All Forum Posts by: Billie Jo

Sounds kind'of scary! You may want to get actual #'s on the property as far as income and expenses (don't go from pro-forma info).  

With my experience, Section 8 renews for 1 year, but that may be a location issue?   I purchased a Section 8 occupied unit and since the prior owner included the water bill with the rent, I was not allowed to increase the rent until the 1 year anniversary date and was then told I could only raise it by $10. (could be different in your area) You should be able to get a copy of the lease which would have the lease ending date.  I would not want to take on a new property and kick out tenants being a new landlord (gotta make the payment!)  

I would suggest that when you go through the property you can look for condensation on any exposed water lines (sometimes you can see on the toilet tank or in the basement) if there is water condensation that seems to indicate there is a slow leak somewhere.

You could also call the local water authority and ask them what an average bill is for a 2 bedroom, etc. and they may give you some good info.

Good luck!

They are talking about lien position... as in if the borrowers stop making payments, who gets put in first place for claims. If the lender gets first position then typically they have the first loan on the property. Second position is not as good and considered a little more risky if there is not as much equity in the property.

@Dick Rosen Thanks for sharing... do you mean that you put a hall/closet knob with a locking deadbolt on the entry doors?  

Why haven't I thought of that???

I'm going to chime in this discussion... Hello guys!

I live in Crawford County (just south of Erie) but I do belong to the Northwest PA Apartment Owner's Association which is centered in Erie, PA.  We do have monthly meetings covering all different real estate topics!  The site is www.aptassoc.com and is a local chapter of PROA and NREIA.  It is not expensive to join and the networking is great!  If you want to call them and get set up, let them know that I referred you.  We do not currently own any properties in Erie but thought maybe that information would be helpful to you guys.  I would be interested in any meet up that is set up! Keep me posted as well

If you guys wanna meet up in Erie or Titusville.... let me know!