All Forum Posts by: Sen A.

@Christopher Boyle I'm doing an open house next weekend and will tell you how it goes. I've had several people tell me that it conflicts with their work schedule.  If they pass pre-screening I schedule a private showing with them.

Doesn't meet the 1% rule, so I wonder if it is even a cash flowing property before necessary repairs. Personally, I wouldn't buy in a flood zone if the mechanical and electrical systems are in the cellar.

What do you have written in your lease? It's standard to have a provision on key and lockout violations. 

@Bill Dengler same reaction as everyone else. ARV is a bit optimistic. Have your agent produce some comps for you. Run your numbers again with a more modest ARV (350k or so) and see if the deal stands on its own.

@Bosko Mijatovic take a moment and consider if you really want to partner with a family member, especially with such a low FICO score. You could be picking up his share down the line.

@Sanjoy V. If you prefer motivation, listen to BP podcast #263. Great tips from an investor who bypassed the SFH and small MF for multi unit syndication. https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-263-college-dropout-owning-900-units-bruce-petersen/

@Brian Orr I would recommend finding a property manager especially with tenants already in place. You don’t want to deal with the headache of managing four doors from 1.5 hrs away. Also, at $500 rent my guess is that some of your tenants don’t have bank accounts and would not be able to pay rent through cozy.

@Account Closed Why not include Bethlehem? I've been interested in investing in the Lehigh Valley for a while, but haven't pulled the trigger. I put together a custom google map that labels and grades the individual neighborhoods in the area (based off my own personal research and visit). DM me if you would like to view it. 

Hi Assaf,

I'm in a similar situation to you--looking at PA properties, but living in NJ/NY. This property is in a nice neighborhood, but this particular deal may be more of an appreciation play. Does the house need work? If so, what's the cost to renovate and expected ARV? I'd completely ignore the zestimate and just ask your agent for a CMA and rental comps.

I have principal, interest, taxes and insurance a little higher.. at 25% down and 7% interest, you're looking at $1250/month just for principal+interest, about $300 in taxes and insurance around $100. Add on management fee, maintenance, cap ex., vacancy and utilities not paid for by your tenant.  All in, your expenses will be closer to $2100/month. 

DM me if you have any questions about these numbers. I'd be more than happy to share my spreadsheet with you. GL!

If you listen to the last few months of the BP podcast, their mantra is that you need to make your own deal in today's market. Find inefficiencies in the way the current landlord is running his/her property. Maybe the rent is too low, maybe a den is actually a third bedroom, maybe the landlord is paying for all the utilities when it can be submetered or split, etc. You'll find your cashflow there. 

I also suggest visiting as many properties that you can even if the number don't quite work. You'd be surprised how frequently listing agents improperly input data such as the number of bedrooms and baths.