All Forum Posts by: Shelby Ek

Awesome post! I've been binging myself.  I listen to the current ones as they come out (sometimes I fall behind) and when I run out of current ones Ive been going back and listening to them in order from the beginning.  It's so motivating.  I usually listen while I am painting an apartment or doing something mindless like dishes.  Ive done a lot of painting this past year and it keeps me super motivated and my eye on the prize, especially when I was painting in the middle of a heatwave over the summer in a 3rd fl apartment with no A/C .  I actually decided this morning I am going to invest in a waterproof speaker so I can listen while I shower.

I'm also looking forward to attending my first meeting!

I bought a 2 unit at the height in 2006. I put 5% down (with closing costs it took maybe 10k to get me in the place) Got sorta stuck there longer than planned. But the other unit paid my mortgage and I had a room mate for years. Eventually I was able to use the equity from it for other projects.

Hi Jonathan, I am an agent as well as an investor in Allentown. My focus in center city. I'm happy to chat with you for a bit and see if we are a good fit. Send me message to set up a time to chat.

Absolutely it was worth it. The property I bought was a HUD property so I had a hard deadline to close in 45 days (otherwise I risked paying for each day I went over or possibly loosing the deal). I think we had it closed in 40 days.

It was a bit frustrating every time I thought I supplied the underwriters with everything they wanted they would have another and then another request.  But like I said it was the absolute cheapest way to borrow money.  It was stressful, there was a possibility I wasn't going to get the loan, and I had to be flexible (had to do 20% down instead of 5% in order to get the loan and I had to escrow money to do repairs after closing.

With any distressed property, especially a property without utilities on I would try and buy cash or private money from now on if possible.  But navigating all of their red tape got me into a really great property with a really low rate so it was certainly worth it.

My point of view is if you want to money you have the play their game.  I just got a loan on a 55k property with 20% down, our income is already very complicated with self employed income, rentals etc. I was asked for hundreds of docs, plus more complications because the property was distresses requiring me to escrow money for repairs. I literally had to provide an estimate from a licensed contractor to install handles and deadbolts on interior unit doors and they made me escrow 125% of that quote.  I found it to be the most bizarre of their 100's of requests.  I'm sure I could have gone an easier route to borrow money but it would have cost a lot more to get it.

I bought and lived in a 2 unit where I paid gas heat and hot water.  I bought this place 12 years ago, mostly had responsible tenants who didn't do things like leave windows open with heat on.  If you will be living there you can police it more easily.  My rents are little higher than the average in the area because heat and hot water is included.

Ive considered separating, but could never reason the cost and then the upkeep and maintenance on 2 separate boilers and hot water heaters.

For now you could build it into the rent see how it goes and what your actual costs are then see what it would cost you to start separating some or all utilities.  

My goal is to make money, however that being said, I think affordable housing is important and I am trying to operate my business that both provides affordable housing and makes me money.  I have one really nice higher end 2 unit that rents above what the typical rents in the area go for.  Now I just recently purchase another 2-unit, the layout is a little funky and most of the historical details of the house are long gone.  These units will never really be high end but they will be nice and clean and up to code and will in my opinion be affordable housing.

I recently had to remove a pair of "soiled" adult underwear (I'll spare the details) from the exterior my property. It was disgusting, I wore gloves, then I had a good laugh with my husband and said "well I just added that to the list of things I've had to do as a landlord".  I'm sure I'll experience more and more bizarre things in this endeavor. 

Perhaps you want to make a deal with the tenant something like, after their 1 year lease is up, if they sign another year lease you will replace the stove at that point.