All Forum Posts by: James Cecere

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Purchase price: $529,000
Cash invested: $100,000

High end condo in Rittenhouse Square section of Philadelphia. This 2-floor condo has 2 car parking, which is highly sought after in this very desirable location. It's a three floor walk-up in a 6-unit condo. It's a traditional row home, so it beautifully fits the historical spirit of Philadelphia. This is a long-term hold, which steadily increases in value and attracts quality renters.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $98,000
Cash invested: $70,000

This acquisition is a rehab special, yet in the perfect location for a short term rental. It's across the street from Hobart and William Smith Colleges. Notably, it's across the street from their major sports facilities. It's also in the heart of wine country, the Finger Lakes, and a destination for people looking to do wine tours.

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

This property is the epitome of location, location, location. It's a beautiful home with 4 Ionic pillars; two porches; a driveway that fits 7-10 cars (easily); and easily accesses all of best restaurants, wineries, college, and other attractions of the Finger Lakes.

How did you finance this deal?

This was financed with a traditional mortgage and $15,000 down.

How did you add value to the deal?

A lot of work is required and requires me to act more as a general contractor as anything else to get it up and running. A new roof; flooring; electric; cosmetic upgrades are all required. As is landscaping. I also need to furnish it. This should generate a monthly return of 30-45% based upon all estimates.

Investment Info:

Single-family residence buy & hold investment in Philadelphia.

Purchase price: $129,000
Cash invested: $10,000

One bedroom condo in the Loft District; purchased when area was still rough, but will lots of potential. Upgrades to kitchen and bathroom. Expectation is for further asset appreciation as the area becomes more desirable. Rent exceed carrying costs by $400 per month.

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

Great opportunity for equity appreciation and also desirable location for young professionals. Expect to hold for the long term.

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

Realtor brought me the deal.

How did you finance this deal?

Conventional mortgage with down payment.

How did you add value to the deal?

Upgraded kitchen and bathroom.

What was the outcome?

Consistently rented and asset recently valued at approximately $229,000. Some recent repairs required due to a renter making unauthorized enhancements to the unit and also had to be evicted ($1000).

Lessons learned? Challenges?

One bad tenant revealed I didn't have my renters license updated. The city changed the process and I did not get a renewal notice. When I went to evict, I had to get the license renewed first and couldn't claim any owed rent for the period in which the license what not valid.