All Forum Posts by: Liam Goble

@Rhonda Jones Yes, rents would be lower than Philly, but should still cash flow.  Properties less than $30k will probably need some work.  You should be able to get the work completed for less than you're used to in Philly.  I'm unsure the Section 8 market in Lewistown.

@Colleen F.       I moved to State College in 2000 for school...havent left yet.  There is still a small town feel, though not what it used to be.  Bellefonte is picking itself up.  Even Philipsburg is borderline on it's way back (still TBD).  Meyers is still there, but prices have gone up (I think it's now $3.15 for a large sundae).  

@Edward Synicky Thanks for your Net worth = network.  I'm (slowly) learning that point.  I also realized that there is very little harm in asking.  Worst case, someone says 'no.'

@Rhonda Jones I am slightly familiar with the market.  I've considered investing in Lewistown, but haven't done so yet.  There is a hospital in Lewistown, but that's about it.  Lewistown is a 'bedroom' community for State College and Harrisburg, though located closer to State College.  I have focused more on Philipsburg and Tyrone, but am shifting investments to Bellefonte right now.

What questions do you have about Lewistown?

@Simon A. 

Welcome to BP from the USA.  This is a totally awesome community of like-minded individuals.  

Good luck with your REI.

I install these type of systems.  We always say "A BTU is a BTU".  Assuming it's a hotwater system, you can install one of those tankless water heaters so long as they have enough BTUs for each duplex.  Bosch, Navian, Takagi and State each make these type of heating units.

A few questions pop into my head with a conversion like this:

1) Is each heating system separate by unit?

2) Are you able to vent through-wall?

3) Is the existing gas line large enough to handle the increase in BTUs

Definitely worth getting an estimate though.  Good luck.

Assuming your lease has a few clauses to protect yourself, I would do what @Jimmy S. says, you use an interesting choice of words.  Did you ever establish a lease with them?  If so, there should be pre-determined agreements as to how a broken lease works, eg: you keep the sec. deposit and last month's rent.  

I'm a contractor in State College.  For a first time renovation, you can ball park about $100/sf for the rehab.  Even if your friend says he can do it for $75/sf, use the $100/sf number or either 1) you won't have a friend when you hold him to the $75/sf number or 2) you're not going to make the money you need because it actually cost $100/sf.  

Because it is five units, you will use commercial lending.  Look for a very small local bank.  They are much easier to work with to get these types of projects completed.  

Banks do look for some experience when completing a project like this.  A few of the other posters have mentioned getting a mentor.  Have you talked with others to see if you can work with another investor?  

@Dawn Anastasi , I agree. My new contractor calls me, explains why his solution would either save me money, or reduce my head aches in some other way. 100% better way of doing this work.

@Mark Langdon Agreed (and thanks for the caution). I've toured some of the other properties currently on the market and feel the improvements I've made will help the property sell faster and at a higher value than similar properties on the market. Ultimately, my fall back plan is to keep this as a fix-and-hold. For the fix-and-hold fall back, I based all of my numbers off of last year's rent numbers. Landlords in my area are advertising lesser properties for roughly 15% - 20% higher than last year's rent. There are a variety of factors working to push those numbers higher.

Hey all. As promised yesterday, I'm updating the progress on my flip. These pictures area little old as I spent my evening last night painting the house. I got one coat on both bathrooms and am getting the trim prepared.

I was able to locate some granite slabs for about $14/sf, so all the countertops will be granite. My business partner has experience fabricating stone countertops, so he and I will work the blanks.

Kitchen update: (Sorry no before pictures, but the walls were a lime green with peeling vinyl tile. The lower 'brick work' needs to be painted yet.) Bamboo floors, cabinets to be installed late this week/early next.

The bathrooms are coming together. I don't have pictures of the new bathroom we are putting in, but it looks darn good (in my opinion). My new contractor is awesome; I plan to use him in the future. These pictures are of the bathroom that disappeared. It's a 3/4 bath in the master suite.

@Dawn Anastasi @Jimmy Hong

@Tim G.

Painting to be finished late this week, toilets/cabinets installed late this week/early next.

@Chris Christianson , I'll post an update either tonight or tomorrow morning.

@Dawn Anastasi I'll get an update either tonight or tomorrow morning. Stay tuned...