All Forum Posts by: Travis Wylie

Sometimes when I need someone to do some work I'll just Thumbtack or Home Advisor apps.  Good luck in your search!  Finding that good contractor is a constant struggle!

I use Adam Deluca.  He's an attorney in Carlisle at Allied Attorneys.  Let me know if you need his info.

Congratulations! Does Loan Ranger LLC have a seasoning period?

Hello @Faisal Mohamed.  I would second what @Jessie Ellis harder has said.  Harrisburg and the surrounding areas have been great for me.  Harrisburg is very block by block though, more so than a lot of bigger cities.  There are sections in Harrisburg where on one side of the street houses are going for $40k and the other side is $180-220k, so it's important to know the area you are about to invest in.  There are definitely opportunities to get properties in the 65k range that will cash flow quite well that are not in war zones.  

Let me know if I can be of any help in anyway!

My rentals in Harrisburg have been working out great for me.  Like any market, you will have good sub markets and bad sub markets.  I would do more research on each of these areas and know all the sub markets so you can ask more specific questions pertaining to that sub market.

Hey @Beck Joyner! It’s called the CARPOA meetup. It’s the capital area PROA member. It’s similar to the other meetups in the area in that they will have a different speaker but  being a PROA member they’ll keep you informed of recent legislation changes that may impact landlords as well as networking the first hour. It’s a great Meetup. In fact I may be biased but the Central PA area has some pretty good meetups of the ones I’ve been too. They tend to have a good bit of content and not a lot of sales pitches. 

There's also on e at the Camp Hill Giant the first Thrusday of the month and a good one in York, both are not too far from Harrisburg.  As @Beck Joyner brought up you can download the meetup app and search real estate to find all the local real estate meetups in the area.

@Gjorgi Kukuvikov The mortgage I got in 10/2017 on an owner occupied 2 unit was with movement mortgage at 4.5% and only required 5% down because it was a 5% conventional owner occupied loan. They were horrible though to deal with and would not recommend them. I've been using S&T bank and they have been great to work with. Not sure what their current rates are for a residential owner occupied loan up to 4 units, but I'm getting 30 yr amortized loans (10 yr fixed) for anywhere between 5.15-5.5% on non-owner occupied loans for my LLC but that's putting 20% down. Unless you're getting creative or using private financing, I don't know of a lender that will allow less than 20% if you're not living there. There are many banks or credit unions in the area that would offer less than 20% down of you are living there.

Yes you can do 5% conventional if it's owner occupied for up to 4 units.  Anything above 4 units is considered commercial lending.  My last house hack was a 5% conventional loan 

I would second what @Bob Langworthy said.  Also, in the meantime I would HIGHLY recommend you check out some of the local meetups.  There are some great ones in Harrisburg, Camp Hill, York, Lancaster, etc.  Download the 'meetup' app and search real estate and all the local one should show up.  Also, start walking properties too so that you can get a feel for things and that will help you pick a more accurate number for cap ex/repairs/rents and then when you start using the calculators you have a pretty good idea what things will rent for in certain areas and helps you understand your market.  If you're not sure what you're looking at take a contractor or someone that does.  

For me, I use 8% for vacancy (8%= 1/12 = 1 month of vacancy and I always do better than this) and 10% for management (I self manage), and anywhere from 5-10% for cap ex and 5-10% for repairs depending on age/condition/etc of property.  This is after factoring in any other utilities/insurance/taxes.  These are rather conservative numbers, but if I can hit 100-150 a door a full asking price I'm looking much closer at the deal.

Let me know if you have any further questions or I can be of help in anyway.  I'm very familiar with Harrisburg and many surrounding areas.