All Forum Posts by: Christina R.

T. Guy Gook

www.advanceamericaproperty.com

Gary Waicker

www.cavrealty.com

I have spoken at length with these two gentleman about property in the city.  Frankly, I think if they won't lend on it, no one will. 

Dominion Lending

http://dominionprivatelending.com/

May be a possibility. As I have been wisely advised, the terms can be very one-sided with any HML. @Ned Carey may be able to help with other funding suggestions.

That's what keeps me gun-shy about them up my way.  A special assessment can be levied at a moment's notice . . and there goes your profit margin.

@Jessica G. 

 - the kitchen looks amazing!!  great job!  The best take-away for my learning curve that I got from your thread was using Rent-A-Center for staging furniture.  I would have never thought of that but it makes perfect sense!

@Tyrus Shivers usually attends the Meetup in Columbia (and @J Scott @Ned Carey @Terry Royce , among other BPers) -

http://www.meetup.com/bwimeetup

2nd Wednesday of each month.  Great place to network.

Another thing - @Benjamin Ellis 

mentioned checking out the assessment.  City has this valued at $30,000 I believe. 

@Jennifer Fernéz 

Welcome to BP.

My mother was born and raised in Reading, PA.  My grandmother lived until she was 94 there - in the south side of the city.  Fierce Sicilian woman, wasn't going out until she (1) had to or (2) made the choice to.  Luckily, it was the latter and we had 2 more blessed healthy years with here down here in MD.  As  kid I'd spend summers there and I'm over 40 so this is a while ago.    Let me tell you - it used to be a WONDERFUL diverse blue collar/white collar balanced place.  Until the city decided a few decades ago it was going to go for gov't subsidies and signed up for every program available to get fed tax dollars.    Now the city is rotting.  Shame, a true shame.  Still have cousins in Shillington and Laureldale so I get up there pretty regularly.

OK, enough reminiscing and venting . . .

To best protect yourself if you're going to invest in Reading, you NEED to hook up with a local REIA and start attending meetings and absorb exactly WHAT is going on in Reading. There is a 927 Franklin in Wyomissing but that listing ain't it. Attend, listen, ask questions and determine who is successfully working that market. If that listing was a true deal it would have been snatched up on day one.

Hopefully at your REIA or Meetup of investors up there, you'll learn what websites and internet searches you can do to conduct some "first pass" due diligence from the comfort of wherever you have an internet hookup. Here is a link that you can use to look up info on Berks county properties -

http://ema.countyofberks.com/Parcel_Search/presentation/chameleon/search.asp

You will see that that listing is owned by an LLC in Florida. They paid $4,500 for the deed. It is also zoned commercial, which means if you want residential use you'll have to go through zoning and apply to get it. In Baltimore city, Section 8 won't rent to parcels next to a board up. Don't know if that applies in Reading.

I'm thinking this LLC got it in a tax sale and had no idea what they were getting. Now they are trying to recoup their bid and investment by listing it hopefully someone will come buy it. Again, if it was a deal it would have been under contract within the first day or two.

Finding an investor friendly agent that specializes in the city would be of much help for you - good luck.  You can do it, just get some basic essential knowledge down first!

Denise Uhrin

www.ultimatehomesrealty.com

@Phillip Raetz 

 - welcome to BP.  So much on here to help you get started with your RE business.

I saw your other post related to CMAs and MLS, etc. I suggest using Redfin and looking at SOLD data within a 1 mile radius (6 months back, if none then go back farther in time) to comparable bed/bath/lot sq ft properties. You can also use Zillow for this but again, use SOLD data, not those Zestimates or whatever they are called. We have something here in MD (www.franklymls.com) where you can get pretty good comp info by manipulating data - can pull up solds and it has listing pictures, etc.  Don't know if you have something like that in AZ but if you do, use it.

Where you are in AZ may be a market where you can find true deals on the MLS. In my neck of the woods, it's very hard. If you're in the first position, good for you. If not, then I'd focus more on marketing to start and worry about the rest later. Gotta have leads come in to work with first.

Sounds like you have a hard -working realtor on your team already!

@Peter F.  Thanks for the detailed reply-  that's very helpful.  @David T. 

 and @Bryan N. , thanks for your replies also and good food for thought.