All Forum Posts by: Kristopher Shobe

@David Bokman

Hello David! I am an investor living in Hamburg, PA. I currently own one sfr in Pottsville and I am currently looking for more.

@ Lareshea Anderson

That is how I started. I got a Heloc on my primary, used that Heloc to purchase my rental completely. It was a cash deal, total price was 20k and there was already renters living there paying 700/ month. 20k all in. Now I'm applying for ANOTHER Heloc, this time on my rental, which will be for at least 40k, Ill pay off my previous Heloc and use this one to purchase another property.

@Nieko Aguirre

I am a "newbie" from PA. I'm closing on a 20k rental property that is currently rented for $700 a month, in exactly 1 week from now.. I am so nervous! I get butterflies every time I think about it. I keep thinking about when the lease changes hands of ownership. I got the report back today from the title insurance company, current owner has municipal liens against the property. Good thing for title insurance! Just hoping everything else goes smoothly!

I just submitted my deposit on a rental property, so excited!! The current tenants have a lease with the current owner. When closing comes, do I take a brand new lease to the tenants and hope and pray they sign (I want them to stay) or do I present them with their current lease but just with my name instead of current owners? Then when their current lease expires which is march of next year, then present a new and improved lease. Yes I have done research. Months to be exact, but this wasn't covered.

Thank you all!!

Update:

Just looked at the duplex, its a no go. The boiler is 30+ years old, there's a leak in the exterior wall one of the current tenants is on drugs and moving out, the other one is looking to leave.

And to top it all off, none of the utilities are separate. Ill continue looking. Thank you everyone for all the advice!! As far as the partnership goes, I will need to look more into that as well.

@Bjorik Mutize

Thanks!

I first have to go see the place (doing that today, Yay!!), from what I can see in the pictures, the place doesn't need much of anything really. It was just rehabbed and updated. Everything looks great. One of the things I would change would be to put the other unit on a separate heating system. From what I'm told, both units have the same boiler. But I will know for sure what needs to be done later on today.

Thank you

@Stephanie Irto

Maybe I was treating this like a mortgage somehow. I just know that when I bought my first house, the lender wanted to see my financial statements so they could see where the funds were coming from.

@Stephanie Irto

Thank you for the reply. I just didnt know if the funds needed to be in an account for 30 days so the banks can see where the funds are coming from. I think the issue here is the monthly payment for both personal loans is going to be too high, ruining all possible cash flow for the month.

@Alvin Sylvain

Never heard of this.

@Jeremy Hostetler

Price is 55k for the entire building.

It brings 1540 per month