Agent Lady team member Brittany Loeffler writes about the reality of buying a home in Philadelphia through a series of short stories.
The Smarter Move
Drew Carrington was a man who liked to have a plethora of projects going on at once. Whether it was building a website for a client, mowing lawns on the weekend for some extra cash, or painting a friend’s mom’s house, he was always busy and looking to make money. He had never been one of those guys to sit at a desk and work for “the man,” especially after his one and only marketing internship he held for a semester during college.
At a networking event one night, Drew met someone who owned a few properties throughout Philadelphia. He was an interesting man with a lot of different projects going on at once and connected with Drew instantly. They talked about the excitement of coming up with new ideas and implementing them and of course making money from these ideas.
“So, do you rent your properties out to tenants?” Drew asked, interested learning more about Philadelphia real estate.
“Yeah, I started buying property about ten years ago. At first I managed all of them, but later decided to hire a property management company to handle everything. It’s the best decision I’ve ever made! I check a check every so often just for owning these houses!” The business model seemed extremely ideal to Drew.
“How did you start off?”
“First, I bought a multi-family house. It was a triplex and I lived in the top unit and rented out the other two units. I was basically living for free because the rent from my tenants would pay for the mortgage.” The man explained. Drew grew to like the idea more and more. “Let me give you my agent’s card. She’s fantastic with first time home buyers like yourself and would be more than happy to help you out if you’re interested in getting into Philadelphia real estate.” The man handed Drew a card with the words “Agent Lady” across the top.
“Thanks, I’ll give her a call tomorrow.” The two parted ways and promised to keep in touch.
Contact Agent Lady today to get started
That night Drew walked into his studio apartment and opened his laptop. He searched for Cherise “Agent Lady” Wynne and read her outstanding testimonials and her beautifully crafted website. He completed a first time home buyer form and hoped the Agent Lady would reach out to him tomorrow morning. If not, he would give her a call.
He decided to search the Internet using Zillow and Trulia to see what kind of homes were on the market, and where. Currently living in Chinatown, he decided it would be best to buy a property in South Philly. Everyone loved South Philly from what he heard from friends and other Philadelphians. He liked what he saw.
Three Month’s Later
The day had finally come. After some hurdles and obstacles with financing and putting in offers, Drew was finally on his way to his first settlement. Cherise and Drew had just finished the walkthrough to make sure the triplex was in the condition they had first viewed it. Drew made note of the repairs he would have to make with the help of his FHA 203k loan. The excitement bubbled up inside of him.
In the car on the way to Cherise’s office she asked, “When do you think you’ll be ready to rent out the units?”
“I think I’m going to work on the first floor unit first. Fix up the kitchen a little and redo the bathroom, then rent that one out first. Once that’s finished I’ll do some work on the second unit, since it doesn’t need that much work done.” Drew answered, reciting the plans he had come up with.
“When will you fix up the third unit? That’s where you’ll be living right?”
“I’ll do it a little at a time. I’m not too high maintenance. I could honestly live in it the way it is now without a problem, but I know my mother would have a fit if she knew that was how I lived.” Drew chuckled to himself as he pictured his overbearing mother overreacting.
“Are your parent’s excited for you?” Drew nodded. They were excited for their first born son to be making a different in people’s lives and offering housing for them.
Five Months Later
Drew had finally finished both apartment units. He did most of the work himself except for some electrical and plumbing issues. He installed washers and dryers in each unit and made them look luxurious. After comparing some other apartment rentals in his area he figured he could rent out both units and it would cover the mortgage entirely. After putting in separate electric and water meters, each tenant would be responsible for their own utilities, which left Drew with the only responsibility of repairing anything that breaks and collecting rent.
He decided to go to Cherise again and asked if she would list his rentals. She came to the triplex and Drew gave her a tour. “This really looks great! I love the color you painted the walls.” She pointed out the subtle grayish blue color on each wall.
“Thanks, I think it looks so much better than stark white.” She snapped a few pictures to use in her listing and had Drew sign some contracts.
This was the start of something great, Drew could feel it. After all of the hard work he put into this house and the effort of finding it, he knew it would all pay off in the end. He sat down in his chair upstairs and browsed the internet for his next project.
About Brittany: Brittany is the super organized (and awesome) office and marketing assistant that helps home buying and selling clients have the best experience possible. She also shares her creative side by writing compelling short stories about the home buying process that are loosely based on actual client situations. Expect to receive emails and phone calls from Brittany if you decide to work with the Agent Lady team to buy or sell a home!
