All Forum Posts by: Mathew Pezon

Dear BP Community, It all looked so good on paper, and then when the project started things did not go according to plan... I'm dealing with a painful first flip that I still haven't sold yet but purchased in October. Pick an aspect of the flip and it went wrong: over schedule, over budget, manpower issues with contractors jumping off the job, design flaws, payment terms, forgot to fill the oil tank over the winter and ruined the radiators and downstairs flooring... The list goes on and on. Although it's a painful experience, there was a lot to be learned here. My rental portfolio is doing well, and my job will help me slowly recover. I'm wondering if there are any other first time flippers in the Lehigh Valley, Allentown, Bethlehem, or Easton who may have experienced something similar, a "battle scar" to share. What have you learned through your failure? Did you try to flip again? What was the most important lesson you learned from your first flip? How did you pull through the challenge and continue investing in RE? Thanks!

Hello Patricia! How much are taxes? Are repairs needed in either of the properties? What is the integrity of the houses' systems and when will they need to be replaced (capital expenditures)? Depending upon where you live will also determine if you need management or not, which could affect the P&L Statement of either property. Also, the Lehigh property may be rented to students and the Philly property may be rented to professionals or families? The tenant is your customer, so make sure you understand their needs and your own as a property owner before selecting which geography to invest in.

Welcome to BP Mark Baskin ! Looking forward to working with you on another renovation when you're back in the area!

Good points Mark Fedorov . Also keep in mind that while the price-to-rent ratio looks good on paper, maintenance and capital expenditures tend to be a bit higher in downtown Allentown than in other areas of the Lehigh Valley due to housing antiquity. Make sure when you're evaluating your estimated monthly P&L that you are accounting for additional capex.

Thank you for welcoming me Dave Lin !

Thanks for the welcome more Michael Sato

Hello BP Community! My name is Mathew Pezon and I have been a buy and hold real estate investor for 2 years. Originally born in Allentown, PA, I now invest in the same community I grew up in. This is my first post after listening to almost every podcast over the last few years.  I would like to say "thank you" to the BP community for the wealth of information and knowledge you have given me. Through your guidance I have purchased various properties in Allentown since getting started. I've made mistakes along the way, but they have been minimized thanks to your support and shared experiences. Looking forward to connecting with many of you!