i am a first time investment property buyer. someone offered me to purchase a one family home in Frankford PA area for $80k with a section 8 tenant that pays $1080. any ideas/thoughts/warnings/suggestions ?
thank you very much in advance
I would run the numbers through a buy and hold calculator and see how it goes.
If you are familiar with the area it might be a great udea.
Just in case you dont know it, BP has a calculator for rentals.
I would also not put a lot of value on the "current tentant" and current rent value.
Do your own research on how much the rental for the area is, and how much people are actually paying.
A lot of the horror stories from tenants are from "inherited" tenants. Once they are in, it is hard to get them out. And if you didn't do the due diligence, you really dont know how good they are.
I personally rather buy a vacant property than to buy a "already rented".
The only already rented I'd be interested is the one that has a long term renter with a new lease.
thank you so much. do you know of any good websites for landlords (security check, evictions, leans,loans) ?
Where in Frankford is the property? I would say if you are in Northwood you can expect a different experience versus other parts of Frankford. As far as tenant screenings, I think Transunion offers a good product with their smartmove website.
Hope that helps!
it is on orthodox street, between pear and plum streets. are you familiar with this neighborhood? if i were to resell this property, how long does it usually takes to sell a property in this area, i heard they are building a hospital there, should it bring the prices up in that area ?
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