All Forum Posts by: Marc Winter

@Michaela G. --  we've had the same thing happen.  If an ad is on any site, contact that site and make them aware of the scammer. 

@Craig Smith--Definitely file police report and supply the police with the 'contractor' lock changer info.  However, I suspect that contractor was simply at the wrong address.  Let us know what actually happened when you find out. 

Also, we are local to your area and would like to know the name of the lock-changing contractor (so we can avoid) PM me if you would.  Thanks.

Let's take a deep breath and a step back to 30,000 feet.  Cities form, grow, shrink, decay, then urbanize and cycle over again.  Suburbs spring up, increase in values and then depreciate some as taxes rise.  This is the ebb and flow of real estate and is natural and normal.

NYC, for example, has seen amazing urbanization of areas that 20--30 years ago were war zones.  Now they are chic, trendy and over-priced.  Of course that displaced some people.  To where did they move?  Suburbs or other, less expensive areas/cities.  More than 200 tenants in properties we currently manage in Scranton and Wilkes Barre came from NYC and Philly--here they can rent a 1,700 sq ft 3/2 single for LESS than a small studio in 'the City' (rent-control of course, excepted).

So, what's a mother to do?  Listen to your heart, but pay attention to your gut/instinct;  how can you help anyone else if you yourself and your family are not in the position to do so? 

If you are a real estate investor, then invest!  No one will prevent you from following your heart and providing help, be it financial or emotional, to those you feel are in need of your assistance.  That is not a bad thing. 

However, to be stymied by thinking that you can stop change and natural growth (yes, it is a natural cycle), that, to me, can lead only to frustration and wasted energy.  Stay mindful, remain focused on your goals, and carry on.  You will find a way to make it all work.

Best of luck!

Allow me to opine on how to stay 'market crash proof': buy great deals that are under current market value (with terms from seller when possible), and if you purchase money mortgage or re-fi, don't go over 60% LTV. Fixed rate 15-year mortgages only--time flies when you're havin fun and it is really sweet when those mortgages get paid off.

Rent must cover ALL expenses, PITI, maintenance reserve, vacancy reserve, etc. Keep a close eye on your properties and keep them well maintained. To me, cash flow from rentals during the first few years is not for spending, it's for reinvesting, either in improvements to the 'generating' property, or in search of another.

If you need cash, do some buy/fix/sell.  If the goal is to eventually kick back and have a huge monthly income, get some of those houses paid off, raise rents, have a good manager, and enjoy life. 

No one can 'time' the market accurately, except in hindsight.  And remember, appreciation of asset should not be the driving force for buying the rental--rather if and when it happens, think of it as a gift.

Lastly, real estate, like all aspects of the economy, has its ups and downs.  Adjust if you must, but on rent/hold, think very long term.  I am thankful every day for real estate being so good to me and mine.

Good Luck!

Faint heart never won good deal?  If you are in a really hot market, and you really want this property, I'd go knock on his door!  If not home, leave him a handwritten note with contact info.  And follow up is key--as a broker since the 80's, I can't tell you how many, many deals I've made by following up many, many times after initial contact. 

Don't think about it too long--some other investor might just be ready to go there today.  From my experience, best way to overcome fear is to FACE IT and TAKE ACTION.

Hope this helps.  Good luck.

IMHO:  there is need for this type of service.  Pricing: $75--100 per unit on multi, $150 on single.  Caveat: FULL DISCLOSURE--if you are licensed, disclose it, if you are NOT a home inspector, disclose it. Let the 'client' purchasing your service know you are simply providing photos or video, and any comments you make about the property and/or neighborhood (be careful about HUD discrimination laws) are you own opinion only.

When we are asked about any neighborhood, we tell the person to take a look at the photos, and Google the demographics, crime rates, school ratings, etc., and make their own judgements.

Good luck!

We've been using TLO and I'm very impressed!  Simple user interface, and you can drill down as far as you want to go.  Can't comment on the other sites, but I'm happy we have TLO.

Good luck.

Not in any particular order, but I like Wilkes Barre (certain sections) Kingston, Moosic, Dunmore, Dickson City, Olyphant, Blakeley.  Scranton has low priced properties, but be cautious about the city politics and taxes.  PM me if you need more info.  Rental demand is very strong in these areas, and returns certainly can meet your expectations.

A little hard to tell from the photo, but if the hill is less than 10' away from the house, I'd probably invest in moving that dirt so you have a clear 10' minimum level walkway around the house.

Slabs and Pergo laminate are not my favorite combo, unless there is some sort of proper barrier between them.  Next time you are there, check to see if the Pergo is buckling/peaking a bit at the seams--that's a sign of moisture.

If this is to be a rental, I'd completely rule out carpeting and look at vinyl planking--it's water proof, and easy to maintain and repair.  Or, if it's a good slab and it's in your budget, ceramic tiles in some rooms would work great! 

One last note--without gutters on the house, think about putting some modified gravel from the house foundation out about 3'.  Slope it high at the foundation and thin at the outside edge.  Modified is inexpensive, will compact and deflect water, and with a high point against the house, run water from roof roll off away from the walls/foundation.

Hope this helps.

Make sure to check for any mold or water marks on the interior walls towards the back of the house where the water would come towards the house.  Use a moisture meter outside and inside.  Also check moisture content of the slab (if you can get to it). 

What kind of flooring is over the slab?  Does the house smell of mold? 

In houses with exterior slope towards house, I like a passive approach; exterior French drains (I'm not a fan of sump pumps--they can fail).  Make sure gutters and leaders are clean, angled properly, and run FAR AWAY from the house.

Good luck!

Several ways to go here if you are not familiar with what to look for: 

if you cannot get a good contractor to go with you, VIDEO the entire house--all rooms, esp kitchens and baths, under all sinks.  Basement including electric service panel, heating system, water heater, meters for all utilities etc.  Exterior--roof, chimney (both as best you can from the ground--unless you have a drone), siding, windows, foundation, stairs, driveway etc.

You will have a record for yourself, and can share with potential contractors for items that need attention.  Also, by doing these recordings, you will force yourself to pay attention to every aspect and detail that might need attention, without really annoying the showing agent by slowing the viewing down too much.

Lastly, go online and look for housing inspection check lists--there are dozens listed there, and then check for your local 'repair costs'.  Many web sites for that. 

And to find a good referral for contractors in your area if you don't already have one, go to the supply houses, ie plumbing, electrical, roofing, etc and ask the guys who work the counter who they would say are the busiest and best.  The best contractors don't often go to Home Depot and Lowes as much as to the supply houses--they know the materials are better quality and usually less expensive than some of the 'second quality' stuff the box stores sell.

Good luck.