All Forum Posts by: Alan Feldman

Many locals vacation in Raystown Lake. Sounds like it might be what you are looking for. 

Unfortunately, I've seen that too; New construction built with shoddy materials and cheaply done. The house I had built for my family in 2002 had the main beam holding the house up, installed upside down and backwards! It wasn't even bolted to the post. Not sure how that passed inspection.

IMHO, I've seen many investors purchase single story homes built in the 1970's, as they are built well and sell or rent quickly with less work. 

Keep in mind the businesses that support the real estate businesses; Like general contractors, plumbers, electricians and painters. Think specific like septic system inspectors, home inspectors and title companies. 

Welcome. You are in good company. 

My quick tips to get started are:

Watch this video 4 Reasons Why New Real Estate Investors FAIL

Four Square Method for analyzing deals Calculating Numbers on a Rental Property [Using The Four Square Method!]

Four Square calculator www.biggerpockets.com/AnalyzeRentalProperty

Jump on a webinar www.biggerpockets.com/webinar

Listen to podcast www.biggerpockets.com/podcast

Run deal analysis www.biggerpockets.com/calc

Ask questions like, what have others overlooked? What other exit options do I have for this property? 

Funny thing too about where we are from is that we often overlook deals in our own backyard. I've analyzed some deals in Cumberland MD and I'm from York PA :) I'm more picky in York, but things seem like great buys in MD. 

IMHO the simpler the business name the better. Many years ago I started an IT company and came up with a clever name. However the name didn't mean anything to IT, so it was a constant sell to new customers about who we were and what we did. Spent many wasted hours doing that. Near then end I was ready to add "IT Business Services" to the end, so people knew what we did. 

So make the name describe the business you do. It's much easier in the long run. 

Example, add one of these to your name: Investing, Group, Property, Homes, Real Estate, Investing, etc.

I went to one many years ago. When everyone had to run to the back of the room to buy materials, and the presenters were not interested in answering any questions, I passed. Got more knowledge from a local meetup group and here on BP than anywhere else. 

@Jean Smith then in that case your cash offer with very little contingencies maybe the banks best offer. Good luck!

@Dave Villa, while it will be difficult to get financing under your circumstances, it isn't impossible. You may need to talk with more banks and credit unions than someone else. Expect your interest rate to be a little higher because of the 1099 income. Loans like FHA require owner occupied, even on multi-family properties, and need to meet the stricter FHA guidelines. Conventional loans need 20-30% down, and then would allow a property to be pure rental with no owner occupied requirement, and less restrictions for the property.

Banks sell foreclosed properties for appraised value in my area. Low balls, newbies and those without verification of funds and financing are frowned upon, if not just thrown out all together. The banks appraisal has to be done within 180 days and that's the price. Inspections are ok, but they won't do repairs. Closing won't be quick. Don't expect to move in or do any work prior to closing. The "trick" to getting a foreclosed bank property is to make a fair offer that has as little friction as possible. Plan for the worst, hope for the best. 

@Jon Reed thank you. I hear what you are saying. Plan on having some extra cash reserves for the big bills.

With that said, how long did you stay in the smaller multi before scaling up?