All Forum Posts by: Jake Ernst

@George Zavala Why not do both? You could use a low down payment loan (FHA or conventional) to buy a duplex (or small multifamily) where you could live in one unit and then rent out the other. If you do it right, you could essentially live for free or close to it and get your feet wet with a rental property. Then when you want to transition to another home, you already have a rental property in hand. I realize San Diego is an expensive market but I bet there are small multifamily properties that can work. Good luck and congrats with the little one!

So I'm a little uncertain if I should pause my process in buying a rental property. Governor Wolf just extended Pennsylvania's eviction moratorium to August 31 preventing evictions of those that have lost income due to covid. Do you think this really has any affect on eventually putting a renter into a property since I can make sure it is someone with a solid income? I can see Governor Wolf continually extending the moratorium but if my hypothetical renter hasn't lost their income to this point, I would think they have a lower chance of losing it going forward. So should I continue my process and starting looking for a rental in PA? Thank you for your advice.

Jake

@Mike Alio welcome Mike. This is definitely a great place to learn and connect. And I second @Travis Wylie on the meetups in the area, they have been helpful in learning the local market. Best of luck.

Cory, 

The following is what I have seen in my analysis of Carlisle.

1. I would say there is a demand for apartments especially in the Carlisle Barracks (north Carlisle near route 11) or off the I-81 exits. 

2. The higher end apartments definitely go for higher rent and these are located outside of downtown Carlisle (usually near the locations stated in number 1). Another area that can get higher rents is near Dickinson College if you are comfortable with students as renters. 

3. The general rent for a 1/1 is roughly $750-$1000 where 2/2 is roughly $900-$1300 with higher end apartments/townhouses on the high side of those ranges. Depending on the location and how nice the apartment you may be able to get slightly above those ranges. 

4. North Carlisle (Barracks area) near route 11, close to the I-81 exits, and southwest Carlisle/Dickinson College area are generally the nicest areas of Carlisle. This makes sense due to people working in the Camp Hill, Mechanicsburg, Harrisburg areas but wanting to live somewhere with a lower cost of living and quieter areas. 

5. I wouldn't say there is a specific area to avoid within Carlisle but that may be my preference. 

I am in no way an expert but this is what I have seen in the Carlisle area. I hope that is helpful and let me know if I can help in any other way going forward. 

Jake

Hello,

I am looking to see if anyone has any recommendations for any banks or lenders in the Harrisburg/Mechanicsburg/Carlisle area. I am looking to get residential (4 units or less) financing with a partner and wanted to get recommendations to add to my list of banks to contact.

Thank you for your time and suggestions.

I think it is completely dependent on your circumstances of what you bring to the table and how a partner can compliment that. Initially I was planning on investing solo by slowly saving funds, however I was approached by someone with the capital but not the time to do all the work. This person has to be hands off in real estate investing but doesn't want his money sitting in a bank account. He has money and no time to learn the business while I don't have the money but I have the time. However I do agree that for a partnership to be successful, there has to be multiple exit strategies that are in place in case one or the other wants to get out.

@Ashley Knodel

Black Friday (more like week or month) appliance bundle deals can save you a lot of money at Home Depot or Lowe's or anywhere really. I was able to buy a nice Samsung fridge, stove, dishwasher, and over the stove range for less than $2000 from Home Depot. There were other good deals for other brands then as well. Definitely shop around and try to buy around holiday deals.

Hello BP Nation,

I recently listened to one of the first podcasts (episode 30) about conservative investing with Kenny Estes and it sparked a thought. I personally am primarily conservative in my investing (young and building wealth so I am not ready to put money into high risk high reward stocks, investments, etc. just yet) but in starting in real estate and learning along the way Ken mentions that it would be smarter for someone to invest $50,000 along with someone who already has success in real estate. Whereas Brandon states that it's worth jumping in on your own learning a lot and possibly losing money. Call it a $20,000 education. So I thought I would ask which route you prefer and why:

Option A - invest along with an experienced investor

Option B - due your due diligence but jump into it on your own

Option C - something else?

Thanks for your time and insight,

Jake

Thanks Jonathan! That is along the lines of what I was thinking. Would you recommend getting licensed and then working part time as an agent for someone else to learn the ins and outs of real estate?

Hello! 

I am a new investor in the South Central PA area (Carlisle). I currently work full time and have disposable income each month that I am looking to put into real estate with the intent on getting cash on cash returns above 15%. I am looking to specialize in buy and hold rentals that cash flow, likely small multifamily properties. My goal is to build a portfolio that replaces me and my wife's income by the time I am 50 (I am currently 23). 

I have joined BP to gain knowledge that I can't find in books or podcasts and for answers to specific real estate questions. I would enjoy connecting with other investors to learn more about my market and to learn first hand experience.