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Forums » New Member Introductions » Been lurking in PA

Been lurking in PA Subscribe to Been lurking in PA

8 posts by 6 users

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M P

Homeowner · Bethlehem, PA


Where to start..I'm Stormy, live in the Lehigh Valley which is located in eastern PA. I've been lurking on this site for about a month or so.
I've kinda gone about things a little backwards. I purchased my first investment property in october.. now im looking to purchase my primary residence. Not exactly the order I wanted things to go in but it was a deal I couldnt pass on.

First, im trying to figure out how to finance my own home, apparantly they dont look at rental income when you only have the one property, Once I have that planned, I'm interested in owning more rental properties. I'ld like to start with a few lower income homes and move up to apartment buildings. Also have gained an interest in pre-forclosures.. transferring the title into a land trust... brilliant! Dont know if i like the idea of " flipping" I'm not very carpenter like however an auction or reo in good condition at a good price i can deal with.

I currently work in insurance. both personal and commercial sides.. and have been contemplating getting a realtors license. I dont have a huge bank account or alot of assets yet (a younging at 25) but im looking forward to really diving in.

but anyway, this website is amazing. the knowledge and openess of it is fabulous. so.. a big thank you to everyone for posting their questions and answers.


Inspector · Garden City, Michigan


Welcome Stormy. I think you will reach your goals just keep reading and contributing you will learn alot. :welcome:


Real Estate Investor · Harrisburg, PA


Welcome from the other side of PA - I'm in Harrisburg - there are a few of us from PA on here.....Best of luck to you....And actually - depending on when you bought your investment property & what LTV you are looking at for your personal residence.....the bank MAY take a portion of you rental income into play - at the VERY least to offset your mortgage - they may add a somewhat conservative 10-20% vacancy rate into the mix....but at least it should offset some debt....

Just curious - how'd you find the " deal that was too good to pass up??"

Thanks - Ken


Residential Real Estate Broker · Conroe, Texas


Hi Stormy!

Welcome to the group. You should get at least 75% of your rental income to offset the mortgage payment. Looking forward to chatting with you. Sounds like you're on the right track.


M P

Homeowner · Bethlehem, PA


family. my family has had rental properties since the 30's. long story short, family member passed and through the chain of command i was asked if i wanted it at a quarter of market.


BiggerPockets Founder · Denver, Colorado


Welcome to the site Stormy. I'm glad you've found it to be helpful. It is great that you've learned real estate through the family . . . I don't think that there is a better way! You are lucky.

Its good having you here and I do hope to see more of you around!

Good luck.

Small_bplogo20aJoshua Dorkin, BiggerPockets, Inc.
E-Mail: webmaster@biggerpockets.com
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Be sure to check out the BiggerPockets Blog at http://www.BiggerPockets.com/renewsblog/


Real Estate Investor · Reading, Pennsylvania


Stormy,
Welcome (from on Pa investor to another) to this great site. There is so much to learn on this site!

Keep us updated on your success!

Robin


M P

Homeowner · Bethlehem, PA


Originally posted by "biggerpo"
Welcome to the site Stormy. I'm glad you've found it to be helpful. It is great that you've learned real estate through the family . . . I don't think that there is a better way! You are lucky.

Yeah having someone with experiences around is nice, although what I would like to do vs. what they do is a little different. But any advice from experience is never a bad thing.

Originally posted by "biggerpo"
Its good having you here and I do hope to see more of you around!

I'll gain weight??? ;)

Originally posted by "biggerpo"
Good luck.

Thanks!!!


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