All Forum Posts by: Ernesto Gencarelli Jr.

Good on you man. If all your ducks are in a row, you'll be just fine.  Wont know until you do it. Good luck!

Not sure you should take that on as a first project. I wanted to do something similar with a 203k loan 3 years ago.
There were a lot of moving parts and as far as liquidity is concerned it wasn't something feasible especially in the metro area of NJ/NY.

What I did instead was purchase something cheaper in another state PA to build equity. I must have bought at the right time because that same property just doubled in the sales price and fingers crossed will close this month. A year after that purchase I went to roofstock and put down on a property in Memphis TN, a turnkey... already rehabbed with a tenant. That will also help in the equity department when I need it. 

If PA does indeed close, I will be in a better position to do a rehab loan because Ill have a little something to help back me up. The problem I have now isn't finding a lender, it's finding a reputable GC that will do the job and do it right.

Also just because you are preapproved for that amount, doesn't exactly mean you'll end up with the max amount.Might be less. If you overextend immediately, you may be stuck.

I am a noob so I don't want to blindly give advice.  And you might be well more prepared than I was. 

I would recommend hiring a property manager so you dont have to deal with headaches like that, for future.

if you go to court, it will just stress you out. You might be able to still get an eviction out of it, and if you do it will follow that tenant in background checks

Investment Info:

Single-family residence buy & hold investment in Lake Ariel.

Purchase price: $89,000
Cash invested: $24,000

This is the first official home that I have closed on as of 3/13/18. It is part of an HOA

The mindset was find something in my price range to buy and hold, and eventually would like to use equity to grab something else.

It is 3 bed 2 bath, part of a gated community. An A frame. Luckily, I was to fill it with great tenants.

Since, the development finished putting in its own sewer system, so now, it seems it has nearly doubled in price.
Redid the basement, floors, and kitchen.

Investment Info:

Single-family residence buy & hold investment in Lake Ariel.

Purchase price: $89,000
Cash invested: $24,000

This is the first official home that I have closed on as of 3/13/18. It is part of an HOA.

The mindset was find something in my price range to buy and hold, and eventually would like to use equity to grab something else.

It is 3 bed 2 bath, part of a gated community. Home style is a Chalet most likely a prefab. An A frame. Propane heat as well chimney and wood burning stove. Luckily, I was able to fill it with great tenants.

Redid the basement, floors, and kitchen.

Investment Info:

Single-family residence buy & hold investment in Lake Ariel.

Purchase price: $89,000
Cash invested: $24,000

This is the first official home that I have closed on as of 3/13/18. It is part of an HOA.

The mindset was find something in my price range to buy and hold, and eventually would like to use equity to grab something else.

It is 3 bed 2 bath, part of a gated community. Home style is a Chalet most likely a prefab. An A frame. Propane heat as well chimney and wood burning stove. Great for summer and winter getaway. Luckily, I was to fill it with great tenants.

Since, the development finished putting in its own sewer system, so now, it seems it has nearly doubled in price. I have to look more into that seems the community has its own exclusive brokers.

Redid the basement, floors, and kitchen.

Investment Info:

Single-family residence buy & hold investment in Lake Ariel.

Purchase price: $89,000
Cash invested: $24,000

This is the first official home that I have closed on as of 3/13/18. It is part of an HOA.

The mindset was find something in my price range to buy and hold, and eventually would like to use equity to grab something else.

It is technically a 2 bed 2 bath, part of a gated community. Home style is a Chalet most likely a prefab.

Redid the basement, floors, and kitchen

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $16,000

15 year mortgage on an occupied recently rehabbed

@Angel Latimer

As far as a buy and hold and minus the POA expenses, it is going for the moment. I wouldnt do short term rental unless you have a big lake front property somewhere. Poconos can feel like someone dropped you off in the middle of Napolean Dynamite sometimes.

There are possibilities for non POA areas. i like my area because they just out a sewer system in.

But the main idea was buliding equity as I said...so far so good. Still cant really use it yet for a next purchase. Biding time for now.

@Matt M. The main idea is building equity at this time. We were gonna do an Air bnb type situation but figured out that is only best for lake front homes. We luckily found long term renters. Since we've bought the home, the community finished putting in a sewer system from septic systems and seems to have improved home values in the area.

We chose that area, because it is so congested near us. Id make a commute for peace and quiet. Nothing is set in stone but we may slow flip to our renters. everything is a little in the air as we solidify a game-plan.

 And the Poconos is such a huge area so it varies. we are doing buy and hold.