New Investor taking over Grandfathers properties!

New Investor taking over Grandfathers properties!

Philadelphia, PA · Member since 2014 · 12 posts · 1 vote

Hello BiggerPockets Community,

You can call me T, I am pretty much a freshman in the Real Estate field although always being inspired by my grandfather I was always curious about it. My grandfather is getting to that age where he just want to retire and relax and pretty much made all the success he needed while in business.

Recently he just gave me a 3 story house with 5 bedrooms in Philadelphia for me and my children. He told me to keep two rooms for me and the kids then rent out the rest of the rooms which I did. After I rented out the rooms, he hit me with another opportunity. He is willing to sell me ten of his properties for a unbelievable price. Ive already seen a few of them and some are already generating cash flow and some need minor work done to them. Im really looking to take on this opportunity and build on it.

All in All, Im just looking for any advice , any piece of knowledge or suggestions I can get with this new venture being new to it and all. I want to be the best I can be in doing it and improving the value of the properties. If you guys here at BP can help , I would definitely appreciate it.

Thank You

T

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Investor · Kansas City, MO · Member since 2013 · 146 posts · 24 votes
12y

you definitely came to the right place! BiggerPockets is a wealth of info and contacts! Set up your keyword alerts to let you know when someone mentions something you want to know about!

Welcome to BP!

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  • Investor · Kansas City, MO · Member since 2013 · 146 posts · 24 votes
    12y

    you definitely came to the right place! BiggerPockets is a wealth of info and contacts! Set up your keyword alerts to let you know when someone mentions something you want to know about!

    Welcome to BP!

  • Investor · South Jersey, NJ · Member since 2013 · 338 posts · 22 votes
    12y

    T,

    Great luck. That's a real plus. I'm in South Jersey in Camden County. Welcome to BP. See you around.

  • Philadelphia, PA · Member since 2014 · 12 posts · 1 vote
    12y

    @JoshuaGordon

    Thanks alot the warm welcome, I am excited to learn and meet amazing people in the process. Seems like I will be on here all night , its so much information. I will set up my keyword alerts for sure!

    Thank You

  • Philadelphia, PA · Member since 2014 · 12 posts · 1 vote
    12y

    @gregwake

    Thanks for the welcome, you a right across the bridge. I will most definitely see you around.

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    Welcome @Katrel Kelly

  • Philadelphia, PA · Member since 2014 · 12 posts · 1 vote
    12y

    @James Wise Thank you very much sir.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Katrel Kelly welcome to BP!

  • Real Estate Agent · Dallas, TX · Member since 2013 · 39 posts · 4 votes
    12y

    @Katrel Kelly I"m also in Philly! Great to have you part of this awesome community T !

  • Philadelphia, PA · Member since 2014 · 12 posts · 1 vote
    12y

    Thank you @Brandon Turner I appreciate that!

  • Philadelphia, PA · Member since 2014 · 12 posts · 1 vote
    12y

    Hey @Rudy Gonzales Thanks for your welcome. Its great to see someone in my area on here, with your experience hopefully I can be a student and learn from it. I am thankful for being apart of such a great community.

  • Dallas, TX · Member since 2014 · 68 posts · 33 votes
    12y

    I think you will love this site, there is a lot of passion here and I believe nothing worthwhile can be accomplished without it. Besides the resources on here, people seem genuine and want to help I think you probably know more than you think. Keep the numbers simple and keep learning. Congratulations on the opportunity.

  • House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    12y

    Welcome to the family. Good to see your off to a good start. Get into the podcasts that apply to your needs, the learn section has a library of excellent information. Check out the forms and controls and overnight you will be up the leaning curve. Welcome aboard.

  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    12y

    Welcome aboard, T. Ask your grandfather if he will teach you what he's learned along with the great deal. Spend time with him looking at all the properties, talking about tenants and leases, and really understanding how he's built and maintained his business. Also really engage here. You'll be a graduate with honors before long.

  • Investor/Realtor · Hoover, AL · Member since 2010 · 1k+ posts · 459 votes
    12y

    @Katrel Kelly ...Welcome!

    Your GF can provide a lot of knowledge and insight on his experiences. With a "motivated seller" at your fingertip, you can fast track with your RE investing...Good luck!

  • Philadelphia, PA · Member since 2014 · 12 posts · 1 vote
    12y

    @Rolanda Eldridge

    Bless! Thanks for taking time out to introduce yourself on my post. I would love to learn anyway possible on how to be successful in this line of work. Its always good to have connections with people that have the experience , I would be honored to keep an open ear to any advice you are willing to give.. Thank You

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