All Forum Posts by: Travis Wylie

I would find out if seller owns the property free and clear.  If not, they could impact how you structure the deal or possibly talk to bank to take over existing mortgage as subject to.

Congrats on taking action!  I'm curious how this has been turning out for you?

No you cannot  unless you are owner/part owner of the property.

Congratulations and thanks for the Keller Williams referral! 

Hello @Stephen Gimber!  Check out some of the local real estate meetups in your area.  There is one in Lancaster and Lebanon and if you're willing to travel a little bit, a few in Harrisburg.  You can download the meetup app and search real estate to find them.  

Hope to see you around!

It's not common practice in my area and like @Gregory H. was getting at, I feel it's only going to cause more complications with getting your vacancy filled. 

 This is why you need to have a real estate attorney as part of your team, who can handle all this and draw up the necessary paperwork if you're doing business in Pennsylvania.

@Brian Adzadi Start house hacking and take advantage of owner occupied loans.  Then you will be able to get loans for less than 15% down

 There are a few property management companies that are charging 6-7% with almost all of them being no more than 10%.  They also charge other fees such as 1/2 months rent for leasing, but I think that is pretty standard pricing across most markets.  

Some things to be aware in the Harrisburg area that has some realtors talking is the new federal courthouse that is being built on the corner of 7th and Reily St.  I think many people are banking on the fact that it would help develop a few of the rough looking buildings that are within a block or two of this site.  Here's a quick update from a government site:

https://www.gsa.gov/about-us/regions/welcome-to-the-midatlantic-region-3/buildings-and-facilities/pennsylvania/us-courthouse-project-harrisburg-pennsylvania

There have been rumors for a while about turning 2nd street in the midtown area (from Forster st up to Division St).  I used to live on 2nd St and have a couple 4 unit properties on that street and I can tell you that currently in that one-way section it's a 50 mph highway that often times will have some drag racing between lights.  While I was living on 2nd St I had a representative from the city commisioner asking to speak to the owner of the property b/c they were doing a poll of owners on their opinions if they wanted it a 2 way street or not in that Midtown/Uptown area.  I'm all for it because I really think it will help with the walk-ability aspect.  The mayor has been publicized before for having some properties in the midtown area and showing favoritism to that, but in this case I would benefit as a homeowner in the midtown area.  

Harrisburg University also has plans on constructing a new building in the downtown area next to bar row (2nd street is a one-way street downtown and is referred to as restaurant/bar row) .  Here's some information on that:

https://www.pennlive.com/news/2019/03/harrisburg-university-releases-renderings-on-new-building.html

For me personally, I don't invest in the Uptown area between Maclay Street (near Governors mansion) and Division st.  There might a few blocks that are okay near the UPMC Medical Facility and near Zembo Shrine, but there is a lot of crime in that area.  I like the area north of Division St (Italian lake area) as I live in that area and can get great rent for my properties as well as certain parts of midtown.  You can also find a lot of cheap properties in the Allison Hill area, but I personally avoid that area.  That being said there is a lot of grant money being pumped into Allison Hill (i.e. Mulberry Square and some other areas) and I've heard some people claim that they think in 10-15 years Allison Hill could be the new gentrified area like midtown is today.  For me personally I'm going to let a few more pioneers take some arrows in the back and see a lot more growth in that area before I start considering it.  

I'll end it with this about Harrisburg, and I know it could be said about any city, but I feel that Harrisburg is extra unique in this regard....it is very block by block!  Things can change VERY FAST in certain areas.  You have to have a solid trustworthy boots on the ground type of person on your team.  For example there are pockets of Harrisburg where south of one street you have properties going for 180-220k range and north of that street properties are going for 35-55k and they are in rough shape with shootings/drugs nearby.  If you're not careful you might think you're getting a steal when all you're getting is a 40k money-pit.