Compared to prices in New Jersey, where I grew up, Pennsylvania real estate seemed to be within reach of beginner investors. I bought my first building with my two brothers and father in 1987. The building needed work, as many older buildings do in Easton, PA. We got right to work cleaning, painting, fixing, improving, and leasing. We reinvented the property management wheel and learned how to manage the building through our own experiences. It was educational, exciting and fun.
My father opened a consignment art and antique gallery, Connexions, in one of the three commercial spaces and moved into one of the vacant apartments. Then my brother moved into the building followed by me and later my step brother, who later opened Pearly Baker's Ale House. My sister-in-law opened a retail shop called Stazia's Soap Box. We made Easton our home.
Our next project was an old building with a liquor license and bar at 7th & Northampton Streets in Easton that needed significant improvements. It took us about a year to do the work and a ton of borrowed money. We learned about contractors, hard labor, government grants, building codes, job-site security, and how much it really costs to rehab an old building.
We opened Porters' Pub & Restaurant on May 16, 1990. I will never forget our first night that we opened for business. I was still in college at the University of Delaware, my brother called, "Jeff, I just totalled out the register - we have $62!!". Finally, the money flow had reversed direction. And, after many years of hard work the Pub is running well and has great staff, food, brew, music and patrons. What an incredible experience!
I began to buy buildings on my own after we opened the Pub. I lived in the first one, fixed it up and sold it in a year. I borrowed money and bought some more. Sold some, bought some. Over time, I developed a business that I enjoy. I manage and rehab my own properties, a few for friends and some that are co-owned with family.
For me, the best part about the real estate business is recycling homes. If properly managed and maintained, homes are extremely valuable in many ways. Finding homes that need lots of lovin' is challenging, fun and exciting. After initial repairs and corrections, and once we get the home "on it's feet", it can be rented and/or sold to someone who will make it their home. And that's my ultimate goal; pairing a property with people who will love it, maintain it, and make it their home.