Betting on Brewerytown
Direct client Patrick prices his properties to sell. “I buy smart, I build right and I sell smart,” he says. At just 26-years-old, he is definitely doing something right. He’s already in business for himself, developing residential real estate throughout the city. His last project in South Philadelphia went under contract the day after it hit the market. Friends wanted him to price the property higher, but he was already making great margins. “I’m not greedy,” he says. “And I want to move fast.”
At the moment Patrick is nearing completion on two Direct funded flips in Brewerytown. “Direct was able to get me approved within a day and we closed in no time.” One is a luxurious three bedroom, three bath with double height ceilings and a roof deck on 29th street. The other is a classic two bedroom row with parking on West Flora. They will both be listed for sale within the month.
“Brewerytown has a lot of character,” says Patrick. “I like the way the area is changing and the development that’s taking place.” He likes the new businesses on West Girard Avenue, the cafes, independent shops and restaurants – especially Spot Burger. He thinks Brewerytown has a lot of the elements that made Fishtown so ripe for development, and with a median home value of just $50K, he sees a lot of potential.
Patrick was introduced to Direct by another Direct client and fellow real estate investor. He has worked with traditional lenders, but he prefers to do business with Direct. “They’re more flexible, easier to work with and the turn around time is quicker. I look at deals and run them by Jared, if he says its a go it’s a go. It feels like a team effort. They get behind me 100%.”