All Forum Posts by: Sean Mcevoy

Typically for a single family or small multi (2-4 units) if you get traditional financing from a bank you can't put the property in the LLC's name. The property has to go in someone's name and if the deed is transferred they can transfer the due on sale clause.

What type of property is it?

@Account Closed Properties are going fast you have to make an offer that day and go look at it when you are available. Although it is "sight unseen" make sure the offer has a contingency for inspection. I made offers on multiple properties within the hour it popped on the MLS and still didn't get it. I offered on a property and it got accepted and then went to go look at it. In the Lehigh valley right now if a good deal come so the market it willl be gone within hours. Unfortunately that's the way it is and as long as the numbers work make the offer and have the inspection contingency in place to back out if needed.

@Jack Martin I own a 3 unit in Pa and I live in NY.

@Jack Martin I am 24 years old and I decided to buy a rental out of state first while I continue working my full time job and currently rent. I live in a very expensive market and I love renting even though everyone says it is a waste of money I should just buy a house. My thought process has been that renting has allowed me flexibility, no maintenance costs, the ability to move freely if need be and I am able to rent in a great area/ best spot in town while still saving money. People think I’m crazy when I say I own  a 3 unit property but then hear I am renting. Since I am young and make good money I would rather own an asset that generates monthly cash flow then buy a primary home that I consider a liability. My next step is to house hack but I am very happy with my decision on buying a rental before a primary residence.

Congrats on the property! What kind of property is it? I also agree with Raymond, I had Michael do my inspection and he was extremely thorough and did a great job. For the price I paid it was worth it to get such a detailed report. 

Hey Kristin,

I just bought a three unit in Allentown and so far it’s been going pretty good! The key is to pick the right streets and do your due diligence. I am currently fixing up my property and I just finished the first unit and within two days I had a bunch of people interested. Investors have bought up many properties over the last few years and slowly but surely the slum lords are leaving. If you do your homework there are plenty of deals to be bought still with great cash flow.

Hi Susie,

The Lehigh valley in Pa is a great rental market with good cash flow and low vacancy rates. I just recently bought a 3 unit and I am about to rent out the first unit and start renovations on the other two. 

Hi Anthony,

 Welcome to BP!  Are you interested in out of state investing for buy and hold? I live in ny but I currently invest in Pa where there is good cash flow and a growing market. 

Hi Robin,

I just bought a 3 unit property in the Lehigh valley and it was a great deal. If you are looking for cash flow I would say the Lehigh valley is the way to go. If you want to know more just pm me and I can explain my deal and the different areas of the Lehigh valley.