All Forum Posts by: Luke Sanderson

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $200,500
Cash invested: $20,000

Small single family home built in 1978. Former owner tried to update by himself but was not very detail oriented. My wife and I have been painting and redoing ceilings and other improvement projects to maximize rental income when we move out in a year or two.

What made you interested in investing in this type of deal?

Using a VA loan I got a house with a mortgage that is almost half of the rental amount for comps in the area. My wife and I needed a place to live that would allow dogs too.

How did you find this deal and how did you negotiate it?

My agent found it through the MLS.

How did you finance this deal?

VA loan

How did you add value to the deal?

Updated paint, redoing ceilings, new deck, new safety features. Considering adding a half bath in the future.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kristin Dailey was our RE agent and I couldn't recommend her highly enough.

So, as the title says, I have set up my LLC, I've built my team like David Green suggests, and I've found a market and have analyzed 30-40 properties. I've found one or two I want to buy. As a sole proprietor LLC, how do I go about getting a mortgage? I got a pre-approval quote as an individual (no issues, 2nd mortgage and its a traditional 20% down). From what I have read here and elsewhere online, I am the financial backer and my credit profile is the one backing the business and purchase. How do I complete a deal in the business' name? Any advice or suggestions on this would be much appreciated.

Luke

That would be great, thanks Jesse!

Thanks Garrette! I'm looking into SFRs and town homes mostly, especially in downtown Lancaster city. I'm looking for an attorney, a CPA, and a PM. I have an RA and some contacts in the area for rehabbing. My long term goal is buy and hold, and potentially upgrading the homes for those with mobility issues. There are a lot of retirees moving to Lancaster because of the rebust medical support, so I'm thinking of making homes that are appealing to long term renters who are not ready for a retirement community.

Luke

Hi!

I'm looking to invest in buy and hold rental properties in Lancaster, PA. I currently live out of state, and will for the forseeable future (active duty military). My question is, do I need to create an LLC or other business entity in order to purchase rental properties in PA? Does anyone have links or information on the easiest way to do that (especially how to do it online)? Thanks!

Luke

Are newbie's to real estate welcome at this event? Looking to learn as much as I can!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $330,000
Cash invested: $58,000

1951 square foot single family home with 2 car garage. 5 minute commute to military base. I was the renter, purchased from owner after a year. Plan to rent it out after I move, looking for improvements to make to increase rental cash flow. Not a great deal (looking back on it), but it will almost always rent due to proximity to military base and the high need for rentals in the military housing area.

What made you interested in investing in this type of deal?

The owner wanted to sell and I already lived in the house. I either had to buy or move in 6 weeks. It seemed to be a good location that would rent quickly once I moved.

How did you finance this deal?

VA loan

Lessons learned? Challenges?

I should have put more of a down payment down to lower my monthly mortgage payment. It is going to be difficult to cover all my costs with the expected rental income.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sandy Bicharay, excellent agent.