Direct Client Profile: Buy, Renovate and Hold

When real estate investor and property manager, Joe originally came across his duplex in Point Breeze, he knew it was a great value, and needed to move quickly. DMLC’s managing partner, Jared, met him at the property to assess the purchase and approved the loan soon after. “DMLC was able to not only offer us the funds, but had a quick and less painful underwriting process. They were able to get us to the closing table extremely quick and that was what the seller really needed. I just refinanced on the duplex that I bought with DMLC and they really felt like part of the team for me.”

“When I needed an extension, when I needed a draw, when I needed flexibility or creativity, DMLC was there. So that loan experience had a real personal touch, which to me is invaluable.”

Joe recently completed work on his third project with DMLC, a 3 bedroom single family in Grays Ferry that he renovated from top to bottom. With his management experience, Joe prefers to buy, renovate and hold, rather than flip. “I think the city is seeing such a revitalization that you’re able to find projects and do good work, and you can either sell or hold, but I think the longer play ends up being even more lucrative,” he says. The renovate and hold strategy can increase equity, provide rental income and maximize appreciation.

“Grays Ferry is a wonderful place to invest in because it has so many things going for it. It’s close to center city, its close to transportation, it close to jobs, its close to 76, close to Penn, even close to Rittenhouse. We do higher end work because the neighborhoods are constantly improving. Its really fulfilling to take properties that are abandoned and turn them into a positive. Neighbors come out and congratulate you and say thank you.”

Thanks to Joe for working with us. We are glad to be part of his team!