All Forum Posts by: Sam C.

Is the 20K quote for all 6 (kitchens and bathrooms)?

Anytime you can get tenant to pay water is a plus. Nothing but hassles in the long run when they control use/misuse and you pay for it. 1000K per unit will pay itself back in a short time. And in a very quick time when you have that tenant with a serious water leak that never bothers to tell you. 

Hi Erika, 
Yes you do need a property management company if you do not live in Wilkes-Barre. I have 5 single family homes as rentals in WB. I've owned them for about 12 years. I have been thinking of selling them (nearing retirement). About 15-20% cash on cash return have made them a very profitable investment. PM me if you have any interest in buying. I can provide you with more information. 

Has always been difficult keeping a investors group going in the Lehigh Valley. I tried to get DIG to help start one a few years ago but they blew me off. also tried with a property management association out of Philly but got nowhere.  Both were a few years back so maybe it's worth trying again. I think a DIG affiliation is the way to go. 

If I understand correctly. You have a sec 8 tenant with a 1 bedroom voucher with housing paying $1000 per month?

I have been in the business for almost 30 years. 90% of the "inspirational you can be anything you want to be " or "here's my advice" posts here are to put it nicely, ludicrous. If you can show me a deal where 200K+ per unit in the Lehigh Valley is not a bad joke or a money laundering scheme, I will retire from the business. 

Sorry @Thomas S but your living in a delusional reality. If what described actually exists then you can go live there. That's what makes America great. As I stated before, what someone does with their property is none of your business unless you can show direct harm. Not living in a "Leave it to Beaver" neighbourhood and having neighbors to cater to your needs is not direct or any kind of harm. I personally like a mixed and all inclusive neighbourhood with neighbours that are respectful and mindful of everyone's property ownership rights. I especially like some that mind their own business unless asked to mind someone else's.

Let me see if I have this right. You have a lender willing to lend 80% of the rehabbed appraised value with only the unrehabbed property as collateral.

How do you know if someone is AirBnbing their unit unless it directly caused you harm? So if it isn't, then what business is it of yours? 

Providing a safe and up to code unit for anyone in a space that can accommodate the number of residents is the only area government should be concerned about. And if the occupants of any rental are disrupting the quiet enjoyment of your property and of any common  areas, then there needs to be protection against that. If you don't like what someone does in the privacy of their home or property just because it doesn't adhere to your comfort level, then move. 

This is not about public safety or protecting people's property. It's about hotels and the hospitality industry starting to put pressure on politicians to protect their income stream. 

FULL DISCLOSURE: I have two properties that are in communities that allow short term rentals. I have rented to AirBnb users and I have used AirBnb personally.

Check out a great little android app: Property Analyzer (ARS)