Newbie in Bucks County PA

15 Replies

Hi BP newbies,

My name is Chris Stoeckel, I live in Yardley, PA in Bucks County.  I'm a Jersey girl, but have crossed the river for 9 years now, due to RE taxes.  I'm new to BP, loving it!  I'm looking to network with local investors, other newbies to share ideas & learn.  I had 2 rentals a few years back that didn't end well, so now I'm ready to jump in again but want to be smarter.  I hope to meet some folks from this network locally at one of the meetups.  Thanks for your time, Chris

@Chris Stoeckel welcome to BP!  Are you looking to invest in Bucks County or other surrounding areas? Are you focusing on flipping, or buy and holds?  I'm currently investing in the Levittown area and flipped my first house in Fairless Hills last year. I'm happy to help with any question  and suggest joining DIG.  

@Craig Beverley , thanks for the welcome!  I'm looking to stay close (ish) to home, so Levittown, Bristol, Fairless Hills.  I've hard of DIG, good suggestion.  I've been to a few meetings, looking to educate myself as much as possible prior to jumping in.  Right now, I could use some help with financing questions.  Let me know if you have some time for a quick chat.  Thanks!! chris

Originally posted by @Chris Stoeckel :

@Craig Beverley , thanks for the welcome!  I'm looking to stay close (ish) to home, so Levittown, Bristol, Fairless Hills.  I've hard of DIG, good suggestion.  I've been to a few meetings, looking to educate myself as much as possible prior to jumping in.  Right now, I could use some help with financing questions.  Let me know if you have some time for a quick chat.  Thanks!! chris

 Maybe before starting fresh , you could share with us what went wrong with your first properties. I as newbie would like to hear not only success stories , but any experience. Maybe we can analyze together what went wrong and go from there .

@Lana Lee , hi & thanks for the out reach.  So basically I overpaid, the market tanked AND mostly, I bought in an undesirable neighborhood that I was afraid to go to...although it looked excellent on paper, it was a nightmare with  the tenants I had, evictions, trashing my houses, etc...every time I was on vacation, there would be drama.  I just felt like I could never relax, I was losing sleep, just no fun!  I hired 2 different prop managers, that were horrible & tried to rip me off.  I finally had enough & short sold them after 5 years to just get rid of them.  Happiest day of my life, really.  So here I am again wanting to get back in but in a much better neighborhood & hope to build a better network that I can rely on for help & advice.  So that's it in a nutshell without gory details :)

Originally posted by @Chris Stoeckel :

@Lana Lee, hi & thanks for the out reach.  So basically I overpaid, the market tanked AND mostly, I bought in an undesirable neighborhood that I was afraid to go to...although it looked excellent on paper, it was a nightmare with  the tenants I had, evictions, trashing my houses, etc...every time I was on vacation, there would be drama.  I just felt like I could never relax, I was losing sleep, just no fun!  I hired 2 different prop managers, that were horrible & tried to rip me off.  I finally had enough & short sold them after 5 years to just get rid of them.  Happiest day of my life, really.  So here I am again wanting to get back in but in a much better neighborhood & hope to build a better network that I can rely on for help & advice.  So that's it in a nutshell without gory details :)

 I understand you comlitly. We have a friend who invests in a high risk area and he told us once that until we get some experience we should invest in lower risk area. We decided to buy a duplex in B area in NE Philadelphia. Yes the cash flow is not that great, (one would argue) but at list it's 7 min. away from our home and we can self manage. I am learning so much by self managing. My husband and I always used an agent to find us tenants. But last time we decided to try it ourselves. With the help of BP family we leaned how to advertise , do showings and screen tenants. 

As to financing we used to rely on our savings but decided to pull a HELOC on our primary and planning to use it for down payment for our next rental. I believe we got pretty good deal on HELOC using a local credit union.

@Lana Lee , that's great. I'm interested in finding a quad in a good area. I'm looking at heloc, but also SD IRA & want to investigate creative financing options. That's what I'm focusing on now. Do you go to local Meetups? I'd love to chat with you & bounce ideas off each other. I'll private message you

Hello everyone,

I too am from Bucks county, specifically Bensalem, and am new to REI. My goal for 2018 was to get at least one rental property in my portfolio @ 200+ cash flow per month and over 12% cash on cash return. I found a single family short sale in Morrisville, not too far from Yardley! I’m supposed to make settlement February 28th. I am looking to make more deals this year and definitely would consider partnering up with local REIs.

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