All Forum Posts by: Dave Hyatt

We purchased our first rental unit. It had some damage that we’ve repaired. As I’ve gone to refi (paid cash’from a heloc) 2 lenders gave hi rates saying rental properties under 200k are really being given bad rates/points by Freddie and Fannie. Tried my Credit union and they said to hold for 6 months or they could only value it at the purchase price. Any advice? Thanks!! 

We've used Dan Witwer of WitsEnd Home Works. It's a one man show, but he's honest and very thorough. You can look him up on FB...apparently can't leave a # on here. 

Thanks to you both. Helpful thought about doing this in person (though our property is pretty far away and that may be impractical in this case). The % calculation is a great idea. Thanks for that!

D

We've got a tenant who is currently on a month to month lease after her 3 year lease rolled into a month to month. She's been great, but we need to raise the rent. How much notice do I need to give (I live in Pennsylvania). What's legal and what's proper?

Any advice on wording or form letters would be helpful too.

Thanks

Dave

Seems prudent to keep it standard unless the extra space could be an apartment/in law suite. But again, that would only appeal to some buyers. Seems wise to aim center-mass with a flip and have the highest number of suitors.

Hi all,

Just wondering if anyone has recommendations about RE licensing schools in PA? I'm looking to do it online. There seem to be a lot of options and I'd love to hear your experience.

Thanks

Thanks all! Great thoughts and I really appreciate your time and engagement. I guess the issue was, that this worked as a residence but not as an investment. We had to move early due to an employment change and were stuck with a low market, buy high/sell low situation.

Sounds like it's time to take my lumps in the spring market and move on...ROI is that I've learned some stuff :-)

Hi all,

Very new at this. I have a goal to replace my wife's income for health reasons with some buy and hold properties in Hershey, Hummelstown, Palmyra and possibly Harrisburg, PA.

I own a rental with that I could probably get about 230k for, great renter currently (been there for 4 years) owe about 160k on the place. Rent barely meets expenses. So in the + column, it's just a little bit of equity build up and some tax relief with depreciation. (it's a home we moved from and didn't want to sell after the market tanked)

The market is picking up there. I can take out about 25k in equity with a HELOC and with a HELOC on our primary home have enough to buy and hold or flip one property.

I'm trying to decide whether I bite the bullet and sell the place (it's about an hour from us) or take out the equity and wait for an upswing?

Thanks @Brandon Turner ! Great site! Thanks for all of the work you all have put in to creating this community.

Thanks for the welcome all! I'll have to figure out the hash tag thing :)