All Forum Posts by: Wayne Mack

I would like to hear the feedback about this town, I was previously interested

@Elizabeth Colegrove @Nat C. @Andrew Martin @David Light 

This topic really interests me, to hear people self managing from miles away and doing a great job at it!

I am however interested in hearing how you all deal with turnover? Once a tenant moves out if anything needs to be repaired and such 

I apologize if someone has already touched on that in particular 

@Ned Carey I have a question for you about owner down ding structuring. 

I have a deal on the table. Below are the facts, I'm not sure how to structure this deal

Owner is asking $210,000

He has $70,000 in equity and is willing to hold a note for the full amount over 5 years. Two units are rented and two need about $20,000 in repairs. 

Current Rents are $1,200 and $600. The other two market rent at $940 each. 

I'm not at all sure how to structure this deal, any help will be greatly appreciated 

Thanks! 

Good Afternoon Guys! I really need some advice! Just a little background: I found a gentleman who is looking to sell a multi family property off market (4-plex) that he owns. He is asking $210,000 (but I'm thinking of offering him much less than that) and he has $70,000 in equity. He really wants out and is motivated to sell within the next two weeks. Two of the four units are currently rented and the other two are being rehabbed right now. Asking - $210,000 Rehab- $20,000 2 units rent- $600, and $1,200 Market rent for vacant units- $940 each I want to close on this deal but I am unsure how to structure this deal as I don't have $20,000 for a downpayment that he is asking How would you guys structure this? Thank you!

Good afternoon everyone,

Does anyone know of any reputable property managers and or property management companies in Reading Pennsylvania? Or surrounding areas

Preferably someone or a company you've used personally or heard good things about? 

Thanks for the help 

Hi, Please let me know if I am doing too much? So I'm basically just starting I'm a newbie and I am super eager to finally close on my first multi unit property. I narrowed down my market search to three different places and I am currently working with realtors in all 3 locations. I've gone to view 4 properties so far since I've been working with them (weeks for one and a few days for the other realtor) 4 properties in two different locations. None yet for the third. Am I doing too much and being over eager? A part of me feels like I am doing too much

Any insight and or advice would be perfect and greatly appreciated

Hey everyone,

Ive been doing a little more digging in regards to markets new my local market (North Jersey)

Ive comes across Newburgh NY and Liberty NY (Sullivan County). I began my research in these markets about two-three weeks ago and I am trying to find and talk to some locals from those areas or some who may invest in those areas. 

Im going to see some multi family properties in those respective towns this weekend and I would like some further insight such as:

How are the local renters? (what kind of tenants can I expect?)

How is the rental market? (rising? falling? steady?)

I would like to discuss these towns if anyone has had any success or general experience investing there

Thanks in advance

Wayne

Hi Kevin,

Welcome to BP! Tons of knowledge here so feel free to reach out to any and everyone. 

I am actually from North Jersey- Paterson to be exact so feel free to reach out to me if you have any questions or just want to talk 

Good luck! 

Good morning all, I am looking at a couple of properties in a market that is usually a place where people buy their second and third homes. Historically speaking, how good in terms of profitability can a rental property be in a market that is home to second and third home buyers? Does anyone have experience with rentals in a market like this? Thanks, Wayne