All Forum Posts by: Tyler D.

I was browsing properties and found one that could possibly be a steal. It's a foreclosure, and a huge house with an old but regal-looking construction. A little over 3k sqft. It's not in an amazing area, but the price appears to be a steal, if repair costs can be kept low.

This house is going for about 190k, while 1000sqft SFHs in the same area go for 200k or more. It was sold for 208k back 20 years ago, and has actually decreased in price while most houses in this area have double or quadrupled in price since then. It was sold back in 2012 for 270k and was put on the market for 340k about a year ago, before being foreclosed on.

All in all, looks like a potential steal depending on the rehab costs. I've never done a rehab before, but it is old. Built in 1920, and has some scary looking walls and floors. I'd probably want to do the most full rehab I could do without going crazy with the budget. I'm hoping I could completely clean the place up for 50k to 100k tops.

So, what do you think? I'd like to scoop this place up and start rehabbing it, but want to make sure I'm not walking into a trap. Thanks in advance for the advice.

Nice, thank you.

As I understand it, anything up to 4 units can be bought on a single mortgage. But what if the units are not physically connected?

For example, let's say I have two single family homes on the same lot. Could they be bought as a 2-unit? Same for 2 duplexes that are next to each other but not physically connected. Can they be bought as a 4?

Makes sense. I'll take a look into the 2s and 3s! 

Hmm, I wonder why that is.

Is that due to a low number of fourplexes or a lot of investors looking to scoop them up? 

I'm interested in buying a Fourplex in Pennsylvania. I'd like to get the biggest/ most expensive I can while still maintaining the 1% rule. I plan to owner-occupy 1 unit to capture a great low interest rate for the long term.

I've also seen that the Pittsburgh area has some great numbers for cashflow. 

How is the Pittsburgh market doing for Fourplexes? Is there another market in Pennsylvania that is doing better? Thanks in advance for the info.

Alright then, thanks for clearing that up. 

 If the municipalities have different definitions for a homestead, does that mean that I would be able to have multiple homesteads, assuming they are in different municipalities/ states?

I'm looking to optimize my tax situation, as many states offer tax breaks for "homestead" residences.

However, I have yet to see a formal definition of what a homestead actually is.

To qualify as a homestead, do you need to live in the property for a certain number of days, or some other requirement?

Is it possible to have multiple homesteads?

The world needs to know.

Thanks Kenneth. Which areas other than Arlington do you recommend for good cashflow?