All Forum Posts by: Cowan Bucks

I’d like some feedback please !

I made an offer on a 4 unit back in 2015. The owner decided he didn’t want to sell at the time. I just received a phone call today 5 years later from the owner stating that now he’s interested in selling. The owner is now 78 years old and wants to retire. He happen to save my contact info and wanted to know if I was interested in buying before he lists the property with a realtor.

4 unit building built in early 1900’s

Approx 4200 sqft

Well kept building.

B class Area

3- 2bd/1 bath

1-1bd/1 bath

Asking price $235000

Property tax $4850

Total rents $3200

All utilities are split.

Owner pays trash.

The only other multi in the area was a 6 unit (commercial)

Approx sq ft 8900

Sold for $440,000

Thoughts ?

Thanks !

Allyson and Christopher! Hello and Welcome ! My name’s Cowan. I live and invest in Berks County. I make most of my living as a locomotive engineer but my true passion is real estate. My main focus has been buy and holds but I’m not opposed to a flip if the numbers are right! Good to see more investors popping up in the area. Good luck !

Hey! Investor from Berks County here! Best of Luck !

Hello, I bought the book a Barnes and Noble. Am I missing the access code or do I need the link also ?? Thanks !

Hey Jason! We were introduced through bigger pockets a few months back. We found out we both live around Berks County area and were looking to get started. Congratulations! I'm glad to here about your success story ! Way to get creative on your first deal! I just bought my first property too about a month ago. It was an off market deal in the Spring Township area. If you don't mind me asking, I'm just curious... what credit union did you go through and what did that process look like? After you described what you wanted to do, did they present you with individual properties to look at or give you a list to sift through? Also, where about is the rental? It took me what seemed like an eternity to find a property in the area with low enough property taxes to make the deal work. If you even need anything or want to meet up sometime, let me know. Congrats again!

Thanks for the reply, Simon!

That's their asking price and I believe that's about retail what the house is worth. Obviously, I would try and bring them down some.

The taxes are $3100 and that's actually low for the area. Most other similar properties I have looked at are in the $4200-$5000.

Those figures are already with 15% down.

Technically, I suppose it wouldn't be $100 a door because the $280 left would probably get eaten up by vacancy and repairs. 

Would it even sustain itself ? 

Thoughts?? 

Hello Everyone!

I'm looking for my first deal. I really want to get this show on the road but I'm having trouble getting the numbers to work. ( Property taxes are too high! ) I know this isn't a great "deal", but do you all think it could work?

Deal Analysis: 

Unit 1- 1bd/1bath : $795

Unit 2- 1bd/2bath: $850

Combined Rents : $1645

Asking Price: $140,000

PITI: $935

Monthly owner paid expenses: $430

Total Fixed Expenses : $1365

The difference between those 2 numbers is $280. Thats leaves me with $280 a month to cover vacancy, cap ex , and repairs. The unit seems to be very well maintained with new roof and heating system. It is also in a great area. 

I also would like to say, initially I will be occupying one of the units. I'm basically trying to house hack but I want the numbers to work if i move out so i can hold on to the house.

Any thoughts or words of advice will be greatly appreciated. 

Thanks!

This house has been listed for about 8 months.

I thought I'd be in the clear to contact the owner through an email which I have done in the past. 

I got a response from his son,who is a Canadian realtor, stating that now they can't sell it off market to me for a long period of time because I made a "formal offer".

I did put a number figure in the email. Does that count as a formal offer ? 

If it does , what's the period of time that has to pass before I'm able to purchase ? 

Lastly, is there anyway around this ? 

Donald,

Thank you for your quick response. 

Great advice! Is there an average contract time? I'm sure they vary but is there a norm?  6month, 1 year etc?

Hello Everyone, 

Quick question for someone kind enough to elaborate on.

Unfortunately, a friend of the family passed a few months back. His family and heirs to his estate immediately put his home on the market. I had a walkthrough of the property once before and once after it was on the market through my realtor friend.

I'd like to make them a cash offer off the market so they can save some money on commission fees and inherently giving me a better price on the property. 

Question: In the state of Pennsylvania, is it possible to sell the property privately after it's has been on the market ?