All Forum Posts by: Taylor K.

Hello everyone, 

I am looking for banks in Southwestern PA that offer 30 year mortgages for investment properties. All banks I have talked to will only do 15 year for investment properties.

Hello everyone, 

I have recently come across a package of properties for sale by owner. There is a 4 unit and 2 duplexes. The asking price is $120,000. The gross rent is $4200. He is wanting to owner finance them. He wants 15k down, and the rest of the balance financed at 3% ammoritized over 7 years. Which comes out to ~$1600 a month in principle and interest payment which leaves almost zero cashflow. I am thinking about offering 15k down ammoritized over 20 years with a balloon at 5 years. This way he can get his full money back sooner and have great cashflow. What do you guys think?

Hi guys, 

I have been looking at this deal. Its a duplex, listed for 48k. Combined rents for 1300. Owner paying water,sewage, and garbage. Taxes are 800 a year. C+/B- Area

The numbers sound great, but I walked through the property today. It looks nice cosmetically, but I am worried about deferred maintenance. The owner says the roof is only 5 years old, but the tenant showed me a spot where it was leaking. The owner says that he had his handyman fix it. All the windows are original and need replaced badly. The furnaces and hot water tank are both new. The part that really concerns me is the sewage smell when you walk down into the basement. He says that it was just a pipe that needed capped but the smell was still there when I walked through. The front porch also needs replaced or fixed.This is a great deal numbers wise im just concerned that it will be a money pit and turn bad quickly. The tenants seem to be very frustrated with the current landlord about how he fixes things. 

Let me know what you guys think, thanks in advance

@Steven J. Thank you Steven. It is a nice property with no work needed, but  I planned to go conventional for this one since I dont want to live in it 

20-25% if thats what they want since its an investment property.

Also, my girlfriend is interested in investing in real estate also. She would possibly be investing with me. About her. 

20 years old. College student, job as a waitress W2 probably shows 5k or less made, high 700s credit score, No Debt at all, 25k in savings account

Hello everyone,

I want to hear your thoughts on me getting preapproved for a mortgage. I will be talking to a credit union this week to hopefully get preapproved for enough to buy this duplex I am looking at. I want to know if you think the bank will lend to me or a ball park for how much they would approve me for. I know that its going to vary and the only true answer will be to talk to a loan officer and find out, but I wanted to hear your opinions. So heres some info about me.. 

21 years old 

Job as a letter carrier for the postal service for 8 months. Salary of 35-40k

Live at home still

$400 a month student loan payment

No other debt

About a 720 credit score

26k in the bank 

Here are the numbers on the duplex.

Located in B- or C++ area. Little crime, blue collar area

Asking 60k, gonna first offer 50k and see where that goes

Currently rented for 650 a side, owner paying water, sewage, garbage

$815 in yearly taxes

Located about 15 minutes from my house.

What do you think?

Hello,

Me and my girlfriend of 5 years are looking to purchase an investment property together. We plan to split everything 50/50. What would be the best way to structure this? Will the bank lend to 2 unrelated unmarried people or should we go ahead and create an LLC?

Hi Guys, 

Is there any Pittsburgh investors buying in Charleroi, Monessen, Monongahela, etc. What about areas in Westmoreland County like Jeannette or Latrobe?

Hi guys, 

I am looking into buying this 3 bedroom single family home for my first investment. It is priced at 24k and is cosmetically very nice and ready to rent. But I called the realtor, and was talking to him and he told me that the house has "broken water pipes". I don't know if this is a deal breaker or not. The house would rent for 700 in my market. So my question is, do you think it is worth to replace the plumbing? And how much do you think that would cost?