All Forum Posts by: Robert Gonzalez

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $279,000
Cash invested: $33,000

This is a 3/2 ranch in Montgomery County, PA, very close to Philly. It was renovated in 2016 and is nice and shiny. This was our personal home and now is rented out and has a great tenant.

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

We bought the home to live in as it was well priced in a great neighborhood. We kept it to rent out when we moved away as homes were in high demand and we wanted to continue to see it appreciate.

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

This was found on the MLS.

How did you finance this deal?

Traditional home mortgage, owner occupied with 10% down.

How did you add value to the deal?

We replaced a roof and sewer line, which needed to be done. The house was otherwise perfect.
THe home has appreciated about $50k in the past 3 years.

What was the outcome?

The home cashflows $450 a month with minimal effort.

Lessons learned? Challenges?

We have a crappy PM at first, which was non-responsive and expensive. They also couldn't rent the place. We found a better one and that has made all the difference.

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

Our property manager is pretty good. I would recommend them to anyone that wants to be hands off or is not local.

Where are people investing in Delco for cashflow? I've got one SFH in Montco, but Delco seems to have better options.

@Mark H. Porter

Thanks. I’ll make sure I get a lot of detailed information on the specifics here.

Hello,

I recently came across some properties with a 10 year NN corporate housing lease. The landlord pays taxes yearly and that is it. The tenant pays a fixed rate every month for 10 years. The numbers seem like great cashflow and a solid long term hold. The rent is about 40% above market rate. 

Anyone purchase these kind of properties before? I have not dealt with properties with a tenant in place like this with the corporate housing group then leasing it out. 

Thoughts?

Hello,

I have been looking online at properties in the OKC suburbs, specifically Del City and Midwest City. Does anyone here own section 8 rentals in those towns? I am looking for more information about section 8 requirements (inspections, etc.) and would love some help to find any resources with that information. It seems OKC has a very easy to find website with that info, but I can't seem to find anything for Midwest/Del CIty. 

I appreciate any help!

@Dylan B.

Sounds good. I’ll send you a message.

Hello,I am looking to connect with investors in the OKC area. We have friends and family in the area and are looking to purchase at least one single family home or small multifamily by the end of the year. Looking for advice/recommendations as I build a team (realtor/banks/contractors/handymen). Also just looking to connect with people in that market.

Side note: we are out of state investors.

Thanks in advance for your help.

@Lisa Eckman

Thank you very much! Still figuring this all out.

So I am renting out my primary residence (PA) and I live in an apartment in another area (NYC). 

First question: Do I need to do anything with my current mortgage or can I keep it as the current primary residence loan?

The second question is this: Can I refinance that mortgage to a lower rate with a primary residence loan since it is rented out and I don't live in it?

Thanks!

@Neil Henning

Can you PM me who you are using? I can’t really find any recommendations here for PMs for the Philly area. Thanks!