All Forum Posts by: Andrew Bosworth

@Cory Iannacone

Great job!  Keep it up!

@Edgar Diaz

Harrisburg is a good area, but you really need to have boots on the ground here.  If you are looking in the city, things can change block-by-block.  Don't assume that the low entry point automatically equates to a good investment.  There are some decent properties in the city, but based on your investing criteria and how much you have to invest, you might be better off looking outside of the city.  Feel free to connect with me.  

Good questions @Anurag V., but I think these questions are above everyone's pay grade... Time to talk to an attorney.

@Collin Sceski

I can't give you a specific answer, in particular because flipping is not my focus.  However, it's always important to have multiple exist strategies - in other words, maybe you buy a house with the intent to flip it, but instead of just calculating your possible profit (remember, factor in taxes, realtor fees, closing costs, etc.), make sure the property will also cash flow after all your costs (acquisition, rehab, financing, etc.).  This way, if the property doesn't sell right away or for the price you were hoping, you can still rent it out and cover your monthly operating expenses.  Additionally, having multiple exist strategies can help curb your flipping enthusiasm so to speak.  I.E. it is easy to get carried away and spend "just a little more" on those fancy counter tops, floors or fixtures, thinking that they'll add a ton of value, but end up making you go over budget.  If you know you can only spend $$$ in order for the property to cash flow, that will keep your budget in check.  When you're considering a property, I'd ask @Jacob Plocinski to send you local comps to see not only what they sold for, but what kinds of finishes they had.  You can work your numbers backwards from there.

@Collin Sceski,

Welcome to BP.  It's a great site; hope you find it helpful.

Just my two cents, but if you want to get into buy and hold, then focus on that from day one. Maybe you need to wait a little longer to get that first property, but so be-it. Why? Because buy and hold and flipping are two totally different strategies. This isn't rocket science, but at the same time, if you want to be successful at this, get really good at one thing. Flipping just to raise some extra capital, especially in a smaller market, might not be the best use of time, money and resources. Flipping is also a lot riskier a) if you are new at it or b) if you are in a small market; plus you have tax and realtor costs associated with a flip. If you have the money to do a flip, then you might have enough to get a buy and hold right away. BRRRR is a great strategy, not always attainable, but worth pursuing...IMO. Why not start small and use the accrued equity to purchase more in the future?

Buy and hold = investment; flipping = a JOB.

Great job, @Kyle McCorkel!

@Aaron Froggatt

I guess we should say South Central PA.  Don't worry though, no love for Eagles, Flyers, etc. in my house!

@David Smith

Those are two very different areas.  In the Harrisburg area alone you'll see vastly different markets from block to block, township to township.  What kind of properties are you investing in?

Maybe it's time to start a meetup...  

@Dennis Alsteen and @Rob Milliken,

Would a Land Trust trigger a taxable event for the seller, in particular, Capital Gains?  Is title transferred right away or when the buyer pays in full?

@Dennis Alsteen and @Rob Milliken,

Would a Land Trust trigger a taxable event for the seller, in particular, Capital Gains?  Is title transferred right away or when the buyer pays in full?