All Forum Posts by: Account Closed

@Cory Iannacone Thanks, ill check them out

@Rich Vogel .. its in Central PA Harrisburg area..

@Gordon Cuffe

You are correct- 34$ thats true- not much difference...

Thank you all.

The broker said even if I pay higher down the loan amount is too low for him to make any profit. 

Hello,

I am buying my first out of state investment property in PA.

3/1.5 SFH.

Purchase Price is 110k , needs a new roof, some TLC. Planning for 20 % down.

Similar fixed up properties there are going for 150-155k in that zip code.

I have a good credit score(845). The morgage brokers I spoke to are saying that because the loan amount is so low- they need to charge me 5.125 % and 1 or 2 points (to be able to make a profit) . As apparently Fannie mae charges 3 points for investment properties.

I can also just pay cash for the property. Should I just go ahead , pay cash , fix it up and refinance when the appraisal comes back higher after fixing it?

Thank you.

Ani.

Hello,

I am buying my first out of state investment property in PA. 

3/1.5 SFH.

Purchase Price is 110k ,  needs a new roof, some TLC. Planning for 20 % down.

Similar fixed up properties there are going for 150-155k in that zip code.

I have a  good credit score(845). The morgage brokers I spoke to are saying that because the loan amount is so low- they need to charge me 5.125 % and 1 or 2 points (to be able to make a profit) . As apparently Fannie mae charges 3 points for investment properties.

I can also just pay cash for the property. Should I just go ahead , pay cash , fix it up and refinance when the appraisal comes back higher after fixing it?

Thank you.

Ani.

Hello all,, 

My parents( no green card/permanent residence- yet))  want to invest in a rental property in PA- full cash.

1) Is it better to own it inside an LLC or under their own name?

They have no other assets in USA to protect, so I think its just easier to own it in their name.  Am I correct? 

Not sure if someone can come after foreign assets in case of lawsuit.

They have a bank account in USA.

Is this as simple as paying full cash- hiring a property manager and getting rent checks in their bank account? 

Or is there more to this that I am not aware of

Thank you.

AK.

@Sam Shueh Thats a good suggestion, I will try that.

Hello all,

Because of my day job, I cannot look at potential investment properties the same day. So, I have to wait till the weekend. 

I was interested in a couple of triplexes/ 4plexes in the Lehigh valley region. These properties came out on a Thursday. I did the numbers on these properties and they worked for me. My agent( who says she sells properties upto 4 units, she doesn't invest in real estate herself  though) made an appointment for me to look at them on a Saturday.  

However, every single one of them was SOLD before I could even get a look at them on Saturday. Obviously seasoned/local investors have an advantage here and can rapidly make offers.  I used the Saturday to familiarize myself with the areas that I am interested in investing, so it wasn't a completely wasted trip.

Ideally, I would like some time to analyze a deal, look at the property and the neighborhood, maybe talk to the tenants before making an offer. Since, I am a newbie, I do not feel comfortable enough to make offers sight unseen.

Should I look at less competitive markets to get my feet wet or is there something I am missing here strategy wise.

Is there a better way to go about doing this..

Thanks