All Forum Posts by: Amy Engelhard

Nice! I close on my first NEPA multi-unit property today!

1500/month is severely limiting your tenant pool in Scranton though I think it is possible depending on the condition and location.  @Adam Guiffrida has some higher end rentals in Scranton and could probably advise you better. 

I would verify what utilities your are responsible for.  Your expenses you list could be a bit higher than your estimates (especially if you are paying heat, in winter, with old 1930's windows, yikes).

 Good luck!

A cash-out refinance may work too depending on what you want to do. I think most lenders will do this on an investment property as long as you have enough equity. Closing costs will be higher than HELOC and also you will end up with current interest rates which may or may not be a good thing.

Hello!

I have been doing some research in Houston (mostly the northwest of the city) and see quite a few opportunities on the MLS (zillow) for distressed properties in need of rehab where the numbers make sense to Rehab, rent & refinance (BRRR).

Doing this from a distance, I'm planning to use a property management company to help manage the rehab project. 

I am in search of a Realtor in the area that has experience estimating repair/rehab costs, since I have 0 experience with this...

I'm generally looking in the 145-180k for ARV , and 1.4k - 1.6k for rents. good school districts.

Anyone with experience doing this type of investing in Houston?  Realtor  / Property Management recommendations?  

Thanks you in advance!

I've been looking into investing opportunities in that area also (it is close to where I grew up), and I would caution against flipping in Scranton (within city limits).  So many buyers want to live "anywhere but Scranton!"  Property tax is very high in Scranton relative to the surrounding areas, and also I've heard getting city permits for for rehab work is a major hassle!  I've seen beautifully flipped/rehabed houses in Scranton sit on the market for months and never sell.  That being said, you can find great deals there, and the rental market is strong.  If the numbers make sense, go for it!

@Marc Winter is a great resource as a long-time investor in the area!  Talk to him!

Dear BP community - 

I am looking at closing on my very first rental property, but wanted to get some advice before sealing the deal- 

Some details:

Location: NEPA , Clarks Summit, PA (close to Scranton)   - Anyone with experience in this area please comment with what may be customary in this area!

2 units - both currently occupied, but one is moving out.  By the time we have transferred ownership I will have one existing tenant and one vacancy.  

The occupied unit is being rented ~100$/mo below market rates.

The property is being managed by the current owner.

Here are my questions: 

1. Do I honor the existing lease for the tenant already in place (until it ends), or does he sign a new lease when I take over?  Do I ask the owner to send me the current lease agreement?

2. The property has gas heat (boiler) - not split out, so likely I will be paying this as the owner unless I can set up some other arrangement for the tenants to split the bill.  The winters here are freezing - how do the landlords out there manage their thermostat/heating bills?  I could install thermostats that can be controlled via an App on my phone to monitor the heat setting.. does anyone do this?

3.  To add to the heating discussion - does anyone local have an idea how much my gas bill would be in the winter months for this roughly~3,000sq ft house?  Would the gas company be able to provide this information?

4. Garbage/water - Owner pays?  Any way around this?

5. Snow removal - tenant responsibility?

Thanks in advance!

Following..

I am in a similar situation!  Can anyone provide a generic examples of operating agreements for flip partners?  Is it worth it to have a lawyer involved in creating this document?

@Bryan Zayac , I'm looking at some properties for buy & hold- mostly small multifamily in NEPA also.  Question for you - How do you know if the houses have old plumbing, old wiring, ect.  Do you have experience in electrical/plumbing yourself or do you have a trusted contractor, ect. that can advise you?   In general can you estimate based on the year it was built?  

Most homes I've looked at were built between 1910-1930, trying to estimate if these will likely all need to be gutted to be done "correctly" - meaning lower maintenance headaches for me in the future.  

Any advice from your experience appreciated!

Can anyone recommend a good property management company in NEPA ? I have not read or seen anything positive about the ones I have found so far.  Also I have not had any return my phone calls which just doesn't make sense.  

Wow, thanks for all the feedback.  I've learned something new with every reply.  

My Aunt pulled some comps - anywhere from 140k to 240k for a 4-plex in the area.  Sounds like it could be a bit overpriced although it is the nicest as far as upgrades/renovation. I've requested the details on the financials.