rest of the interior, you can view photos of the house we bought here.
After Photos of 3112 N Taylor Street
Jon and I are very happy with the end result of this project. We turned 3112 N Taylor St into a beautiful home. The current tenant loves it too. It was a win-win because we helped out the seller who needed to move out of the city. She was in a rush to sell this house, and we made it happen fast for her. Now, there is a tenant living there who is happy as well with the end product.
We Buy Houses in Philadelphia PA
Although this house was in Allegheny West, our team focuses on the entire city. Brotherly Love Real Estate’s goal is to help homeowners no matter what situation they are dealing with. Our team takes pride in the fact that we can close fast, if that is what the seller needs. We buy houses throughout Philadelphia, as well as other cities in Pennsylvania. For people that are curious about how much their house in Philly is worth, give us a call at 215-326-9208 for a free evaluation of your property. If you have thought that I need to sell my house fast in Pennsylvania, contact us today. We buy homes throughout the state of PA. Even for people that need to sell a house fast in Pittsburgh, Brotherly Love Real Estate can help you.
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