All Forum Posts by: Sean Mcevoy

@David New I had Lifeproof LVP installed in my 3 unit and it looks amazing and is tenant proof. I figured I would spend a little extra on the floors to make sure they lasted. I have pictures of the floor I used if you would like to see. I even installed it in my primary residence and everyone who walks in loves the floors. 

@John James I’m not a seasoned investor by any means but my advice is work on yourself first before you decide to jump into real estate. I’m 25 and I bought my first 3 unit with my own cash as well as rehab when I was 23. I worked really hard at my job saving all the money I could in order to buy, rehab and I was eventually able to refinance most of my money out which allowed me to buy my primary residence in NY two months ago.  I have a little over 30% equity in the deal with really good cash flow which I don’t touch because I work a full time job. I am able to save everything from the property and use that for another potential deal down the road.  When I graduated college and started working full time I educated myself so when I had money I could jump in and that’s exactly what I did. Now I have credibility and I have something to show for it. If you don’t have any money partner with someone who does, but you need to bring something to the deal to make it work. That could be property management, finding the deal, doing the rehab. No deal is truly no money down in my eyes, you either have money or the hard work and sweat equity. 

@Yacine Rimmo when I bought my 3 unit last year the oil tank had to be removed. I had my contractor cut it in half and remove it. The inspector also made me take out the pipe that was connected to the outside. Cost me around 300 to do it. The oil tank luckily did not have any oil in it.

Does anyone invest in mobile homes in the Lehigh valley PA or the surrounding areas? I currently own a triplex in Allentown and I have become interested in investing in mobile homes. Looking to connect with anyone who is interested or has experience!

@Miles Stanley in my 3 unit rental I used luxury vinyl life proof flooring. It costs a little bit more but it looks amazing, waterproof and has been tenant proof. I love it and i am putting it in my future rentals. 

@Tim Ivanchuk what market is this in? The rehab seems light to me, I did a serious rehab on 3 units and it was 45,000 for new kitchens, bathrooms, flooring, paint, appliances, exterior work. Even with a heavier rehab it seems like a great deal if you can get the higher rents. I would double check to see if the market supports the higher rents. 

I bought a 3 unit in Allentown on park street around 6th Street. I inherited 3 bad tenants and evicted right away because no one was paying. I put 50,000 into renovations and refinanced and got three good paying tenants. I have seen landlords like myself buy out the slum lords and fix up properties in the area. My rental units were on the market for about 2 weeks each and then rented right away. I am buying for cash flow and hoping for appreciation down the road. 

Triplex 

@Yanhua Sappin  I bought a tripled in Allentown. 

I bought a 3 unit and I had to get rid of all three tenants. Not one person paid rent, cared about the property and didn’t even pay utility bills so everyones electric was shut off. It took time and money to get rid of each tenant.