All Forum Posts by: Korie Apgar

Allentown- good luck....crime is bad and you'll be chasing rent.  Go for outside: South Whitehall, Emmaus, Macungie, Hellertown, Coopersburg.  School districts are great: Parkland, East Penn, Saucon Valley, Southern Lehigh.  Premium rents as well.  Location is everything! 

@Jack Lee

No, it should not be near $30,000.  Maybe half, if that.   Get a bunch of estimates.

@Ericka G.

Yes, PMI until 20% in.

@Ericka G.

Currently quoted 5.25% for a 30 yr conventional mortgage on an investment property.  (15% down).  Yes, banks and credit unions are not as high (but you may not be looking at 30 yr fixed either).  Shop around with all your questions.

@Kino Elliott

Make sure your AOS has contingencies on building, termite, radon, and there are some others.  Your agent should go over these with you and explain them.  It's ultimately up to you what you check off but you always want a way out of the deal depending on what is found.  

@Ryan Todd

Sounds like there would be trouble if you partnered with your friend.  Not only can you not agree before the partnership, something will likely come up during, and it'll destroy the friendship.  Keep him as a friend and move on with your business.  It's a business and your friend will need to understand that. 

@Jackson Long

I've never heard of paying a title company anything until closing.  Request a settlement sheet.  You should have that way before closing, possibly weeks.  You have the right to shop for a title company.  Compare the fees and also question the other companies about wiring fees before closing and if so, what are the reasons for doing so.  

@Martin Graf

In addition to what Sherman Ragland has to say, get an electrician in there to confirm the correct lines go to the correct meter.  If not, then get an estimate of what it'll cost to do what's needed.  Don't forget permit fees and doing whatever work needs done to bring it to code.  If it's heated by oil, what's the gas for?  Also, think about how you can separate the heat.  Electric baseboard heat?  If you are stuck paying heat then make sure the rent is increased to include heat and any other utilities you may have to pay.  Be knowledgable of what other landlords are collecting in rents and what utilities they're including.  Don't make yourself non competitive.  Good luck!

@Robert Howard

What are the plans after the 25th of April?  You stated you would like to finance the property?  Be sure your lender will do a loan for under $50,000.  You are correct in your numbers not to pay $15,000 for the property.  As far as bringing certain items up to code, the only way you'll know what you're dealing with is to have zoning go through the house.  Sounds like you're making all the right moves to know your true numbers.

@Jason Weible

Welcome to BP!