All Forum Posts by: Jason Yablinsky

Originally posted by Charles Perkins:

I having to do FHA. The good thing is I have found resources for other deals as well.

Charles - If you are interested, I can refer you to a good friend at Wells Fargo that gave me a 15 year FHA at 4%. She is just starting out and is trying to build a client base so she keeps her expenses very low for the time being.

Jason

Originally posted by Steve Babiak:

Be careful of what you incorporate into your lease in PA. PA has a "plain language lease" law - no legalese permitted. The one I suggested has been "approved" by the PA Attorney General.

Steve - Is the only way to get that REIA is to purchase the whole course for $599? All I need is the agreement.

Excellent. Thanks Marc and Steve. Your generosity is certainly appreciated. I will check them out and see what will work best for my situation.

Jason

How many pages is your leasing agreement? I had dinner with a gentleman that is mentoring me in my REI efforts. His leasing agreement is front and back of an 11 X 17 sheet plus an amendment that lists out several items including:

No smoking
No pets
No trash on porch
etc.

It is very short and to the point. I am thinking about purchasing one online for PA, though. Or does anyone have one for PA that is willing to share? I have another gentleman I'm meeting with that is going to provide his version. I just want to ensure I'm fully protected if I end up in court. Thanks in advance.

Originally posted by motiv8td:

Originally posted by Jason Yablinsky:

Waiting to see if I can get my employer to rent it...

Is that called 'Job Security' :mrgreen:

Haha I don't see it hurting!

Kevin - I like your strategy. However, with me being young, I have little choice other than to finance my investments with debt. That is one of the reasons I went with real estate. You can leverage the bank's cash to make a return. If I had a choice, I would have loved to start this venture with my cash. I like to think I'm in better financial condition that most people my age, but not $50k cash ready to throw on a property kind of condition. Can't wait to get there though!

Claude/motiv8td - Thanks for the comments!! I am getting the word out at work and people can't believe how nice it is. I think this is going to be a good one to get me started. Waiting to see if I can get my employer to rent it... that would be ideal. Just trying to maintain the positive attitude and hope positive returns soon follow!!

Great advice Mr. Jones... I've checked craigslist and it appears as though I'm in green for what I'm trying to get out of it.

BIG NEWS THOUGH!! As I may or may not have mentioned, this property is directly across the street from my employer of approximately 700 people. I stepped into the HR office today to see if my employer would be willing to rent it out. As I looked on her desk, I saw an MLS listing for a townhouse very close. She said they were looking to buy a place for out of state visits but decided against buying. This looks like a perfect opportunity... Considering my company does about $300 million annually in sales, I'm thinking they could easily do $1,300 - $1,500/mo with utilities included. If this works, I might buy that place they were considering as well... and then some more!

Originally posted by Bryan Hancock:

Yeap...wouldn't you have liked to have received the advice you got on the thread BEFORE you made the purchase? It may or may not have influenced your decision to purchase the property, but it certainly would have helped some...no?

Yes and no. I felt like I received a good understanding of what I was getting into from this site before my purchase. I can relate to this as I do with graduate school; you learn a great deal more when you are in the field you are studying. For example... what did my accounting class mean to me when I was in undergrad and not working in a professional role? It's difficult to say... BUT what does my graduate accounting class mean now that I am a Corporate Accountant? A word of difference. Similarly, now that I am actually a real estate investor, I can relate and apply what I learn on BP to my situation. Not to mention... since I've made the purchase, I have no choice but to learn!! Too late to turn back!

Hello,

I just purchased my first property and it happened to be right next to my employer; actually right across the street. I spoke with the Legal department and HR today to find out if they were willing to rent it. It was pretty funny... I went into the head of HR's office and there was an MLS listing for a property close to mine. They were interested in something close for out of state visits to the plant. I told her that property I purchased and they are interested. Has anyone has experience with this? How would I go about structuring a contract? Should I get a lawyer? I would love to lock them in for a few years. Also, if I were renting to an individual, I would put the utilities on them. If I rent to my employer, I will pick up the utilities costs and charge a higher rate. I'd like to hear your experiences with renting to companies vs. individuals.

Here is my place...

http://www.biggerpockets.com/photos/show/118271

Best,
Jason

Originally posted by Kevin C.:

Congratulations on getting in the game Jason. Long term, if you can afford to pay the house off in just a few years you'll be fine.

The first property is the hardest one to acquire, you've overcome that hurdle.

You learn a lot once you actually have a property under your belt.

Again, congratulations!

Thanks Kevin. I look forward to the learning experience. I have a friend of a friend that owns 8 properties meeting with me over dinner on Tuesday. He said to bring a pen and pencil so I should be able to leave having learned a thing or two.

As for paying the property off, I'm not sure how I want to go about it. Should I agressively pay it off first, or save aggressively for a down payment for another property? Credit score is about 750 and I have disposable income of about $3,000/month. What are pros/cons of both scenarios?