All Forum Posts by: Account Closed

I am moving to York PA from western PA mid January. The move is short notice due to my job. Looking to invest in the area as well as find a rental for myself until can get a feel for the area. Any tips on the market, crime, good vs bad areas and even rentals available would he great!!!

Thank you!

@Son D. Much appreciated!

@Rod Hanks Thank you

I was looking for a small SFR under $100k that only needed cosmetic work to increase rental value. I laid new flooring, painted interior/ trim and re modeled the kitchen. The roof and siding was also replaced due to the damaged sustained by Hurricane Florence. I added about $10k in equity as I had no overhead in the improvements. (Ins co paid for everything)

I totally agree with that! Looking back I realize how I may have done things differently, but in the same token if I never took action I wouldn't have learned what I did. 

Right now its sitting around $70k  

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $57,000
Cash invested: $2,000

Purchased using a $0 down VA loan
I lived here for 1 year until I completed my service in the Marine corps, once I moved out I hired a property manager and was able to have it rented within a couple weeks.
Cash flows $200/month after all expenses including Capex, vacancy, and maintenance.
Utilizing property manager for 10% of the rent

What made you interested in investing in this type of deal?

I jumped the gun on this deal, I just wanted to take action and get a property that cash flowed.

How did you find this deal and how did you negotiate it?

I found this deal after searching the MLS for awhile and saw that it fit my criteria.

How did you finance this deal?

VA 0 down loan

How did you add value to the deal?

It was actually damaged by Hurricane Florence so I got a brand new remodel for free!

What was the outcome?

It was a huge learning experience, I did not purchase a strong deal as I pretty much paid market value for it, however it got me started in investing and taught me a ton. At the end of the day it worked out and cash flows $200/month.

Lessons learned? Challenges?

If you have little capital, buying turn key rentals is not a good way to build wealth. Sure it DOES cashflow, but left me with no capital to purchase another.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $72,000
Cash invested: $3,000

Currently house hacking this duplex, I am living in one unit and renting out the other. The rent I collect covers my fixed costs, water and sewer. I still pay for electricity, garbage and gas. After 12 months I will double my income on this unit and will cash flow approx. $200/ unit

What made you interested in investing in this type of deal?

This property has good value add potential and is in a strong rental market.

How did you find this deal and how did you negotiate it?

My RE agent found this deal off market.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Applying cosmetic updates to the interior.

What was the outcome?

Still underway, but so far so good.

Lessons learned? Challenges?

This is my first property I am managing myself, finding and closing on a deal is half the battle. Being a landlord is very time consuming and difficult at first.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, my agents name is Rich Cammisa. If your in the Butler area I would highly recommend him!