All Forum Posts by: Account Closed

There's a reason other landlords won't rent to. That trend would make me very hesitant. And if she's giving you a sob story just to get in, expect a sob story for everything else (ie, can't pay rent, needs baby daddy there who doesn't qualify, needs to break lease to move in with mom, etc).

@Jon Graboyes I'm interested on why you think the Norristown L&I is difficult. I'm looking in Norristown for my first property so I haven't had to deal with them yet. But so far my numbers work out fairly well on a few properties. I'm somewhat local and will be self managing.

@Kevin H. I think it also depends on what you're looking for. I'm researching Norristown and have found it seems ok for cash flow but don't expect appreciation like the city. That may be why some people are staying in the city.

@Don Warfield I've talked to one local HML in Philly so far and they're at 9% interest only and 4pts on a fix and flip for a first timer like myself. It also depends on your credit score as well. Keep digging.

I've heard on many podcasts if it only cash flows on an all cash purchase it's not a good deal. Why would you want to tie up all your money? Don't buy just to buy. There are good deals out there. Just be patient and keep analyzing.

Welcome to BP from a fellow Delco member! It really depends on the property and the type of financing you're looking for. If you're house hacking you can qualify for an FHA loan with only 3.5% down. You can find a turnkey property that takes all your savings or find a fixer where you can use less down money and have some savings for repairs. It really depends on how you want to jump into this pool.
Good luck!

 Yes the owner and listing agent are bilingual. After talks it's obvious English is not their primary language so communication is much easier for the current owner.

When doing your due diligence during the buying process did you not ask for a copy of the existing lease? Or an estoppel letter from all tenants? I don't have a property yet but plan on asking for all this during due diligence.

 Thanks Thomas. The more info I get from my agent the more leary I am. They all seem long term and very friendly with the long time LL. Probably not ideal for my first time in this game.

Thanks everyone. I'm waiting on my contractor to see if my numbers are accurate and will proceed from there. Hopefully it'll work out and I'll pick up another language in the process.

I'm looking at a triplex that's fully occupied and the numbers work. I viewed the property today and all tenants were home. A little awkward but not a problem. The issue is none of them speak English and I'm not bilingual. If I take on this property how would I handle any communication? This would be my first property and I'd be self managing. I'm aware and sensitive to fair housing laws. I'm just concerned about normal communication.