Backyard diamonds
With no background in real estate, Burgos began attending industry networking events and forging connections. One paid off with an internship opportunity at PRDC Properties, a large residential and luxury builder in the city. There, Burgos learned the ropes by analyzing development deals, filing paperwork, managing construction projects, and attending condo board meetings.
After graduation, PRDC offered him a full-time position, serving as assistant project manager as the firm converted an old hat factory at 13th and Callowhill into 97 apartments and commercial space.
In addition to his day job, Burgos and his brother began house-hacking and purchasing long term rental properties in the city and launching Burg Properties in 2019. At first the properties they worked on were duplexes and triplexes that didn’t require much work. But then they performed a complete rehab of a six-unit building. That helped build the confidence to dive into their business full-time.
The combined experiences also created a desire to focus on quality economically priced housing.
“Witnessing the boom of luxury housing fueled us to develop a strategy that also caters to the needs of all individuals. We believe that everyone deserves access to a comfortable and high-quality living environment,” Burgos said.
The brothers hope for a banner year in 2023, when they plan to leverage the city’s Land Bank program and various government grant and incentive programs available to minority-owned businesses to begin developing economically-viable projects. They understand they will need to partner with other like-minded firms to provide and deliver these projects. If all goes according to plan, they hope to replicate early successes, such as an eight-unit property in Tacony in which they collaborated with the neighborhood’s community development corporation and the Color Me Back program. The program, a partnership with the city’s Mural Arts, draws on the successful experiences of other cities in offering ‘same day wage’ to help address economic instability.
“We transformed an unsightly wall into a beautiful mural,” said Burgos. “By utilizing available resources, we were able to create something beautiful for the community. It’s a reminder of the power of collective effort for the greater good.”