Benjamin Henry Victory

 

Benjamin Henry Victory

Henry & Sons Property, LLC in Erie, PA
Benjamin Henry with Scott Henry

Type(s) of Victory: Reached a personal goal, Reached a business goal, Did something on my bucket list, Paid it forward somehow, Closed on my first deal


This past Thursday at 4pm, 2/2/17, we signed our first deal for rental properties owner-financed!! I've found a local landlord/investor that is mentoring us through the process. These properties have been somewhat neglected so we were able to secure them at a 15-20% discount (3 properties, currently 6 units total) that we are rehabbing and holding. One of the properties, a huge single family home built in 1890, is on a street that has multiple properties where investors have converted the homes into multi-units, and our plan is to turn this SFH into a 2-unit as well, to fit in with that block's trend. Generally, these properties are in neighborhoods where our goal is to invest in them long term and make the quality of housing available higher quality than most investors/landlords are willing to give. This is somewhat of a silent trend that is beginning, rehabbing and holding older properties in lower income neighborhoods, that we hope to be leaders in our area in by providing a quality product with friendly, respectful, and accountable management. Although they are lower income neighborhoods, they are actually rated to be relatively safe and so we believe they can be good long-term investments that cash flow well and make a positive impact... and these are our first rental properties so we are going to do it right! So far, we have already made friends with the neighbors as they've noticed us starting to do some work. We've had neighbors willing to chip in and help by keeping an eye on the properties, one of them has even offered to help clean and prep the properties for the rehab work with us. It feels good to make that kind of positive impact, however small, and see that look of gratitude in the neighbors eyes'... for believing and investing in an area with the long-term goal of making it a better place. We're really excited to see how it all unfolds long-term. Next step is the rehab, and then on to screening for good tenants!



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