All Forum Posts by: Robert Lasko

Bill,

Wow, I totally forgot about this post! This was about six years ago! Anyways, to answer your question, I went ahead with buying some properties and was glad I did. I decided on buying townhouses because I could sell them rather quickly if I wanted to get out of the real estate game in the future. My first townhouse I bought off the MLS for $113,000 and rented it out for $1,300/month. Shortly after I bought a second townhouse for $110,000 from an investor and rented that out for $1,400/month. Then I bought two more foreclosures for $116,000 and $112,000 and rented those out for $1,250/month and $1,200/month respectively. At that time I was managing 5 properties (one was my wife's old house). After that, it was hard to find a good deal so I stopped buying. The market has appreciated nicely to where I sold the first TH for $145,000 by myself. I decided to sell because the neighborhood was starting to go down hill, large expenses were coming up in the near future, and I wanted to pay off my personal residence. Then I sold the 2nd TH for $175,000 by myself! Never really planned on selling it but it's never a bad idea to capture some profit. I used all the proceeds to pay off my house and now we have 3 rentals left which have appreciated nicely. To answer your question, I was super glad I did it. I made a lot of money for minimal amount of work and headache. I wish I had bought more but I was a new investor and didn't know how fast the market could appreciate. Looking back, I wouldn't have skipped the "OK" deals and kept looking for better ones because the market appreciation would have been worth it. If we ever have another downturn like we did 10 years ago, I'll be in a good position financially and have the knowledge to really take it to the next level. Until then, I'm just hammering down the mortgages on the rentals I have left and keep it on cruise control.

The Eastern panhandle is doing well.  More manufactures are moving in and creating more jobs.  However I don’t think the market will appreciate as fast as it has in the last few years.  The average income in the area just can’t support much more.  I look to see things flatten out.  Thoughts? 

Ken,

There is a lot of potential in the panhandle and it’s growing fast.  Big companies (P&G) moving into the area and more and more people commuting to DC are driving home prices higher.  There is a drug problem in the city and that will always be an issue, just like any other city.  

Are you flipping?  

Hey James Fisher.  What are your relatives names?  Would they be interested in getting rid of any properties? 

Hi James.  I invest in Martinsburg and the surrounding areas.  I also wholesale properties to other investors.  I can get you better equity deals but tighter cash flow than this.  Also, in a lot better area than Georgetown Square.  

For example:  

Townhouse worth $140,000

Purchase price of $125,000

Rent is $1,250/month

If you are interested, shoot me a message

Can’t  make the 25th but would be interested in future meetings!  

These are all great solutions!  We are going to try and add a damper to restrict   the airflow to those ducts.  Also, she is looking into getting a portable AC unit just for her bedroom so she can leave the AC at 68 in the night.  

I think we may go month to month with her instead of signing a new lease just in case we do have to restrict the temperature.  

well the problem is that she says she needs it that low to sleep and for health reasons.....

I have a tenant who's awesome!  She takes care of the place, pays on time, and doesn't cause any issues.  She is a dream tenant!  

My only complaint is that she runs the AC at 68 during the day and turns it to 64 at night.  She lives in a 3 story townhouse and says she needs cold air to sleep and for health reasons. 

Because the Thermostat is turned so low, a lot of condensation is forming on the ductwork inbetween the first floor ceiling and the second floor floor.  So much condensation that it's dripping through the ceiling!  The ducts are not insulated because WV code says that since it's between the floor Joyce's, it's considered controlled air space and doesn't need to be insulated.  How can I solve this problem with the tenant so I don't have to cut the entire cieling out and insulate the duct work to fix the condensation?  

This has been very helpful!  I had a discussion with him yesterday and made the point that I need to be paid on time and that I wasn't be going to tolerate late payments on a consistent basis anymore.  

He actually asked if I could sign another year lease because they loved the place and I said that if he paid on time for the remainder of his lease then I would consider it.  

Marty,

I buy real estate in the area.  Where is the 5 acre lot?