All Forum Posts by: Kory Musser

Welcome to BP Steve. My wife and I are local to the Lancaster area and invest in Lancaster City. We have a couple rentals and have just completed our second house flip.

Please reach out to me if you need any help or recommendations and I will do my best to help you on your journey.

One tip.......be sure to check out the Elevate Investing Group Meetup. This is a fantastic place to connect with investors here in the local market.

Cheers

Hello Bigger Pockets,

Can anyone give me some advice on what the best property management software that is out there. I am looking to assist our property manager on upgrading systems to clear up some of his time. One of the biggest things for him is going to be ease-of-use and good reporting. We would be looking at handling around 200 units.

Thanks in advance

Welcome Daniel, my wife and I are real estate investors in Lancaster. Make sure you hit up the Lancaster Meetup, that is a great way to meet local investors. Feel free to message me if you have any questions or want to connect in person.

General question regarding what you use to set funds aside for maintenance on a multi-unit. I looking at a $155,000 3 unit apartment that produces $1,845 in monthly rents. All the major expenses seems to be a taken care of for a while, good brick exterior, capped replacement windows, roof has 15-20 years left, all gas boilers and water heaters replaced in the last 10 years, updated wiring and plumbing. There are no immediate needs on the interior as well. From what others are telling me 12-15% of gross rents seem to be a common practice.

What are you using???

Thank you in advance

Welcome Alex 

I would recommend getting involved in the Lancaster Meetup, I was just there last evening. There are a lot of good happening in the Lancaster market but it is very hot right now. PM me if you ever want to hang out and chat real estate.

Hello to my Lancaster investors. 

I am looking for a couple reputable contractors and handymen that work in Lancaster City. I have a property that needs a total rehab and some small items on other properties that a handyman would be able to fix. Any recommendations would be greatly appreciated.

Thank you

Welcome Jordan, I am from Ephrata but I invest in Lancaster. Message me if you ever want to sit and have a coffee or beer and chat real estate. Great value in the site here and the podcast.

I just put 4 more properties under contract last week.

Hello Everyone,

Quick question.....what it is better in this scenario?

Purchase a house in cash, rehab the property, then refinance with conventional financing or take out a HELOC? I like the idea of HELOC because the rates are similar but there are no fees and you only pay when you need the funds.

Thoughts???

Hello everyone,

Just wanted to introduce myself (and family). I have a wonderful wife and five awesome children. We are part-time real estate investors mostly interested in buy-and-hold although we are looking to do fix-and-flip to raise more funds for rentals.

I never considered myself a real estate investor until 2015 even though I did fix-and-flip on my personal residences. Yes, I moved my long-suffering wife and children 4 times in 10 years. Had no idea what I was doing other than making money doing it and I actually kept one as a rental when I moved out. Suffering a lapse in judgement I sold that cash flowing property (remember I did not know what I was doing) because we needed a bigger vehicle.

Some of the funds were also used to purchase a cheap rental by paying cash the end of 2015. I eventually to out a HELOC and purchased another property in August 2016. Now that I have used up all available funds, remember the five kids, I am trying me hand at creative financing and value-add deals in acquiring while my wife is heading up our first marketing campaign for fix-and-flip to aid in the process.

I really started the learning process this year and am looking forward to using all that knowledge to continue to expand my portfolio. We want to be able to travel more and see the world before the kids are out of the house.

My goals are to double the amount of doors for 2017, then again in 2018. 

I look forward to spending more time on here to learn from the best.....and I love the podcast.

Hello everyone,

I am new to BP and am excited to learn from all you. As a newer investor I need some help on what forms or advice on purchasing homes with seller financing. 

I am looking at purchasing four houses that are in needing of a little work to refresh and have the rents raised to market value. I am thinking the best way to do this is to get the seller to finance this for us for a year while we do the work and increase the rent rates. At that time I would look into getting conventional financing and should be able to get most, if not all, of the rehab costs back and pay off the seller. 

Questions: who should hold the deeds during this process? 

What forms or legal documents do I need? 

Any other ideas on how to get this done if the seller does not want to finance?

What are the downsides in seller finance?

If I obtain conventional financing from the start, what can I expect when going to refinance? All the standard loan origination fees and costs?

Thanks in advance