All Forum Posts by: Bill McCann

Congrats!!! @Kayla Upchurch

I'm over in the Greencastle / Waynesboro area. We've been investing for a few years in the area and remotely.

I'm happy to chat and help out where I can.

Hey Jamie,

I am also Waynesboro area. I don't know of any investor groups in Waynesboro, Chambersburg, Greencastle, or Gettysburg. The closest MeetUp I know of is in Martinsburg, WV., then there are some groups up in Harrisburg.

I have met a few other investors in our area.

I'm happy to chat and meet downtown sometime.

@Brandon Allenczy Thanks for putting the meeting together last night. I enjoyed the conversation, the food and drink and look forward to future meetings.

We have a 4-plex (Chambersburg), two duplexes, and three SF (Waynesboro). We have a great Investor friendly Broker we use in Waynesboro. I'm happy to share, just message me. Also, I'm happy to answer any questions, if I know the answer.

In Chambersburg, PA closing costs when paying with cash: 

Looking a one of my HUD-1 Statements.

1. Expect to pay a 2% transfer tax, generally split between buyer and seller (the majority of PA has 2% transfer tax)

2. County and school taxes vary on time of year

3.  6% if Realtors are involved (generally paid by seller)

4. Title Insurance if you purchase it - depends on company

5. Recording Fee for Title Company @ $92 - Depends on Title Company

6. Potentially other fees like pest / home inspection etc.

As for the different forms of financing:

With what you have mentioned above, do your research. My experience is that many companies doing what you have described, say they are business credit cards, but they are tied to you and your personal credit report. True Business credit cards are not tied to you personally (showing on your credit report) but to your business.

For the liquidating the credit card into cash, generally if you get cash you are suppose to be taking a cash advance which usually has a high interest rate and usually has a daily limit. Running a credit card through a system to liquidate it, basically saying you received a product or service just but really received cash can be a slippery slope. Be careful. I know there are many companies that do it, just do your due diligence.

The last business loan I acquired in this area @ 4.25% If you are purchasing in your personal name, rates are less. There is also private money. The rates I am familiar with are 8.99% and up.

Hope this helps with your question.

@Clayton Sinclair Welcome to REI. My wife and I are local investors in the Waynesboro, Chambersburg area. Like @Bill Kenny said, lots of good lessons to learn from the podcasts in BP. I have only had the privilege of making to to one of the Meetups in Martinsburg WV. It was last month with @Mike Webb running. Seemed to be lots of good people there to talk with and share information. I will be attending more. I look forward to meeting you at an upcoming meetup.

@Erich Harden Thanks. I will check with them when I get back down there.

@Vicent Chen No. Things changed and haven't invested there yet.

@Nathan G. Thank you for this great resource.

@Robb Colley Thank you for the information.