All Forum Posts by: Ernesto Gencarelli Jr.

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

This would be my second deal. I did find out after the fact it isnt exactly the area I would want to be. I happened to luckout with a good tenant who takes pride in the home and having a good pm which helps

Wasnt sure what you meant by this should never ever play a role in my investing decision. Gotta go where it makes sense for my situation. The section where i bought is not as desirable as other parts. I will be investing in a different area of Memphis in the future .

The research I did suggested that Memphis has been and will be hot for a while because it is at a bottom right now and all the fix and flip companies are pumping out rehabbed properties like a queen bee.

I am still new to this area. I am looking for mentoring as well. So any and all advice is appreciated.

I cant make another move for 30 months or so anyway, plenty of time to learn. Thanks for reaching out.

@Raj P..... everything was done remotely. Very simple and easy platform.

Using renshaw property manage

Investment Info:

Single-family residence buy & hold investment in Memphis.

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

3 Bed 1 bath. Freshly rehabbed, with a great tenant in a not so great area. My PM company is excellent.

What made you interested in investing in this type of deal?

I can't make my money work for me in the NJ/NY area. Everything is inflated.

How did you find this deal and how did you negotiate it?

Roofstock.

How did you finance this deal?

15 year.

Lessons learned? Challenges?

Paid a little high, but worth the price considering the same type of house would be close to 379000!!!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

roofstock

Yeah i eneded up finding fulltime renters in hamlin. Best bet if youre that far in.

I'm originally from New Jersey and just bought a property in Lake Ariel/ Hamlin area. I have to finish doing some minor work before I list it on Air bnb and other platforms. This is an open question... what are all of your experiences in the share economy platforms?

This wass sort of a "training experience".  I am currently am the tenant of my aunt's home which technically a two family home. There,  for the life of the house or at least my 33 years of life,  has always been a little "Studio" of an apartment in the back of the  house.

Anyway a FRIEND needed a place to live and my aunt needed a tenant. Everything was good for the first 6 months because I sort of mediated for them. My friend gave me rent money of 800 for he and his girl and I would give that to my aunt. The deal was 400 for each person and utilities are included.

But that apparently wasn't good enough for my FRIEND. He kept trying to talk her down in price, she finally was sick of him and told him to leave.

In retaliation, he called the f'ing city's building inspector and reported an illegal apartment, when technically it was not because it was part of the first floor. Its been that way since the 60's when my family bought the house. It was only separated by a door. So it was more of a sublet.

So needless to say this caused a rift in my FRIEND and our relationship. But my aunt and I worked fast to get him out legally (bite the bullet and get a lawyer)

No bad blood but lesson(s) learned. It was a learning experience for both parties.

Also, LEASE LEASE LEASE becasyse month to month is really hard to prove especially if you have been given cash.

Currently I am working on my first deal with my wife as possibly a vacation rental outside of the state (PA) in which I live known is (Northern) New Jersey.

Stay tuned.....