All Forum Posts by: Valerie S.

Thanks, David. It took me longer to do than I wanted it to, but glad I did it! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $132,000
Cash invested: $40,000
Sale price: $139,000

I just purchased my first rental property - a duplex in the heart of Midtown Harrisburg. The bottom unit is a one bedroom with a long term tenant renting for $675, plus he takes care of snow removal. The top unit is a two bedroom that I am renting to a young couple for $900. Should net around $300/mo after accounting for all expenses, vacancies, property mgmt, maintenance and repairs. Excited to get my first deal done.

What made you interested in investing in this type of deal?

I have had the real estate bug for a while. As I am investing from out of state, I wanted to make sure the area in which I purchased would be more desirable, so I could ensure a decent tenant pool and make it less likely for disputes to arise.

How did you find this deal and how did you negotiate it?

My agent located it and we moved quickly.

How did you finance this deal?

Convential 30 year mortgage.

How did you add value to the deal?

I am planning to open up a wall and add laundry to the upstairs unit, which I think will increase the rental potential by $300/mo.

What was the outcome?

We shall see!

Thank you, Mike.  I have since been able to obtain the requested info. from the seller, but to answer your question, I was mainly looking to find out how old the roof was, as that could influence my offer price if knew it would likely need replacing soon, and to make sure I wasn't walking into a non-paying tenant situation.  If the seller wasn't willing to account for these situations, I was hoping to head off any further time and expense in finding that out after an inspection. 

Thank you for your insight on the taxes. I will make some calls to see if I can obtain further information about the process. 

Hi All,

My first post here after reading countless posts over the years that have provided invaluable insight and information - it feels like an occasion! 

I have spent the last few years educating myself and saving money and I am now considering making an offer on a four-plex.  The property is fully rented currently and I have been inside - everything is pretty recently renovated.  The property disclosure says some roof repairs have been made and that there has been water in the basement. I also have a pro forma, but before making an offer and potentially sinking money into an inspection, I want to confirm that the tenants aren't currently delinquent on rent and would like further information about the age of the roof and the prior water issues in the basement.  My agent has asked the seller's agent, and he said he would get back to her but he hasn't and it has been several days. I know the property is owned by a big investor and that the property is managed by a PM.  Any tips for getting this information if the agent doesn't get back to us shortly?  Is it standard to request this basic info before having an accepted contract? Of course I want tax returns etc. but I'm willing to wait until we have a contract for that info. 

Also, the property, which is in Pennsylvania, was renovated over the last two years and taxes haven't been reassessed in about 10 years.  Anyone have any insight into whether the city is likely to reassess taxes when the property is sold and what a typical increase may look like if the property doubled in value? 

Thanks,

Valerie