All Forum Posts by: Ken Bateman

I am in need of a lease to purchase contract that I was hoping someone would be able to e-mail me and let me use/modify theirs.....I have a tenant who is in a property of mine & wants to buy in about a year or two...I would like to give her an option to buy it, but she has to wait AT least a year....but I would like to be able to allow her to exercise heroption at any time after that year....Would someone have something that I could use (preferably for free)...that way I could modify it to suit what I need??? Thanks everyone - you are all such wonderful people....Ken Bateman....in Pennsylvania... :goofy:

The best I've done thus far was a 3 BR 1 Ba 1400 Sq ft SFA - middle of row in decent condition....for $22K...not war zone - this block is actually pretty decent - but two blocks down...no comment....but we're only getting $550 rent - section 8 around here is tough - very stringent regulators....

Whole-heartedly agreed - Kilz is your best friend.....if it is true hard wood - you do have a choice though.....Start by ripping out the carpet - in a lot of cases - the pad is what is holding a good chunk of the smell....pull the pad & tack strips out - if they are stained....once that's out for a day or so - then you can re-evaluate.....if you're gonna re-carpet - try with the Kilz before replacing the sub floor....you MAY be ok....also - they have a water based Kilz - easier to use than the oil based....JMHO....Thanks - Ken

Welcome from the other side of PA - I'm in Harrisburg - there are a few of us from PA on here.....Best of luck to you....And actually - depending on when you bought your investment property & what LTV you are looking at for your personal residence.....the bank MAY take a portion of you rental income into play - at the VERY least to offset your mortgage - they may add a somewhat conservative 10-20% vacancy rate into the mix....but at least it should offset some debt....

Just curious - how'd you find the "deal that was too good to pass up??"

Thanks - Ken

Hi Dan - this is Ken from Harrisburg - yes - there are a bunch of us on here.....So - perhaps when looking at investments - especially bank owned ones - you could send one or two my way...lol

Thanks & welcome....!! :lol:

Whatever you decide will be best for you - BUT - if you do re-finish the floors....MAKE SURE you do the prep & clean work....after sanding - sweep at least twice.....then tack cloth (you can make them yourself - basically a rag with mineral spirits - VERY easy) - I went over the entire floor twice - I might even suggest three times....it gets the "crap" out of the pores of the wood & lets the wood take the stain much better....and the more coats of poly, the better - but take your time - as they ALL have to dry...MAKE SURE they are dry...& Good Luck! Ken

Agreed with Many of the posts - but it's like anything else - the more risk the more POTENTIAL reward....Ex - A company in Harrisburg is started buying block and blocks of condemned props in a pretty crappy neighborhood...& REALLY making them nice (ceramic tile, security systems, etc) - It was kinda funny to look at first - ****** house, gorgeous house, crappy house, gorgeous house - till the Mayor announced they were expanding the local college just down the block & bringing in a decent size corporation around the corner - now these nice houses are selling for quite a penny - and other investors are trying to vie for the scraps....nothing like jumping in after the rise....

But these guys could have totally lost their shirts....

Sorry - but NO definitely not - Appraised value and assessed value are two totally different things.....

Example - we had an area locally that had not had a re-assessment since 1975...therefore - a property that I purchased had an apprised value of $20,300 - although I bought it for $65,000.....A few years later, we had a "county-wide re-assessment", and my assessment jumped from 20,300 to $69,000 (supposedly the market value at the time).....but keep in mind that the taxes are determined by multiplying the assessed value times the mileage rate - alas - my taxes jumped by nearly 300%......(it is not one of the worst places to invest because they never adjusted the mileage rates - the taxes are some of the highest in the county, but the properties are some of the worst (just not soct effective when adding in the taxes to the equation) - it forced many ederly homeowners out and real estate investors in....true story....I'll be selling this property in the next year or so.

So - long story short - no - assessed value and appraised value are not necessarily the same thing....

Good comments Mike & Tim - that is why you guys are some of the most repected individuals on here...Thanks - K

So - you just find great deals from the owners?? How do you end up getting such great profit margins?? Sorry to bug you but Thanks - Ken