All Forum Posts by: Account Closed

Thanks for the input everyone.  You have all reinforced my original thoughts.  The numbers everyone threw out here are pretty much what I had as well.  They knew I was interested in it as an investment which is why they gave me first dibs on it.  They're not willing to come down in price without first seeing what happens on the open market (which is the position I'd probably take too)  They're not distressed and not in a hurry to sell so I've decided to let this one go.  It wouldn't even hit the 1% rule for rentals either and the numbers there just dont work without a significantly lower price.  I was getting sucked in to the idea of being able to choose decent neighbors and finally get a deal under my belt, but like Zach pointed out, a deal ain't a deal if the numbers don't work.

Thanks everyone!  I truly appreciate all the input.  The rental idea certainly appeals as I could then control who my neighbors are, but the margins seem to be just as slim there.

@JD Martin Your thoughts are pretty much in line with mine but I was second guessing myself that maybe I was missing something.  

@Steve Vaughan I appreciate your input but I don't have a clue what you just said, haha.  Some elaboration/explanation would be beneficial.  Thanks!   

Good question!  I'm looking for the same in that area as well, but what I see seems to be a lot of "slum-lord" (or warzone) type properties in areas I'm not sure I'd want to own property.  I've been limiting my search to the Bethlehem/Easton area and staying out of Allentown at this point.  Too many stories in the local paper of shootings and things in Allentown, but I don't live around there so it's tough to tell.  I've also heard mixed reviews on West Bethlehem and Southside Bethlehem.  Anyone know anything about those areas?  

Hi All,  I truly hate to be that guy looking for answers and not offering up much in return but this is a situation where I have to move quick and feel a bit ill prepared as this would be my first deal, so I could use some objective feedback:

My immediate neighbors are moving and selling their single family home.  They've offered it to me first before it goes on the market.  They're offering it to me at 145k.  It was completely rehabbed in 2012 before they bought it and I know it's in pretty good shape plus they've done a few [small] upgrades.  Its an almost identical house to mine and I paid 172k in 2009.  My other neighbors just paid about 169k last fall for a similar sized house.    I think it could sell for low 160's.  But there's been quite a few foreclosures in the area and a lot of old houses that need rehabbed that have gone for cheap which I'm not sure how all that affects property values as they're not true comps.  

There's no way it would rent for more than about 1200/mth but at the price they're selling I feel like it could be a quick flip and maybe make a few thousand on it after all is said and done.  The property is pretty much turn-key but I could make a few sweat equity upgrades to it relatively quickly.  (I'm fairly skilled at renovation work).  

Any thoughts/advice/ideas/comments would be welcomed.  And I'd be happy to advise on any home repair issues in return.  I'm not a pro but I've redone my whole house and have gotten pretty good.  

Thanks for the welcome!  Appreciate the offers of help.  Still trying to figure out what direction I want to go and what my niche will be.  Once I figure that out @Charles Richardson I'll keep you in mind!

@Mark Gallagher Definitely trying not to.  It was a deal I never should have gotten involved in in the first place so it doesn't get me down too much.  Live and learn right?  Looks like you've got this investor thing figured out!

I just wanted to post a hello in the local forum to all the Lehigh Valley folks.   Just a little about me: I'm fairly new to Bigger Pockets and (after a failed deal last fall) am looking to make my first investment.  I live near the Stroudsburg area, but I'm focused on looking around the Bethlehem area for an investment at the moment.  

Look forward to some interesting discussions!  

Regards,

Lance

Hi @Rich Vogel!  I'm curious to hear how your experience was with Merchants?  I had been talking with them last fall when I was working to put together a deal on a Mobile Home Park in Northern Northampton county and I was working with Jim as well.  They were very helpful and very willing to work with me (the deal ultimately fell through, but it was due to legal issues the owner had) but I didn't get to actually work with them beyond the initial discussions and pre-approval.

Regards,

Lance

Hi James et al. 

I'm near Stroudsburg PA and looking to get started as well.  Had a few bumps in the road getting started myself.  Currently, I've been looking in the Bethlehem/Easton area and thought I'd introduce myself since there seems to be some local folks here.  

Best of luck to you.  I'll be interested to hear how things progress for you!