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All Forum Posts by: Karen Musselman

Karen Musselman has started 3 posts and replied 54 times.

Post: New Member from Berks County, PA

Karen MusselmanPosted
  • Mohrsville, PA
  • Posts 57
  • Votes 10

Thank you for the warm welcome, Patricia!

I found one group that may work.  I'm going to talk to my husband and my brother about going to a meeting.  :-)

http://www.reiaberks.org/

Post: Pennsylvania Investors

Karen MusselmanPosted
  • Mohrsville, PA
  • Posts 57
  • Votes 10
Originally posted by @Roc P.:

I used to work in Allentown before the downtown was redone, it was a depressed area then, but from what I'm hearing with the downtown changing things are starting hum up there.

If only Reading could get its act together, tons of potential there.

 You are not kidding, Roc!!  I lived in Reading for almost a decade before moving to our little farm in Northern Berks.  We looked at a couple of properties in the northeast section of the city a while back but they never went anywhere.  It's really sad.

Post: Pennsylvania Investors

Karen MusselmanPosted
  • Mohrsville, PA
  • Posts 57
  • Votes 10
Originally posted by @Mark Gallagher:

@Tyler Brown

I'm partial to Allentown, as it's 15 minutes from me. They've done a good job rehabbing the entire downtown. I don't think it will have much effect on residential, but generally speaking it's a city headed in a decent direction. 

I'm no expert in WBS area, but there are definitely deals to be had there. Rents are going to be slightly lower than in Allentown. The only major difference would be population count and proximity to Philadelphia, in my opinion. 

Take a ride out to Allentown, I'm happy to show you around. 

This is encouraging, Mark!

My stepdaughter lives in Macungie with her mom so we're out in that area pretty frequently.  They used to live right in Allentown and we were relieved when they found an apartment in a nicer area in Macungie.

Post: New Member from Berks County, PA

Karen MusselmanPosted
  • Mohrsville, PA
  • Posts 57
  • Votes 10

Hi folks!

Karen Musselman here (and hubby Jim), from Mohrsville, PA (Berks County).

Back in the 80s, I bought a (Dave Del Dotto) real estate investment course. My brother and I were trying to get into real estate investing; unfortunately, we could never get a handle on it. We always ran into roadblocks with our credit and lack of sufficient employment history.

A couple of decades have passed now and he and I, plus my husband, have tossed the idea around seriously, but none of us has enough financial stability to launch anything.

My husband and I are both on permanent disability; we almost lost our house a few years ago during the whole Countrywide/Bank of America debacle. It took us four years and an attorney to finally get a pretty decent home loan modification through Green Tree (another lender failure as they just got sued for about $63M). 

Green Tree is selling our mortgage now, so who knows who we'll have next.  That whole ordeal cost us what might have been at least "okay" credit.

My brother just went through a divorce and he got left holding the bag on their mortgage. He refinanced and lowered his payments, but without the ex's income, it's left him pretty strapped.

A few years ago we met with our realtor who got us into our house, but she wasn't very optimistic about the whole investment thing. We met with another realtor who was interested in investing and even went to check out a few properties, but that never went anywhere either.

None of us has given up on real estate investing, but we're not even sure where to start anymore because so many things have changed over the years.

I was just on YouTube today to see what's been going on in the RE investment sector and found the BiggerPockets podcasts. So I decided to join you all here!

My goals for investing haven't changed in three decades, except that I'm older now (almost 57) and my kids are grown, married and have kids of their own.

  • Pay off our existing mortgage
  • Make some improvements in our home (we live in a bilevel and I'm having a horrible time with steps now!)
  • Live debt free
  • Leave a legacy for our kids
  • And that's it I guess!