Hello,
My wife and I will like to have a do over. After years of her telling me that we should focus on investing in real estate as Buy & Hold investors, I have finally come to my senses. Our first property is a Duplex brought in Columbus, Ohio back in 2011/12 and our second one was brought in Darby, PA two years after. In between that time, we also brought a 2 family home in Brooklyn, NY as our primary resident.
Our duplex property in Ohio came with one unit ready for tenant and the other needing complete rehab. The first mistake I made was renting the ready unit to my sister. We never got rent on time, got hit with the units being poorly manage, and no income or cash-flow to rehab the other unit. After 4 years of back and forth with my sister, she finally moved out. So we are currently in the process of a completed rehab of both units. We hope to have it done for $20,000.(Our contractor thinks this is too little).
Not realizing that family and business don't mix, I also rented the Darby unit to my other sister. this one on the other hand treats it like her own, but with low rent being collected, there's just about $100 or less in cash-flow with the high taxes or multiple taxes from city and county in that area.
And yes, it is really I who need a do over, because I was the one making most of those decisions at the time and having my wife fight with the tenant (I meant my sister).
So this is where we are at. I am religiously reading on BP and listening to Podcast. At the same time, I am reading Brandon Turner book, The Book on rental Property Investing: How to create Wealth and Passive Income Through Smart Buy & Hold real Estate Investing.
To make long story short, we will like to purchase our third property in the Philadelphia area. We need help and is reaching out to you guys (gals) for any information that will make this round a success. Our goal for the year 2018, is to purchase 5 units in the Philadelphia for Buy & Hold investment.
Thank you.
