All Forum Posts by: Cordell M.

I live in PA; last week we had a pair of days with close to -20 wind chill.  I came home and found one of my basement/cellar doors blown open as well.  Fortunately there is a second set of doors behind it; but sometimes it happens.  Without being there it seems tough to 'win' the argument and maybe lose a good tenant.

Speaking only to the partnership aspect and not the fiscal end of it - I work with my dad & brother on our places and I think its only brought us closer (and we were a very involved family beforehand).  I agree with having things written out, who does what as well as an exit/buy-out if one partner wants out for unforeseen reasons.  To be, one of the biggest aspects of it all is trust; there's no one I trust more than my family.  My brother is a CPA and does my taxes, etc.  If he advises me to do something I never for a moment question his motives (it still need to make sense, have legit reasons), but I always know where their hearts are at with decisions.  Good luck!

Check out the book 'Landlording on Autopilot' by Mike Butler; talks about some of those exact things; on Amazon.  Good luck!

Are there many different large/sizable employers, or does one very large company/factory employ a very large number of the residents?

Good luck!

We have a house with an older cast iron tub that was previously painted and is beginning to flake off.  This is a buy & hold rental property that we are almost finished getting in order.  Under $30K house; any ideas for improving appearances w/o replacing the tub?

Thanks!

I currently have the other half of my duplex vacant and have a nice applicant that I like who is Section 8 approved (used at her past residence).  However, the available unit is not Section 8 approved...my questions

-How long (in PA) does process for approval (for unit) typically take?  The unit is in good shape and I have no concerns about it passing inspection/maybe minor things.

-I am planning to sell this unit in less than a year for multiple reasons; does having Section 8 attach any strings or red tape to selling the property?

-I welcome any other thoughts that may be applicable.  I have other applicants; not sure if its worth jumping through the hoops to have someone in quickly (she is moving for legit reasons) especially getting it filled at this time of year.

Thank-you for your thought!

Recenty I've begun investing in a lower income area (row homes under $35K for three bed, two bath) with some neighborhoods better to buy in, others better to avoid like most places.  Has anyone given letters to new tenants (we have a property manager), with basic budget resources (ala a Dave Ramsey), with the discaimer we are not financial advisors and reviewed by our attorney.  Goal would be to create a win-win of making tenants aware of solid fiscal practices (w/o being condescending) for a better life for themselves and indirectly also hopefully helping them plan to have money at the beginning of the month for us. 

Thanks for the insights!

Towards New Holland...I went to school in West Chester...probably about 35-40 minutes from French Creek Park.

My name is Cordell, I live in Lancaster County, PA and have an interest in long term buy and hold. Part of a small LLC with my dad who can fix about anything and my brother who's a CPA. I bought my duplex a few years (and still live there with my three high energy dogs) and have accumulated half a dozen units with my family aside from that. A few months ago I tore my bicep/had it re-attached lifting for strongman, which gave me some unanticipated down time. At that point I made the decision to move further ahead with real estate and ended up here after reading and listening to podcasts! Aside from this I coach a few sports, hunt with my dogs and enjoy working out!

Recenty I've begun investing in a lower income area (row homes under $35K for three bed, two bath) with some neighborhoods better to buy in, others better to avoid like most places.  Has anyone given letters to new tenants (we have a property manager), with basic budget resources (ala a Dave Ramsey), with the discaimer we are not financial advisors and reviewed by our attorney.  Goal would be to create a win-win of making tenants aware of solid fiscal practices (w/o being condescending) for a better life for themselves and indirectly also hopefully helping them plan to have money at the beginning of the month for us. 

Thanks for the insights!