All Forum Posts by: Robert Fountain

@Dziko Thunde I would love to grab lunch or dinner sometime.  

Since I live in PA and will be focusing on PA and MD rentals I'm thinking of starting my own property management company to manage my own properties.  I won't be managing properties I don't own.  The law in PA for management companies states the following.

If a property manager is going to lease, list or manage real estate, he or she will need a broker' s license. A salesperson working under a broker may engage in such activities.

Am I correct to assume that If I have a real estate license and hang my license with a local broker I can legally start the company in PA?

Thanks

Thanks everyone for your feedback.  I'm going to schedule a showing of the properties and see what they look like.  

Congrats on your first deal. I'm from Greencastle, PA which is right between Chambersburg and Hagerstown.  I'm about to settle on my first deal in Hagerstown as well.  

Can you provide any details on your deal?  I'm curious as I'm a newbie investor as well and looking to gain some tips

@Chris Erwin thanks for the advice.  I'm definitely familiar with the area so that's not an issue.  I'll ask the listing agent for the rent ledger and leases.  It seems too good to be true that i could possibly get 2 rented properties for about 60K

I've read some articles on BP about buying properties that are very low cost.  Mainly that they attract certain kinds of tenants and turnover is higher.  Well there are 2 properties side by side 2/1 each and both are listed for 34K each. They both are occupied with long term tenants at 750 / month each.  

The numbers work at asking price and would net about 330/month each in profits and a 34% CoC ROI each. Now I believe they are both short sales as well so I could offer 30K each or less and I think they would be accepted.

The question is, if the numbers work well would you still shy away from truly cheap properties for the reasons stated above?

I'm looking to make an offer on my first deal.  It's a 4 unit building with each unit having 1 BR / 1 BA.  The analysis is below.  The rent is a bit below market right now but all 4 units are occupied.

The house is listed at 170K but it's been on the market for a while and the agent thinks they will go much lower.  130K seems to be the numbers that will work for me.

Thanks in advance.

Welcome to BP @Jerad Casto

Thanks for the replies everyone.  very much appreciated.

Hi Everyone.  

Trying to figure out the best way to phrase this question...

Is buying and renting a property that is structurally sound but otherwise dated with regards to kitchen, bathroom etc common practice?  

The comps are similar in the area.  Many dated houses etc.  I'm just confused as to whether I should rehab it a bit before renting?  It does need new carpeting in a couple rooms and some paint but other than that the only thing is the kitchen and baths are dated.

Thanks in advance for the advice.