All Forum Posts by: Sara Abernethy

Great school district!! Congrats! I manage my own properties remotely. I recommend spending a lot of time getting to know the property before you leave the area so you can plan for what might go wrong first. I walk through with the property inspector and ask a lot of questions and when appropriate, I go through with the prior owner. If you have someone you trust live nearby, walk through with them. When my tenants have an issue, I have a friend check out the issue before calling a plumber, electrician, etc. That way I'm not paying for a service call that's either unnecessary or solving the wrong issue (for example my tenants thought the issue was plumbing but really it was an issue with the construction of the shower). Do this regardless of whether you hire a professional property manager. Property managers can be good but no one cares about your property like you do, so make sure you're as informed as possible.

I have a few properties that I have house hacked. I definitely recommend this approach because I really understand the houses I own inside and out. I know what's most likely to need maintenance and what will probably need repaired next (though there are always surprises). I don't live near them anymore so I have to get creative for getting them rented. The advantage to living in them is that I got to know neighbors and people in the area who can "watch" my house. I never thought I would need that until a neighbor called me to say he heard water running in my house while it was between tenants. Very valuable to have good neighbors who know you. If you get to know your own house, you don't need property management. You also need to get to know it, because you can't trust your PM to take care of your property and your money the way you would. The one time I hired one, they allowed that pipe to burst by not turning on the heat. They also neglected to get my house the right certifications to be a rental. I don't live near them so I need help showing them to prospective tenants. I have friends and neighbors show them when possible, then I do a lot of screening on the phone. I have also used real estate agents. They'll charge half a month or a month to get the tenant in there, but they won't take a portion of rent after that. I also don't know why I'd give up that much profit. At $2000/month rent, you're paying $200 to a property manager. At $500 cash flow before PM, you would give up 40% of profit!! It's really not that hard to manage a property. Until you have more than 5 or 6, I don't know why you would give up that control and learning experience.

Ye Olde Village Workshop in Mountainhome PA in the Poconos. Reach out for contact info - I wasn't able to private message you.

For those in central PA, there's a hearing on zoning coming up in October. Received via email. Check their website for more details. Public Hearing Scheduled on the Proposed Zoning Ordinance A public hearing will be held on Tuesday, October 25, at 5:30 p.m., in the meeting room of the Derry Township Municipal Complex, 600 Clearwater Road, Hershey, to discuss and receive comments on the proposed Zoning Ordinance. The proposed Zoning Ordinance may be viewed at the Derry Township Department of Community Development, 600 Clearwater Road, Hershey, between the hours of 8:00 a.m. and 5:00 p.m., Monday through Friday, or here. All interested parties are invited to attend and provide comments. If you are unable to attend this public hearing, written comments will be accepted by the Township, but must be received prior to the public hearing.

Which banks handle the escrow account properly? When I call headquarters they say they handle landlord - tenant accounts, but I have to walk into a branch. When I walk into a branch, they're clueless. Where have people had success?

Looks awesome! My caution here would be to make sure you have a thorough professional inspection. Given the last time it was purchased was 1984, there could be some major repairs needed in the not so distant future such as roof, heater, electric, plumbing. I'm concerned when you say you only have enough for down payment - you may have but haven't mentioned....you have to have enough for closing costs and major repair issues too. I think more important than paying cash is keeping a healthy reserve for older properties like this. Keep the down payment low and hold a healthy reserve. You'll cash flow as long as you have a tenant in there, but the extra $100-200/month won't help if you have to replace a roof in the first year. A good inspector will help you plan for this. Walk the house with the inspector - you will learn a ton about houses that way. As far as renting to college students, you can make them sign a one year lease. No reason to only rent to them when it's convenient for them - rent on your terms. If you need to rent on a shorter term, up the rent accordingly. Also, if they are in college I highly recommend co-signers.

Has anyone used a bank with an online escrow account for security deposits?

Has anyone tried the bond option?

Anish - yes I heard about that but not until later in the summer after I had already decided to stop. I did not get a letter but I only did it a few months. I *believe* the "specialty homes" designation is Derrys response to the Airbnb community, saying "sure you can do it....BUT..." The info is on the Derry township website and it was in draft form in July/August so it's definitely new. It's worth looking into and sending comments to the township before its set in stone.

Great to read your post! I have two investments in the central PA area. A duplex in Mechanicsburg and a condo in Hershey. I did AirBnB on my Hershey condo this summer and it was amazing. Unfortunately the neighbors did not like it and I'm in an HOA so I am putting in a full time renter now. Since the condo is in Derry schools I am having NO trouble getting it rented. The Mechanicsburg one was a bit tougher (it's downtown - I did find renters but the application pool was not impressive in terms of income / credit). My focus going forward is Hershey/Hummelstown, particularly Derry school district. I am interested in multi family and an AirBnB vacation rental. The multi family market in Hershey is pretty tight. It's no secret that it's easy to rent in this area so if you find anything off market please reach out! Have you read the new laws in Derry regarding "Specialty Homes"? Meaning AirBnB properties. They can't touch another home. It has to stand alone. I think it's discriminatory against people in apartments who may have lower income (and wrote the township with my concerns) but for now that is part of my criteria for AirBnB properties. It can't be within 25 feet of another home. If anyone is doing AirBnB in the Hershey area, let me know. I have a great housekeeper who was managing the turnovers. I can introduce you. Sara