All Forum Posts by: Davis Stoner

I also live in NYC. In April I purchased my first property out in NE PA. I think that is a very good market with a good price point. 

The problem is, one of the units needs minor rehab. I find myself driving out there a decent amount and spending a lot more time than I wanted. Luckily the rehab is coming to an end and I've learned what I do not want to do. Either buy a property close to you, or go long distance. Do not go right in the middle because you will spend too much time in the car (hour 30 each way). 

It is nice being able to view properties in person, especially if you dedicate an entire day to it, it is definitely worth your time. Like anything, wherever you go will have pros and cons. 

Regardless, I like that market and plan to continue investing there. From this point on I will be much more hands off. Hope this provides some direction. 

@Gregory Guillen

I got lucky, when I originally found the house it was under contract. But I followed up and the deal fell through so I made an offer just below asking price. They accepted and then the whole process began. It is a duplex with an in law suite on the property. 

Before getting this one I offered on a few other properties. One of them had 12 offers and mine was already over asking price. Then we did a final and best offer, so I raised it again. After that the owner asked for even more money so I backed out. This property was a duplex in Easton. 

@Gregory Guillen So this first property that I purchased last month was by Palmerton (technically the poconos). So far things are going smooth. I am using Slatehouse property management, and they were a great resource before I purchased the property. They were really helpful, I would give them a call and see what they think about the areas. 

For realtors I worked with a few and finally found 2 that I really liked who helped find this deal. For me using a realtor was the best move, she walked me through the process every step of the way.

I never looked into the Stroudsburg area that much. I was attracted to Easton and Bethlehem the most but then stumbled upon this one and really wanted it.

@Gregory Guillen

I just purchased my first property just north of there. I was looking in the Easton, Allentown and Bethlehem area. From what I gathered Easton and Bethlehem seem to be on the rise (just my opinion- I am also very new at this). I have a few friends moving to Easton so it leads me to believe that area is on the rise for people who are in their 20s/30s. College hill in Easton seems to be a really nice area as well. Easton has a few hospitals and Bethlehem has that new casino they just built. Both cities have colleges as well. For my next investment I plan to buy in one of those cities. That is all the info I have for you, good luck!

@Mike McCarthy Thanks Mike, that is a good idea. I will be talking to the property manager about this.

@Colleen F. Thank you very much! That is a great idea. 

I really like the idea of the water meter for damage control. 

So I just closed on my first investment property!

It has been a crazy experience so far and I'm sure it won't stop here.

-Luckily each unit has their own oil tank- What I was thinking about doing was filling it up before the tenants move in and then when they move out I use their security deposit to fill it back up for the next tenant. They are responsible for filling it up throughout their stay. I would have all of this in the lease. Does this sound like a good idea or does anyone have any other ways to go about this situation?

-My other "issue" is all 3 units share 1 well. I am trying to keep the water usage down because I am skeptical of the septic tanks. The town is switching to public water/sewage in a few years so I just have to make it till then. Does anyone have any recommendations for easy to use/install submeter companies? I would like to put the meter on 3/4 pex tubing if possible. 

Thank you and I appreciate any and all advice!

It is in Kunkletown. Unfortunately I just spoke with them and they base a lot of their loans off of Fannie May. They do make some exceptions but only to credit union members (not to a brand new member like me joining for the exception). The plan for now is to find some local banks and see what we can come up with from there.

Yes, so I am trying to finance it as a primary (would do investment if I had to). But 20% is the most I can do and be comfortable financially. I am working with two local banks and will continue to reach out to a few more as well. 

I will also call some local credit unions today, thank you for that new idea!

-I have a multi unit under contract (1 duplex and another unit that is a different building)

-Closing date is April 30 so time is of the essence

-I am planning to house hack so I would like to finance with a primary loan (hopefully 10% down but everyone is telling me 20% which I can do) 

-This is my first time getting a property under contract so any and all advice is appreciated!!

I was working with a mortgage broker and an appraiser has deemed the property a "multi-unit property with accessory units" in the back which Fannie Mae doesn’t allow. That financing has fell through. So now I am reaching out to local banks in the area. As of now I am getting quotes from two. Does anyone have any advice? Is the financing that I am looking for obtainable?