All Forum Posts by: Jim Stevenson

Anyone have thoughts on the Kingston area?

Hey @Adam Coleman the property looks great! Can I ask how much the metal roof set you back?

What are some warning signs you look out for in a market you're investing in? Schools, vacancy, unemployment? I'm looking at a smaller rural town of about 13k people with a lot of small multi-families for sale and the market is cold. The schools are decent but is this a place I should steer clear from? I know some find success in rural areas so I'm curious what others think of a market like this.

Thanks a lot @Tyler Scott. I've been looking for an excel spreadsheet specifically for tracking comps and this looks like it'll do the trick!

Congrats @Megan Greathouse!! I'm searching for a 4-unit myself right now so your story is very inspiring.

@Jacob Plocinski Hey Jacob, have you come across any properties in Danville that caught your eye? I'm moving back to PA next spring and I've been looking at several PA markets and Danville stood out because of the quality of the schools and price points are still low. Schools really seem to be on the low end of the spectrum for the most part in the more rural areas of the state. It looks like it could be a great spot to invest.

@Jason Little I understand I can't use gift money for investment properties. I'll be taking out a personal loan to cover the 30k for the rehab. My question basically boils down to what options are best for when private money is used to cover 100% of the down payment? I know I can set up an LLC and buy from there but didn't know if there are other ways of structuring the "partnership".

@Samuel Barton because it's not actually a gift if I'm paying them back. Plus I don't think friends can technically give gift funds for conventional mortgages.

I'm looking at purchasing a quad for $90k. I have a friend who can supply the 20% down payment. I would then use $30k of my own money to get it rent ready. The way I'm thinking of structuring the loan would be to pay my friend $100/month for the next 18 months and then pay them the entire $18k back that I borrowed after I refinance.

I know I can't use gift money from a friend for the down payment so what are my options? Set up an LLC?

@Matthew Steslow Welcome to BP! I graduated from Lycoming College in 2010 so I know the Williamsport area fairly well. I'll be moving from DC back to PA next spring and Williamsport might be on my list of places to possibly pick up a property. Good luck!