All Forum Posts by: Scott Taylor

Isn't this what hellocs are for?

Had my credit score hit 2-5 points when talking to three lenders. Not a major impact for me. As mentioned previously in the thread, if you're at 740+ a better credit score (at least for non-commercial lenders) won't improve your rates.

Hey @Adam Schellhammer PM me - I've got someone / techniques that might be helpful.

Sent over a P+S agreement to the seller (through our brokers), which was verbally accepted, but the seller didn't want to deal with my big-named bank (I've already secured a conditional approval from them on a residential investment property). 

This unit is a 3-unit property.

In the new Purchase and Sale agreement the seller is requiring a commercial loan.  

Is it even possible to secure a commercial loan on a 3-unit property?

I'm looking to put in an offer on a place but can't get ahold of the seller's disclosure (the seller lives out of state and hasn't visited the property in a number of years). 

Assuming I sign the the P&S without the disclosure but the building inspector finds something - I'd still be able to walk away from the deal *and* receive back my earnest / good will money, correct?

Once you start seeing rent rolls you'll start to get an intuitive sense of what it's going to be.  Allentown has a lot of 2-4 apartments that have 20-50% vacancy (!)

@Kevin D. where did you get that census data showing population growth?  The wikipedia page seems to say the opposite (population decline - only slightly, though - at 1%)

@Jon Sanborn Good question.  I'm looking for high cap rates (and high cash-on-cash return) with a low entry price (think properties < $300k). 

I'm originally from NYC and have family out in eastern Ohio, so long car trips across PA / route 80, so I'm somewhat familiar with many of the towns (although wouldn't know anything about neighborhoods, etc).  Plus PA has landlord friendly laws, from what I've seen (I know NYC and SF don't).

I looked initially in the bay area (too expensive - no shock there) and then out within a few hours driving distance.  Couldn't find anything within the amount I'd want to invest in (even leveraged) - at least for a first time investment. I also don't own a car (I'm in a metropolitan area - so no need).   So without buying a car - something even within a few hours drive will cost me ~ $100 for the day to check the property, etc. 

I'm interested in investing for high cash flow (getting 20% cash on cash return and up).

Unfortunately this leads me to less than desirable areas.  In my case the areas seem relatively safe (C neighborhood, low crime- definitely not a war zone) but have declining populations and housing prices seem like they will only decline in the near future... (Specifically I'm looking to invest in northern PA around Scranton / Wilkes-barre)

My broker in the area keeps warning me of this - but is buying one of these properties really a bad idea considering I'm going Into this to maximize cash flow and not appreciation?

It's one huge zip file.  Those references become more and more important as the book goes on.  Near the end it's nearly impossibly to listen to it without the diagrams.