Stuck in Analysis Paralysis

[Keshav Bhandari]

Hi there,

I am a new member to Bigger Pockets and Interested in LTR. I am looking for 2-4 units Multifamily properties to start with but I am so confused about couple of things here:

1. The tax situation here in scranton, PA where city tax is at 3% ?? as compared to other areas with 1 %. Would that be a problem if I am not in scranton but I have a rental property there?

2. Also the houses here are very old, most of those listed are anywhere from <1900-1950. What has your experience been with older houses, Any advise for me regarding this?

[Bill Brown]

@Keshav Bhandari in answer to question 2, I have experience with older houses here in Pittsburgh. It all depends on your end goal. If you're looking to buy something ready to rent, old houses are fine if your tenants are fine with it. If you're planning on gutting the property anyway, then I don't think it matters as much.

You shouldn't be worried about buying older houses, but do closer inspections on the systems (wiring, plumbing, heating) in addition to the obvious (foundation, roof, siding, windows). I recommend calling some local home inspectors in your area to ask what oddities come up in Scranton. Housing problems can be regional and local info is best.

[Keshav Bhandari]

Quote from @Bill Brown:

@Keshav Bhandari in answer to question 2, I have experience with older houses here in Pittsburgh. It all depends on your end goal. If you're looking to buy something ready to rent, old houses are fine if your tenants are fine with it. If you're planning on gutting the property anyway, then I don't think it matters as much.

You shouldn't be worried about buying older houses, but do closer inspections on the systems (wiring, plumbing, heating) in addition to the obvious (foundation, roof, siding, windows). I recommend calling some local home inspectors in your area to ask what oddities come up in Scranton. Housing problems can be regional and local info is best.

 Thanks @Bill Brown. Appreciate it. 

[Eliott Elias]

These are issues you are going to face down the line, stop setting road blocks for yourself and take immediate action. Handle roadblocks as they come, I can drum up countless scenarios where the deal will die. I rather drum up optimism