All Forum Posts by: Korie Apgar

@Justin Lee

Did you buy your first property?

Part of the process of buying the first one is already having your mind on the next one, and the one after that. Think "How will this purchase allow me to get the next one?" You have to think farther ahead so you don't limit yourself. Another words, decisions you make on the first deal will affect you as an investor. Make a poor decision and pay too much, have no cash flow, etc. you may not be getting another one anytime soon. Become familiar with financing available to you and the number of loans they'll allow you to have. How will you be able to purchase properties not based on your DTI ratio but on the DSCR of the property? These are things you need to know and ask lenders. Take lots of notes and compare your resources. It's crucial. THINK AHEAD. The Millionaire Real Estate Investor is a great book on how to train the mind to think ahead. Knowledge is king! If you haven't, come up with a business plan. Don't write it and file it. Keep it where you can see it everyday. Good luck.

@Shay Allen

Agents are usually aware of some handymen too. 

I stand corrected. 

@Account Closed

Would you please explain what skinny contract offers and control & roll principles are?  Thanks in advance.

@Logan Knight

Basements don't count towards square footage. 

@Shay Allen

Yes, that's expensive and seems off.

@Shay Allen

If the cracks can be fixed why replace all 5?  Did you search in the marketplace for a handyman or try a search in the member area of who is around you in Philly?

@Ram Kothandan

There is no way to know what the market will do but read this blog article to help you understand market cycles.  http://www.biggerpockets.com/renewsblog/2015/03/06...

I am a firm believer in investing close to home when starting off and learning as much as you can about being a landlord and management.  When you turn over to a management company you will still have to manage the manager.  That being said, interview a few property management companies on their processes. 

As far as the age of the home, well you could be looking at a lot of capital expenses right off the bat.  Depends on whether you're dealing with deferred maintenance or on the flipside you could have an older home with already updated plumbing, electric, hvac, etc.  These items will differ no matter the age of the home.  Could be a 20-30 yr old house but need a new roof like NOW.

Timing of purchase; I agree you won't have the competition in the winter as a buyer however you may have it vacant 1-3 months or so if people are waiting until their leases run out in the spring to move or to move in general.  No one wants to move in the middle of winter and you'll need to screen thoroughly.  Think why does this person need to move in like today, the day before Christmas?  Were they evicted?  It really depends on the market too.  New jobs?  People need to relocate at all times of the year due to job change.  Screen, screen, screen.  You're not a charity offering free housing and need someone who will abide by their lease and pay you the rent.

@Aryelle Collins

I have a bigger question for you.  When you say the property will bring in $1325 month is this the rent on each unit or combined total?

@Mitzi Castiglione

Congrats!  Looks great!!  I'd live there. lol