All Forum Posts by: Andrew Bosworth

@Adah N.

Is this an investment property or primary residence for you?

If an investment, view it that way.  It's easy to look at the numbers today and become overwhelmed.  As others have already mentioned, the property is likely to appreciate (at different rates depending on the market you're in, etc.), but also keep in mind that rents will increase, there are tax benefits and debt paydown.  Yes, you might have to put some extra money in today for repairs, but this will only add to the value of the property and what you can charge for rent.  If the numbers on this property work today, they'll likely continue to work moving forward - given you manage well.  What might look like an average investment today, could become a great investment in the future.

It's easy to become overwhelmed right now, especially in what appears to be a crazy RE market, but keep asking questions, learning and moving forward.  You'll do great!

@Joe P.

Might want to try S&T Bank in Mechanicsburg.

@Tim Ryan

Grand Slam for sure.  Way to go!

Was this your first syndication?  What were your biggest challenges during the reposition?  

@Vinnie Gatti,

Locally, I would reach out to Members 1st, M&T Bank, Univest and AmeriChoice FCU. 

Try a commercial product versus personal.

My guess is that within the next decade or two all new construction - commercial and residential - will have to comply with "green" standards.  This will significantly increase the cost of new homes, pricing many folks out of buying.  This will also make owning rental properties all the more costly to buy and manage, pricing many average investors out of the market. 

Thankful for great tenants.

Made an offer on a 12 unit apartment. 

Was presented with an option to buy a 48-unit property.

Both are off-market, value-add.  Networking pays off...

@Marita Jojo You can always add a utility service fee (or whatever you decide to call it) to the monthly rent.  I recently implemented this to a property where the sewer and trash are included in the RE taxes.  I also pay the water, so by adding a utility fee I lower my utility costs.  The tenants already understood that utilities are based on their usage, not the landlords, so they were fine with the fee.  

@Cory Iannacone

Great job!  Keep it up!

@Edgar Diaz

Harrisburg is a good area, but you really need to have boots on the ground here.  If you are looking in the city, things can change block-by-block.  Don't assume that the low entry point automatically equates to a good investment.  There are some decent properties in the city, but based on your investing criteria and how much you have to invest, you might be better off looking outside of the city.  Feel free to connect with me.  

Good questions @Anurag V., but I think these questions are above everyone's pay grade... Time to talk to an attorney.