All Forum Posts by: Marlon Orantes

@Patrick Edelin the rental market is always great. These lease literally in a day! When I first got into it I was used to nearby Reading market where I have had other homes that would typically rent at 700 a month for a whole house. So I thought if I am lucky maybe $800 for each unit. To my surprise my first set of renters were at 1,200 unit 1, 1,400 unit 2! And they paid almost all the expenses except taxes. Unit 2 is now at 1,600. These are rents I didn’t think were possible. Tenants tell me my units are nicely done, and a good neighborhood.

One thing I learned is that deals are out there in any market. Even this one. Lansdale is also close to Philly so you shouldn’t have a problem renting when you find that investment. Also remember most of the market looks at turn keys. So even today the properties that require work and has equity in them to be had is a much slimmer audience! I found a good property I am pursuing in Easton, so just keep

Looking!

@Dmitriy Fomichenko thanks Dmitriy!!!

@Brett Carter thanks!!! Are you in PA? I’m really wanting to ramp up my real estate activities. The rental income on this one is incredible.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $105,000
Cash invested: $55,000

This is a great cash flowing property. I am hoping to repeat these numbers in other deals.

What made you interested in investing in this type of deal?

I wanted to increase my real estate activities.

How did you find this deal and how did you negotiate it?

I found it on the MLS (probably Zillow or Trulia). I negotiated it through my agent. But first, I did my due diligence and called the township to find out all I can about the house. I found out the seller had this as an illegal two unit and owed a lot in old fines and bills. I knew he needed the cash!

How did you finance this deal?

All cash. (Own cash).

How did you add value to the deal?

I did a complete renovation, including all kitchens and bathrooms, and an expensive back staircase for 2nd floor access.

What was the outcome?

This is my investment gem, and hope to repeat this with other properties.

Lessons learned? Challenges?

It is so hard and still challenging to find good contractors. I learned INSPECT before you give final pay out!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I used a buyers agent to buy the house. I do recommend Nadine Hinkley with Ramus Realty. She gets me pocket deals too, she is a great professional in the eastern Pennsylvania area.