All Forum Posts by: Michael Cross

Robert - Who did you end up going with? Were you satisfied with their work? I am always looking for good quality contractors in the Waynesboro/Greencastle/Chambersburg area

@Benjamin Seibert I have been investing in Waynesboro, PA for the last 18 months and have 3 properties there now. If you have any questions about that area feel free to hit me up. Definitely value add opportunities in that area for single family and small multi family investments that hit at least the 1% rule.

I used the BRRRR strategy. I used personal money to buy the property in cash, did the rehab work and then financed it after rented.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $10,000

Single Family Half Duplex property which required mostly a thorough clean-out, roof repairs and some window replacements. Finished the attic space to add an additional bedroom and 500 sq ft of additional living space.

Currently rented with local Property Manager for $820 per month

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

This property was well priced with only minor repairs. It fit the 1% rule and could be rented easily. Good property for my first investment in a new market

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

MLS with a local realtor

How did you finance this deal?

Local Credit Union 15 year commercial loan 80% LTV

How did you add value to the deal?

Finished the attic to add 500 sq ft of living space, 2 rooms and a 4th bedroom

What was the outcome?

Buy and Hold Rental successful for nearly 1 year

Lessons learned? Challenges?

Sellers left the garage full of garbage, filled up a 15yd dumpster to empty it.
One of my contractors did poor work and charged for more than 20 hours he was not working at the property - next property i did a bid price versus a time and material.

I created a new LLC for a property i bought with a partner in October 2018 to rehab and rent. We are still rehabbing that property so have not made any income from it yet. Renovations should finish this month.

Do i need to file a tax return from the LLC for 2018? I own 3 other Properties not in an LLC personally

Thanks,

Mike

Looking for a Hard Money Lender near Franklin County, PA (zip code 17268)

I currently own 2 properties in Franklin County, PA with signature loans and credit cards that i would like to switch over to a Hard Money Loan while i finish getting them stablized.

If you are aware of someone who operates in this area please let me know.

Thanks,

Michael Cross

Stephanie,

Wow thats a great deal, 1.6% rent to cash invested. Nice investment!

Elisa,

Welcome to Biggerpockets, how many years have you been a Broker/Property Manager? I look forward to learning from your experiences as well as everyone else on BP.

Susan,

Is this a small multifamily property? When i used a private lender the title company was able to draw up the promissary note and mortgage for PA. I don't know if the laws are different in Nevada but i would start with your title company and see if you need a lawyer to draw up the paperwork or just review it

Stephanie,

That looks like a nice property. What will it rent for? Which state are you investing in?