All Forum Posts by: Rich Tomlinson

@Gregory Hiban

Very good to know about the associations of both. Those are 2 areas I look at often, due to I live down the street from Newtown grant. Looks like they are around 245k for a 2 bdr 2 bath. Not necessarily because of my budget more terms of making the numbers work I think $210k would be something to jump on for me, $220k if it’s turn key maybe. I remember about 7 years ago a nice 2bdr in signal hill village shires was going for $167k I was going to purchase. Seems like Can’t find them in there anymore that cheap.

Thanks

@Gregory Hiban

I agree with getting a tenant in quick as well, was thinking 6-8 weeks

@Gregory Hiban

Thanks a lot appreciate it. What market would you target in that budget for decent appreciation? I’d be willing to travel little over an hour and would definitely consider a townhouse/ condo. About 7 years ago nice condos in village shires were $165k now they are all over 200 it seems. I almost purchased one back than. Thanks

-Rich

@Jeff Kobernus

Hey thanks a lot, I do like that method. But my theory would be purchase 1 in cash. Build a little sweat equity, have it rented for 18 months- 2 years. Refi and pull all of our money back out and be cash buyers again on the next property. Let me know your thoughts on that strategy thanks

Hi happy new year!

Start off with a quick summary of my financials.

-26 years old single

-Income is a little over 100k a year.

-Own a single family 4 bdr house worth about 430k

- currently have montage knocked down to $125k

-rent 2 rooms bringing in $1250, mortgage=$1650

- no other debt loans or payments

I have Been chipping away at the mortgage heavily since I purchased the house in late 2016. I know most investors would advise other wise but for the moment this is my strategy. I’m in middle bucks county and once I get mortgage balance under 100k (which should be in May) my father will help me finance my first rental property and start building my portfolio after that. We have about 200k to spend and will be cash buyers. Looking for some input in bucks county for a cash flowing property. Most of the potentials I run don’t come close to the old school 1% in my area. Wondering if a foreclosure is a route to take being a cash buyer. Local buying agent welcome as well

Thanks in advance

-Rich