All Forum Posts by: Que Tran

 We currently do manage several units to section 8 in Scranton and Wilkes-Barre.  It's not ideal, because they do have a budget price to adhere to. While the guarantee of income sounds great, it's only a percentage of the rent, typically up to 70% and the tenant has to pay the remainder. You can't accept anything over the allowed budgeted price. The only way they will pay 100% is if the tenant does not work.  Renewal has been a nightmare.  There is a long laundry list of required repairs to be done in a short amount of time. If tenants say they want new flooring, then we have to put in new flooring, even if damage was tenant caused. I'm not saying the list is ridiculous,  because all safety concerns should be addressed. It's the tenant damage that upsets me. 

@Gustavo Delgado

We did 2 purchases at the same time. It was supposed to be easier then a conventional loan, but they asked for a lot of paperwork. 2 to 3 points up front. Rate was 10.5 and 11. Depends on rent amounts, or if vacant, the appraiser's rental value, which is always low. I did not like the process, and will be doing a hard money lender next time. Fees are about the same. But hard money is only short term, interest only. I hear some are presenting a 20 year option so you won't need to hurry up and refinance out.

@Caleb Brown. Same thing happened here. We are a full service brokerage with PM as the backbone. Just got presented with 80 doors, and working on a valuation that is fair, and keeps the PM vested, so none of her clients leave after a few months. Currently at 225 units, but adding that much on at once, may be brutal. Good luck.

@Mary E. Taylor - I don't remember exactly. The reserve price was never posted. It just read: reserve not met... until it did, then it will just say: reserve met.

 @Mary E. Taylor Good luck, please update us on how it goes.  I'm getting excited and anxious for you.  Ours always ended on a weird day, at 10pm.  For every new bid placed, it added 15 additional minutes to the clock, so be prepared to watch it late night.

 Hi Mary, This was pre-pandemic:  1 went over asking. 1 was at our 1st offer (but no other offers), and last one was multiple offer (but it didn't go as high was listed price).  They never did counter.  What ever price the auction ended at, was the sold price, plus a buyer's premium.

@Jonathan W.

Great observation. Mine is bathroom pictures with the toilet seat up. Or pictures of agent's mirror reflections.

@Matthew Pride

Take a look at Big Bass Lake in Gouldsboro PA. One of the more tougher HOA, but it keeps out the riff raff. I have 3 in the community and it's been a great ride. The registration process is easy, but annoying. So far, we've been busy. It has slowed down for this season, but I've seen other owners saying the same thing. Good luck.

This is meant to be funny - I've stopped trying to figure out why toilets leak water, or keeps running.  I know it is easy to get a new flapper, a new ball ****, or new handle, but older toilets just waste water. In Scranton, the more water used, the higher your sewer bill (because PAWC bills them together and is no longer a lien on the property). I normally get the $99 Lowes or HD special toilets.  The boxes are large and I'm not strong enough to lift them. I grab one of those in-store push carts. I look around for help - or wiggle the floor box on to my cart.  As I check out, I ask for help to load my car.  Both stores offer this help.  When I get to my rental, I open the box in my car and carry each piece in, so it is more manageable. (I've tried to bribe the Lowes guy to come with me - but they just chuckle like I'm kidding)

I get 2 contractors bags ready.  One is for the tank, the tank lid, and the seat.  The 2nd bag is for the base. Again, because I'm usually doing this myself. But, before you take the base off, that little bit of water bugs me.  If you don't do anything, it will spill onto the floor.  I can't lift it high enough to go into the tub (this is what most guys do, to drain the water).  I use that nifty invention of the absorption crystals. I'll scoop out as much water as I can with a disposable cup, and let the crystal do it's job. It's the same material as in a baby's diaper, so I guess that could be a back up plan if you forgot to pick them up. Once the parts are all in bags, I can dolly them out to the curb for trash day.  

Any other tips to make this process easier for a woman?
 

@Michael Stebnicki

Their video keeps popping up in the FB feed. I've watched it 3 or 4 times. I want to get one or two, bit our area has little land, and it is hard to get permits. But I would live in one, for sure.