All Forum Posts by: Richard Fields

I am currently living in the Harrisburg Pa area, but I work in the Baltimore, MD area. I am looking to learn what ever I can to become a real estate investor.I have tried to do some real estate deals, but have had no success. I have worked in the construction field most of my adult life, and have done some General Contracting work in the Philadelphia area where I am originally from.

Thank you all for your help.

What is the % I will have to pay?

@Jason Bott & @Ed W. - Your points about liability and insurance are not taken lightly. I'm waiting on a quote from my insurer for this property under its own policy (more expensive) or as an addition to my existing policy (less expensive).

@Matt Roberts - The property is in Kensington near Front St and E St. It's a very rough area and at this point in time I have no interest in managing a rehab OR tenant in that area beyond making sure the property is secure and not falling down.

@Richard Fields - Thanks for the calculation...Are you certain of that math? Maybe I'm just doing it wrong, but it looks too low. Assessed value is $22,200. Based on your math the transfer tax would be $8.88 (22,200x0.01x0.04). My guess is that the transfer tax would actually just be 4% of the assessed value ($222). 

 You will also need to pay transfer taxes. The assisted value times .01, take that total and 3% of that goes to the city and 1% to the state, unless you're getting it from a family member

I have been offered a free property ($1) in a very rough part of Philadelphia. The property is a boarded up shell. I'm trying to figure out what risks I run if I purchase this and sit on it for the foreseeable future.

Aside from yearly RE taxes and HI there shouldn't be any costs I believe?