All Forum Posts by: Matthew W.

Why wouldn't you have been given the keys at closing? Maybe I'm mistaken, but aren't any checks given to the seller or the seller's attorney right at closing?

Hey Bryan,

I think that a 50/50 split is fair after you have pulled back out your entire investment plus any holding costs that accrued over the timeframe.

Does this person you know have a good track record of doing rehabs and managing the projects?

Perhaps it would also make sense to include some "penalty" points if things take longer than expected or run over budget?

http://www.laundrycard.com/

Hey Nick, I have actually done a ridiculous amount of research in to the laundromat industry - I was once close to purchasing one. The machines are not really a big target for thieves, they are generally really hard to break into to - and wouldn't hold much cash. Just lots of quarters which add up in weight really quick. Not worth it in most cases.

Systems for this are going to be expensive - they're generally built for larger laundromats, like you were saying.

Not to mention the maintenance and repairs on the washers and the card system.

You might be better off buying cheap top loading washers and dryers for each unit. Figure a commercial washer is going to cost you $3-5k brand new.

Is the $2000 of rental income the total from both units?

Why not refinance, pull out your money and re-deploy into additional real estate. Do you feel there will be further price appreciation in your area of CT?

Are there other difficulties you are having managing the property?

I want to see what the experts say, however, could you possibly use conventional funding for one of the properties, and see about seller financing for the second one?

Or do you need the money for the down payment? Could you offer the owner a smaller down payment in exchange for a higher interest rate on the note?

@Jonathan Emery I would be interested in stopping by one of your meetings. Can you let me know when the next one would be?

@Kenneth Shelley thanks for the offer, though it looks like I'll be traveling there next week. Could you share some of your thoughts here on the good vs. bad areas?

@Franco Urbaez congrats on the rental property! I think that I'm going to plan my trip for either April 29th or 30th. If you're around town either of those days I'd be happy to meet!

My focus at the moment is on Allentown, but I'm open to looking at other parts of Lehigh Valley. I like what is going on with the NIZ - the city seems to be setting itself up for good things. Over the past 10 years, the city has grown "younger" - 53% of residents are under the age of 34. Owner occupancy is only 48%, so a lot of renters is how I read that.

@Thomas Zaremba let me know how your trip to Easton goes. I'd love to compare notes, let's meet the next time you are in NYC.

Hello Pennsylvania Investors,

I'm planning a day trip to the Lehigh Valley area within the next two weeks. Specifically, I'm considering investing in Allentown rental properties, and I wanted to drive around, see places, and get a feel for the city.

I'd like to chat with some of you before my trip, and I think it would be great to meet face-to-face with anyone who'd like to grab a cup of coffee, or a beer (or both!). 

Any areas that are a must see? Any areas that I should absolutely avoid? I'm combing my way through all the posts in the sub-forums here to see what others have said - but I figured it couldn't hurt to ask again. Recommendations to brokers, property management companies, wholesalers, etc, area all welcome.

Anyone interested in talking/meeting?

@Chavonne R.

@Chaim F.

Thanks to both of you!

I'm not a CPA, but this article seems to back up what you think.

http://www.forbes.com/sites/anthonynitti/2014/02/04/tax-geek-tuesday-reasonable-compensation-in-the-s-corporation-arena/#6df323217a0b