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All Forum Posts by: Eric Armstrong

Eric Armstrong has started 57 posts and replied 376 times.

Post: Moving to Delaware New investor

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Jeff Bender I'd say you're gonna need to go about 10 miles out for affordable price point for LTR that are not in HOA or are modular type homes. Of course this depends on your financial position as well. I like to have at least $400/ month gross flow cause I don't have a high paying W-2 or fat bank account if something pops up. If you're in that position then maybe you're only looking for a little or no cash flow.

I do Wilmington because I could(much harder now) get what I was looking for in non war zones.

Post: Moving to Delaware New investor

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Jeff Bender if you're looking to be "in" the beach towns, be ready to lay down a mil. You can get in the high 200's low 300's a few miles out. I dont have any STR at the beaches and don't know the numbers but I would think the numbers are tight when you really only have prime rental times from Memorial Day to Labor Day. The radius from the beach for LTR numbers to work is getting further and further out.

I'm looking to buy and hold outside of my market and would like a "do-it-all" company.  I don't have a strong preference of location, but I'm currently leaning towards the southeast and midwest.  Which company do you use and like?  Where are the rentals?  Why do you like the company?

Post: Newbie from Wayne, PA

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Monica G.do it. Good luck.

Post: Rental property ideas

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Ammar Muhammad just like Wilmington, New Castle has pockets, some good , some bad, just need to find the right spot. Elsmere is just south of Wilmington city limits on Rt 2. There are a few pockets of city of Wilmington that are mostly safe and you can get into for under 175 and get rent around 1200-1300 for a 3 BD. Not a whole lot of stuff in new Castle county. Del county PA gonna have a bigger inventory in that range.

Post: Security Deposits in Delaware

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Mario Ciccarelli I can't tell ya where to find it, it is just something I remember hearing at a REIA meeting. I use WSFS bank.

Post: Rental property ideas

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Ammar Muhammad 1% rule gets tight in northern DE once you get to around 130-140k. There are fewer and fewer properties these days. You can find a couple in the city limits, but nearly impossible outside. New Castle(19720) and Elsmere(19805) are options.

Post: Security Deposits in Delaware

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Mario Ciccarelli I do believe if you earn interest, then you must pay interest if the tenant as asks. Use an Escrow account.

Post: Security Deposits in Delaware

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

@Mario Ciccarelli only one escrow account needed to hold all the deposits.

Post: Anyone with small Multi's at Syracuse U?

Eric ArmstrongPosted
  • Investor
  • Wilmington, DE
  • Posts 388
  • Votes 121

Looking to connect with Syracuse U buy and hold investors.