All Forum Posts by: Christian Bors

@Ray Partee I strongly recommend you start off house hacking.  Purchase a 2-4 unit building, live in one unit and rent the others.  You will get the experience of being a landlord, the benefits of low down payment as an owner occupied, and low monthly payment or some cash flow which should help you save quicker for the next property.  This is how I started, and I encourage new people to do the same.  So many benefits!

@Jack Forester I recently added a light bulb addendum.  Recently, when the tenant moved out, they took all the dam light bulbs.  Now I charge 6$ per missing bulb and my lease says it has to be at least 60w.  Some tenants use light bulbs that are 10w.  I don't even know how they are able to see!

@Tyler Deck  Don't use hard money for your first deal.  If something goes wrong, it can be very costly. Also, with that price range, it will be difficult to refi and get all of your initial investment out unless you buy at a significant discount.  I would recommend using your father's 20k as a loan.  Pay him 5% apr monthly and amortize it over 3-5 years.  After the property is rented, you can pay him through cash flow until he's paid off.  Then you get the property.  Win-Win.  Just add the extra payment you will be making to your father into your rental calculations. 

Cheers,

CB

@Suzane Ivas Like others have mentioned, I would check with HD.  They usually offer 4 lower end granite for the price of 29-34$ per sqft.  However I have seen some other HD's in different locations charge as high as 42$ for the same pieces! I guess it depends on the area.  Depending on the layout, you might be able to find a piece of remnant at a local distributor for 25$sqft.  $2000 isn't horrible but I would shop around.  The sink will cost a couple of hundred and the faucet will probably be another 75$  Search the clearance section for the faucet.  There's usually one laying around.  

Patrick Martone check out j Scott's book estimating rehab costs. It will help you greatly. A lot of cost can be estimated by sqft. Example, paint may cost around 2$ per sqft. Carpet may cost around 1$ per sqft etc...

I agree with Kim Meredith Hampton You shouldn't return anything. All the people are part of the lease and they are all still responsible for the terms of the lease. Even if two tenant's moved out, the third would still be responsible. I would not give anything back until the unit completely vacant. Let them work it out. That's not your problem unless the couple cannot afford the rent between the two of them. It then might turn into your problem.

@Phillip Tutino I invest in the harrisburg market.  Feel free to reach out.

Originally posted by @Steve Babiak:

@Jonathan Lehman - on the third Thursday of the month there is one at the Lancaster Bible College, and I believe @Christian Bors hosts one in York County.

 I am the current president of CARPOA (Camp hill).  We meet the first Thursday of every month.  January is usually one of our biggest meetings.  Mark Wetzel, a local CPA, speaks to our group about taxes.  You should try to attend if possible.  Send me a PM if you want more information.

I try to attend several meetings a month, including the one at Lancaster bible college.  I would strongly recommend attending that meeting since its in your back yard.  I really enjoy that group.

@Juline R.  Reach out to a smaller bank/credit union.  You need to speak to someone on the commercial side of the bank (usually called business bankers).  I have a revolving line of credit on a rental that is paid off.  It wasn't too difficult to get either.  Its a pretty straight forward process.  Just make a couple of calls.  

@Michael Bangsal your question is pretty broad and basic. Just type in taxes in the search bar and start reading biggerpockets blogs. That's a good place to start. Also, below is the link to Amanda Hahn tax book she wrote for BP. She was BP podcast guest twice and writes frequently for BP.

http://get.biggerpockets.com/taxbook/