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All Forum Posts by: Kim Rock

Kim Rock has started 15 posts and replied 81 times.

Hah thanks I figured it got moved.. didn't know where to!

Post: Vacation home vs Investment Property

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

thanks.. I would be renting for more than that. I wasnt thinking as much in terms for a tax write off or how to list it on my taxes but more so for applying for a mortgage - if I need to apply for an investment loan, or a vacation home loan. Guess it would need to be an investment loan. Now to find some creative financing to make it happen..

Post: Newbie from Philadelphia, PA -- seeking knowledge

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

Hi Robin & Ralph - I am also in the Philadelphia area. I am a licensed realtor in PA who is trying to get more heavily into investment deals (I currently own 2 myself, looking at a third). Interested in finding ways to invest without having to put your typical 10-20% down.

Post: Still Learning in PA

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

Hi David - I am also in the Phila suburbs - nice to meet you!

Originally posted by David Lee:
Hi, My name is David. I am from suburbs of Philadelphia, PA.


Post: TheREInvestor2 from Philly

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

Hi Iman,
I am in Phila also - I am interested in learning more about wholesaling.. Can you give me some examples of what youve done?

It says it was the last post replied to, but it's no longer here. Anyone know why? I wanted an answer to my question LOL

Post: Buying a Vacation Rental Property

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

I already own 2 properties (one locally, one vacation rental) - and my vacation rental is doing rather well. I was able to buy back when I could for 5% down and am still breaking even if not making a profit. My neighbors house is currently for sale, and I know I could do as well with it as I have with mine. It comes completely turn key and ready to go. Things have changed since I bought my first one and now I would need at least 10-20% down for an investment. I do have the money, but it will completely burn out my reserves (I have more tied up in stocks but dont want to sell at this time obviously when the market is down so much). I was just wondering any advice on "creative" financing that you guys talk about to finance this vacation home? It is 330k. I do know my neighbor quite well and am not too familiar with owner financing but was wondering how that would potentially help me, or any other suggestions? Maybe I could find a way to put down less and have some come from him for the high down payment and work out something creative? - so do you guys have any suggestions? I am not really sure how to go about this besides a seller assist for the closing costs - which is obvious and doesn't go towards the down payment.

Post: First Time Buyer-Real Estate Broker Commission?

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

You COULD ask.. but I would only do that if you really felt comfortable with your agent. It would be seen as kind of rude if after months of showing you houses you decided to try to get him/her to take less of a commission just to help you negotiate the price of your house.

Originally posted by Ryan Dearing:
I am a new investor about to buy my first property. I never signed a contract with an agent, but have been working with one for several months. Seeing as he is a "buyers" agent I was under the impression that he would split commissions with the sellers agent at closing. I am going over the sales contract and he is asking for a commission of 3% of the sales price from the seller. This is the first time he has talked about a specific number he will charge. Does this sound right? This will ultimately effect what I am able to purchase the property for right? This is my first property and I want to be sure he is not taking advantage of me.
Thanks!


Post: Vacation home vs Investment Property

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

Does anyone know the rules on taking out a loan as a vacation home vs an investment property? If youre going to rent it out but also use it? Is there a time frame you must spend there per year to have it be considered a vacation home instead of an investment?

Post: two flat : good investment?

Kim RockPosted
  • Real Estate Agent
  • Yardley, PA
  • Posts 96
  • Votes 11

From an investment standpoint its worth it, not because youre saving money but because you will have a rental property, with an owner occupied loan, and when you eventually move, you can continue to rent out both sides and gain equity in the house in the meantime.

Originally posted by Bryan P:
Iv'e been looking to buy a house or condo for myself to live in, and just started to entertain the idea of buying a multiple unit building instead. I would live in one unit and rent out the other 1 or 2 depending on size. But I've noticed in Chicago that rent is pretty low compared to mortgages, so I wouldn't have a positive cash flow if I live in one unit. I found a real nice two flat with a top floor rental and an owner duplex on bottom. I figuered out the numbers and basically I would just be saving a few hundred a month compared to buying a single unit for myself. Is it even woth it?