Rachel Lester and Lenore Davies are the dynamic team of Inhabit Properties in Philadelphia, which focuses on renovating homes and building communities, think “Fix and Flip.” Rachel is a licensed real estate agent specializing in helping clients relocate to Philadelphia and the Main Line. She has strong knowledge of different neighborhoods and a knack for finding value. She and her husband have been long-time investors in residential and commercial properties around the country. Lenore Davies is a Registered Architect who has run her own Architecture firm for over 20 years. She works on projects that vary in typology from urban row houses to rural farms and span in size from single residences to corporate headquarters.
FWM: Rachel Lester, please tell us about your background.
I began my career in the late ’80s in public accounting. I got an MBA at Wharton in the ’90s, worked as a marketing director at American Express in New York, and then took an extended career break to care for my three children. I got into real estate investing around six years ago and got licensed as an agent in Pennsylvania at the start of 2019. I joined Keller Williams and began working with Main Line buyers and sellers. In the Spring of 2020, right at the beginning of Covid, I got together with Lenore Davies and formed Inhabit Properties LLC, a real estate investment firm.
FWM: You joined forces with Lenore Davies who is a well-known architect in Philadelphia to launch Inhabit Properties. Why is this a perfect partnership?
I have a strong, versatile business background, while Lenore has an incredible design sense and a deep knowledge of construction, permitting, and zoning codes. We have complementary skills and are teaching each other how to think about decisions, the questions to ask, and what things cost.
FWM: Do you see trends in the Philadelphia market?
The suburban market is nuts with photogenic, well-cared-for homes going 10-20 percent above ask in crazy bidding wars. The city is down 10 percent right now, particularly in elevator buildings. Buyers are valuing space more than ever, especially outdoor entertaining areas like patios and pools. This is a major change from pre-COVID when millennial buyers really valued walkable locations and lower maintenance homes.
We are not looking for investors at the current time, but are seeking investment properties in the $100-600K range in the Philadelphia area. Perhaps, you know of a property in distress, or that has been on the market for months or years, or needs significant cash investment. We are interested in purchasing single-family homes as well as multi-family and mixed-use commercial/residential buildings. We have seen basements full of mold, structural issues, jungles of weeds, drainage problems — nothing scares us.
FWM: What will Inhabit Properties bring that no other company has brought to the region?
Most small real estate investment companies are run by male contractors, without a design professional involved. Inhabit Properties is unique because we are two women keenly aware of the importance of design and how people actually live in their homes. We feel we have a better understanding of our customer — women are often the final decision-makers in a home purchase. We elevate the style of our properties with interesting choices of finishes and details. We are a boutique firm with personal relationships with our vendors, tenants, and neighbors.
https://inhabitpropertiespa.com/
It is costly and time-consuming to sell a property that is not in turn-key condition. Often, repairs are required, not to mention months of showings and numerous price reductions. Inhabit Properties offers a hassle-free solution; we make “as is” cash offers and close in less than 30 days.
FWM: What do you look for in investment properties?
We look at the return on investment both as a rental and eventual sale. We are interested in rapidly gentrifying neighborhoods and especially blocks with other renovations and new construction. We always like to take over a construction site in progress. We like student housing because there is strong cash flow for the size and condition of the property and we get parent guarantors. We are more interested in quick, cosmetic renovations right now vs. larger construction projects because building costs have risen dramatically during covid.
FWM: Lenore Davies, you enjoy the challenge of combining the old and new in your designs. Explain.
There is extraordinary housing stock in Philadelphia with amazing character and beautiful detail. We work to renovate and improve these existing properties while remaining true to the heart and soul of these structures. We lean towards the masonry row house vernacular that has endured for so long in our city and we shy away from the cookie-cutter metal boxes that are popping up in every neighborhood. They may look current and modern now but they will be dated and out-of-style in no time. We strive to modernize the buildings we work on in a way that is authentic and timeless.
FWM: You have watched your city flourish in architectural design. You have also invested in and improved property in the Temple University area. Tell us about the change in your community.
I have worked on so many different types of homes in the Greater Philadelphia area; apartments, rows, twins, free-standing houses, and even farms. Each provided fantastic opportunities for renovation and improvement. I grew up and went to school here, studied architecture and lived in a number of other cities, and then returned here to raise my family. I have watched Center City and the surrounding neighborhoods flourish and adapt. It has been very exciting.
FWM: Your real estate investment company, Inhabit Properties focuses on renovating homes and building communities. Tell us about your projects.
Recently we have renovated a number of uninhabitable shells into updated, fully functioning 2-and-3-bedroom homes. As each empty lot and derelict building is occupied, it truly enhances the community. Providing “eyes on the street” and adding much-needed density, ultimately drives supporting businesses and necessary infrastructure to these areas. It is a gradual process that brings variety and vitality to these beautiful old neighborhoods.
FWM: Are you looking for investment properties?
We are always looking! (When you are your own boss, the work never ends).
FWM: What does Inhabit Properties offer?
Inhabit Properties is a Woman-Owned Small Business that brings a variety of experience and knowledge to the table. I am a registered architect that has more than 25 years of experience in design and construction. Rachel has an MBA and a great deal of marketing and management know-how. She is also a licensed real estate agent, which allows us insight into local markets and keeps us abreast of current pricing data and relevant trends. In addition to very competent contractors that we collaborate with and the tradesmen that help us with construction, our enterprise is comprised of an attorney and business & finance expert as well. Together we bring a uniquely capable team to each project we work on!
FWM: Please share your social media handles.
https://www.linkedin.com/in/rachel-lester-955839/https://www.linkedin.com/in/lenore-davies-4a02071/https://www.facebook.com/rachel.lester.946
https://www.facebook.com/lenore.davies.7https://www.instagram.com/inhabitproperties/
https://www.rachel-lester.com/http://pripsteindavies.com/aboutus.html
https://inhabitpropertiespa.com/
