All Forum Posts by: Travis Wylie

I'll second @Bill Goodland with the Harrisburg recommendation.  Only 1.5-2 hr drive/2 hr train ride and you can find many cash flow opportunities in the central PA area.  

I invest in the Harrisburg area and find that central PA is a great market! 

Welcome @Allison Nicole!  I'm not too far from you in Harrisburg PA.  I'd highly recommend some of the local real estate meetups.  They have some in Lancaster, Lebanon, and a few in Harrisburg if you're will to drive a little bit.  Personally, I think they are well worth for the networking as well as knowledge and referrals.  Don't hesitate to ask if you have any questions.

Good luck!

If S&T bank covers your area I would highly recommend using them. They have a conventional portfolio loan program with no seasoning period and 30 yr amortized loans, 10 yr ARM. Their headquarters is in western PA, but I live/invest in Central PA and they have many branch offices in this area.

I'd also check with local credit unions and other small/mid size regional banks.  Stay away from the 'big name' banks.

I'll second what @Joe Chirdon said and would highly recommend you try a house hacking method via an FHA (3.5% down and up to 4 units). It's going to be difficult to pull off a no money down with no experience/track record and lack of education. Start by educating yourself on various real estate topics specially no/low money down methods (there is a BiggerPockets book on this topic) and start honing in on one specific strategy. Asking the public a vague questions with limited experience is going to get you a bunch of answers that will overwhelm you or not apply to you. Start with educating yourself so you can ask more specific 'how to' questions. Good luck in your journey!

Hello @David Diaz!  It's a great strategy and can definitely be done.  I house hacked a 4 unit apartment in Harrisburg.  One thing to consider when you refinance is generally you will need a minimum of 20% equity into the house, and if you only put the minimum down (3.5%) you will not have that much equity after a year unless you're putting a lot extra towards the principal.  The other option is as @Diana Muresan brought up using the 203k loan if there's significant rehab needed.  

Don't hesitate to reach out if you have any further questions or if I can be of any help.

Good luck! 

Steve Swineford from Dietz-Bluett Insurance in York, PA.  Tell him I sent you to him.  Message me if you need his contact information.  He will insure anything and tends to have the cheapest rates around with good service.  

@Dennis M. I'm in complete agreement with you that you should give a written notice a minimum of 30 days.  Regarding leases what I meant are some leases specify a longer time (i.e. 45 days) that 'any changes in lease by either party must be done 45 days notice' etc.  If it's not specified in lease an amount time heads up notice the minimum for PA state law is 30 days.  Telling the guy 10 days before the lease is up you're not renewing and expecting them out is not going to happen.

Hello @Savannah Lewison! I'm assuming you are planning to move in and use an FHA loan? Otherwise your down payment amount will be significantly higher with a non owner occupied loan. In full disclosure I'm not familiar with Duquesne area, but you do seem to be setting aside a conservative amount for vacancy/capex/repairs/prop. mgt. On paper it seems like it would be a good cash flowing property and/or a good house hack (which I would strongly recommend).

What does your lease say regarding how much time is given in the event of a non-renewal?  If it doesn't state, PA law is 30 days notice.