All Forum Posts by: Stephanie D.

Hi -

I would like to be more educated regarding my investment transactions, therefore I figured it would be necessary to obtain my real estate agent license.  Pennsylvania requires employment with a brokerage firm prior to be granting a license; however, I have no interest in representing a brokerage firm. 

I would like to be license to demonstrate my professionalism and dedication to my investment.  What are other recommendations?  I considered being a Certified Property Manager; however, that designation requires being a real estate agent.

I truly appreciate the thought.

Regards, 

I have a few questions. I do thank you in advance for the respond. Why did you profit from the deal? Is this because you found the lead? 

I found a great rehab property but lack the knowledge of flipping the property and the full cash to purchase and flip as well. I would love to partner with an investor with this investment. I am currently working on a business plan, but need to rush before the property is sold :-(

Thank you both for the responses.  I do appreciate the input.  I will try to obtain a loan from my credit union.  My contractor estimated the total repair cost to be within the $25K range.  

thanks much!!

Hi - I am a town home and duplex owner.  My goal within the next five year is to purchase a single family as my primary investment and to secure another investment property.  

I recently came across a distressed property in a booming neighborhood.  The roof of the property was badly damaged which caused the first floor to sink into the basement.  The first floor was a restaurant and the second floor is a two bedroom.  The property is listed at $40K with the restaurant equipment. The property is badly damaged which prohibited me from seeing the second floor.  In any event, I am very interested in this property.  The estimated repair cost is roughly $30K with combined monthly rent of roughly $1900.  

Question - what is the best way to secure financing on such unit.  Most banks aren't willing to provide a mortgage on distressed properties especially for such low amount.  I do have some cash, but didnt want to tie it all up in this investment.  Any ideas?

Also, I have keep in  mind how this may affect me securing my single family home within the next year.

I truly appreciate all advice in advance.

Happy 2015

@George P.  Thanks much!  Thanks for the heads up...I will be sure to reevaluate the chimney pricing. 

Hi - thank you all for your time and responses.  I have decided to proceed with the chimney given that it is a safety issue. 

It took me 2 months to net the $1300.  I do expect to a return of $700 monthly.   The gross rent is about 1.5% monthly so clearly I did not meet the 2% rule.  In any event, my main expenses are sewer and trash ($800 yearly) and occassionaly snow removal.

The home was built in 1950. 

Thanks again all!!!

Hi -

I recently closed on a two unit which are ocupied.  The inspection indicated that I need several repairs including the replacement of chimney liner and cap (est. cost/labor $1,000) and gutter guards (est. cost/labor $300).  I would like to start making those major repairs asap.  However, I am concerned with using all the cash that I have netted so far ($1300).  Is there a rule of thumb for funds to be held aside on rental?  My mind keeps thinking that I am in this to make money and not to lose.  Besides if the tenants aren't complaining, then why should I rush.  I really do appreciate any kind of advice.

Thanks,

Thank you! I haven't thought of that.

Hi -

I am purchasing my second property, which will be used as an investment. The listing price is $110K, but i am offering $90K. Both units are occupied. The total gross rent is $1500. The tenants pay all utilities excluding water. The estimated property tax is $3700. The net income is estimated at $600 after paying for mortgage and water. The property is listed in a nice neighborhood. The plan is to collect rental income for two yeasr, generate cash flow and purchase bigger primary home.

I would appreciate advice on what I am missing.

Thank you in advance.

Regards,