All Forum Posts by: Jon Simpson

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $46,000
Cash invested: $46,000
Sale price: $75,000

Purchased house for tenant. They rehabbed and rented for just over two years. They paid half of the 75k in cash, I financed the other half with a five year note. So help tenant have a house paid off in 7 years. Win Win

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

Had a coworker that was losing home due to wife having a stroke and falling behind on their home.

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

Coworker was looking for rental property near job.
So had my realtor look at property it was a bank owned.

How did you finance this deal?

Paid Cash

How did you add value to the deal?

Tenant occupied as soon as closed

What was the outcome?

Rented out for two plus years, tenant purchased. They paid half of purchase, I held note for five years.

Lessons learned? Challenges?

Learned that helping people is why I'm here.

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

Yes...Jamie Perez Berks Realty Group

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $18,500
Cash invested: $18,500

Bank owned purchase for $18500, closing and rehab $6500. All in 25K. Borrowed money from my own 401K. Paid it all back with in two years.

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

Found on MLS

How did you finance this deal?

Borrowered money from 401K

How did you add value to the deal?

Bathroom was redone, flooring and paint

What was the outcome?

two week rehab, tenant has been there ever since

Lessons learned? Challenges?

Need better contractors

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

Yes...Jamie Perez, Berks Realty Group

Very nice photos.  Glad you able to share your story with us.

Good luck on your next deal.

Here in PA. I had all taxes up to date at closing.  If holding during time when taxes come due.  I've paid them.

Insurance I pay for six months.  Get a reimbursement if sold in a shorter time frame.

Jon

Berks county PA

Great story. Did you hit all your goals for 2018?

I'm looking to fast for 2019.

I see it is very hard to find a good property manager.  I have met owners of one.  They are great guys and talk a good talk. Just the managers that are in place just don't deliver.  I have managed my own, but really want to step back.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $9,407
Cash invested: $9,407

Purchased from Sheriff sale. Is a Two unit rental. 2 Bedroom1 bath and 1 bedroom 1 bath.

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

Low cost of entry. Wanted to get into real estate without any loans.

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

Looking at tax sales in my area.

How did you finance this deal?

All cash.

How did you add value to the deal?

Was worst house on block. Up graded windows, siding, complete rehab of 1st floor 2 bedroom apt.

What was the outcome?

Was able to increase rent.

Lessons learned? Challenges?

Lots of experience.
Hard to find good contractors.

A lot of good responses.

I would sign if she has paid on time.

Would have my increase on each renewal.

Turn over and vacancy can be  worse

Jon

Berks County PA Investor

Do you have any properties yet?

Hey Corey.....I'm in your neck of the woods.

I invest in Berks and Montgomery counties.

For all my SFR they pay all utilities. The water sewer are getting more common to be in owners name. I bill back to them, I send them a copy of bill the pay with rent. Some are monthly(Reading,), others are quarterly (Hamburg, Fleetwood, Maidencreek).

Look forward to meeting up at one of the REI groups soon....Berks, Douglassville, or TRiCounty