Hello From PA 12 posts by 9 users

Posted: 06/20/2008 at 05:47AM

Hi Fellas,

My name is Vi and im new to the forum. I am a full time accountant.

I just started real estate investment this year by purchasing a tri-plex and become a landlord in upper darby, PA.

I found alot of good info on this board. Just wanna come in and introduct myself.

Posted: 06/20/2008 at 08:02AM

Hey Vi and welcome to BP! How do you like being a landlord so far? Are you living in one of the units or is it exclusively a rental building? Tell us a bit more about your first purchase and how its treating you.

Good luck!

Posted: 06/20/2008 at 08:50AM

It’s definitely a great and stressful experience.

I could of purchase this properties for $175K as an REO back in 2006, but I was dealing with an inexperience mortgage broker and she can’t get my loan approval b/c she said there no stoves in all 3 units.

Then last year I saw the properties went back on the market for $200K. My first initial was 185K, she countered with 197K and she end selling the properties to be at 193K. She absolutely did no works on the place at all. I did all the rehab (20K) and end with the township getting the U&O.

I end up renting the first 2 units to friends and living in the 3rd unit. The rental help cover my mortgage ($150 surplus) and I use my salary to paid off all my bills and personal loan from my brother. These last 6 months I was living off roman noodle.

I have been dealing with a lot of stress since the home has been vacant for 2 years and nothing is working right.

Overall, it was a stressful experience but hey, you have to put in work if you want to be successful. I am finally going have a positive cash flow this month and I am trying to save up for my second home with my brother.

One question for you guys, Should I re –appraisal the properties and try to get ride of the PMI? I saw on Zillow my property is actually worth 258K, how accurate is that site? I need it to be appraised at 268K in order to own 22% of equity to get ride of the PMI.

-Vi

PS please excuse my bad grammar.

Posted: 06/20/2008 at 09:26AM

btw Chris, i forgot to answer your question. The property is on west chester pike and is a blk from darby road (border of havertown and UD)

Posted: 06/20/2008 at 07:17PM

Welcome to the board Vi!

I live in Colorado, but invest alot in Wilkes Barre / Scranton PA.

I am sure you will find alot of great information on this forum...keep posting questions.

Posted: 06/27/2008 at 07:22AM

Welcome to Bigger Pockets Vi, and from us MN investors!