All Forum Posts by: Jason Smith

So I just purchase my first property, it is a house and a 1/2 duplex, here are the stats, insurance 660/year, taxes 1730/year total rents currently at 775 per month (350 and 425). The purchase price was 30000 with 4.75% for 15 years, 20% down conventional lending. The major repairs are a roof 3000$ and a small retaining wall I'd like to replace for an cosmetics. Well, inherited tenants may get me quick. The one unit has 3guys, 1girl, and two kids living in it..... It's a two bedroom apartment. I just discovered that one guy was previously arrested in Illinois (Mt. Vernon) for possession, distribution, and production of crystal meth, he has 2 burglaries and two grand thefts on his record also..... I have been in the apartment 3 times this week and will continue to do walk throughs often and I am currently running a check through the local sheriff. To me I looks like there is a 40750$ bond on him..... Is this a good deal gone bad too fast or is there a reward? The other tenant has been there for 6+ years, a single woman and her child. I'm really hoping my other tenants don't scare her away before the situation gets too far. I contacted the previous owner and her comment was "she wanted a winter tenant" Entertain me with some comments! Thanks all!

Does anyone use www.erentpayment.com ?   Any recommendations, suggestions, or problems?   I would prefer not to handle to rent coming in off of a duplex I am in contract with.  I will be the one mowing grass and there frequently in the first year making updates and don't want to carry a recipe book with me.   Thanks for your help!!!

Does anyone have a tenant application that can be electronically filled out and emailed? I'm in contract with my first property and will need a tenant soon!

your right, this is a depressed area, most of wig is cause by lazy property managers for rentals or the  lack of ambition to update properties or screen tenants.   There are definitely a lot of cheap properties on the market that need a lot of work to be disirable!

Leigh C this is a typical apartment rent in my area, there is some absolutely horrible single family homes for sale and a few not as bad apartment buildings that are in my price range for purchasing a convenient first investment property. The tenants pay for all utilities, and lawn care. Taxes are approx. 1300 a year. I am pre-approved for an 80% traditional loan. What other numbers would you like to know? This property has been in the market for over a year with an out of town owner.

Would you make an offer on a duplex with termites listed at 45k with two tenants paying just over 400 a month each? The rest of the house seems sound and has been owned by the same gentleman for more than 13 years. The property manager seemed clueless on building maintenance and I'm not even sure how he could be a property manager in PA without working under a broker. Your thoughts and questions?

I am looking at a single family house for my first investment property, the asking price is 29900 and I am sure I can get the property at 20k. The home needs a roof and siding replaced to make it look presentable, the inside has already been inspected and approved for tenancy. I have 16k cash on hand, how would it best suit me to proceed with the financing to benefit cash flow and taxes? The property is rented for 600 a month and the utilities are paid by the tenant. I would like to purchase more in the near future, what strategies should I use?

ok guys, I viewed the building today and was not impressed.   Could not and didn't go into the basement due to a mangled junction box near the top of the steps.   It's funny how 9 un-taped wire nuts can tell you a lot about the quality of the work done in a large building.   The realtor warned me that they wouldn't budge on the price and we all other investors had been through the building already and deemed it un-worthy of the amount of time and money it would take to turn a profit.   Each unit can only be considered one bedroom, which are not popular for middle class in the area.  The lack of decent kitchens and bathrooms in every apartment and whole building heat, turned me off for this building.   Thank you all so much for the advice and I took notes!   You all are excellent!

Ok, so here's some info I have come across, the building in February of this year had a wiring malfunction that shut the doctors office down for a few days to be re-wired.  A bare wire had arced to the metal in the plaster walls  and had started to smoke 3 joists.  Although no major damage was done, it makes me curious if the 10400 sf building will need completely re-wired before I can put anyone into it for my own concerns.  This is a huge task for a new guy like myself to jump in so deep so early.   If the numbers work out near to what @Daniel Miller  had stated, it would completely replace my current J.O.B. income in just a few years.

The building is made of brick and is 98 years old, there is plenty of on street parking and parking lots nearby as well as the spaces included.  I think our area relies more on a boro council than a DDA, which can be just as bad if not worse.

I will be looking for some funding if the property checks out tomorrow on a visual inspection.  My local credit union only lends to owner occupied and the local banks lend up to 4 unit buildings, any recommendations on where I could find lending and what the rates may be?  I will check to see if the owner will finance.

I will post again tomorrow with the info I find.  Thank you!

what is DDA controlled?