What I Do
I invest, develop and re-develop real estate for fun and profit and I’m a Generational Investor and Developer.
‘So, what do you do?’
As an entrepreneur, I’ll bet you struggle with how to answer that question, too. Not that it’s really all that tough to answer. It’s just that we know the person asking it is expecting a short, simple answer.
How to best answer that question is one I’ve wrestled with for years, too.
I guess I could say something cute, like I’m a Generational Investor. That’s true, but the person that asked the question has no idea what that is. So, now I either leave them confused (which can be fun sometimes) or it creates a ton of additional questions.
I used to just say I’m a real estate investor because that’s how I think of myself. But that conjures images in their minds of the house flipping guys and gals on cable TV. Not what I do…
A buddy of mine, Jim Ingersoll, refers to himself as a Real Estate Entrepreneur and that’s arguably a much better answer. But it still leaves questions in their mind.
So, I’m still looking for a short answer to succinctly tell others what it is I do.
The slightly longer and more accurate answer is: I’m a Real Estate Investor, Developer and Redeveloper.
I invest in real estate. I don’t do ‘flips’. I buy both commercial and residential rental real estate. I develop real estate and I redevelop (referred to as value-add) rental real estate. And once I buy, develop or redevelop, I hold onto it indefinitely.
I’m a Generational Investor, which means I only sell when the demographics of the market dictate it and then reinvest in another great cash-flowing rental.
Think of it this way: If I’ve done the math as conservatively as possible, it should prove itself to be a solid investment that provides a great income today and an income that grows exponentially over time.
Over time, the rents will increase. And, over time, the loan will eventually be paid off. It will provide a good income today and an even better one in the future and that income stream can be passed on to my children, to charity, to a combination of both or to whomever I choose.
Now you have a better idea of what it is I do. And I get that you may still have questions, but I’m guessing those are probably a bit more specific. For those, please do reach out at anytime.
Jesse Lennon
PS Value-Add properties are those properties that need work, normally updates and upgrades to be able to justify raising the rents. They can range from very minor improvements like paint, landscaping, signage, etc. to much more involved renovations with new kitchens, bathrooms, flooring, etc.
The process of making the improvements and raising the rents is referred to as repositioning. You are repositioning the property by doing the improvements. Positioning it as more desirable than it was. This process usually results in rents going up and expenses going down. I use the terms Redeveloping and Repositioning interchangeably.
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Jesse S. Lennon III, President of Jesse S. Lennon III, Inc. is a licensed real estate broker in the Commonwealth of Virginia. Jesse may be reached at [email protected]