Price Reduced – 4 Unit

4 Unit Apartment Building For Sale

Build Your Wealth One Property at a Time



347 W King St – Front view

Lancaster PA is an excellent place to start

347 W King St, Lancaster PA

  • 4 unit apartment building
  • Cashflow
  • Energy Efficient
  • Tenant Paid Heat
  • Good property manager in place
  • Extensive rehab already done
  • Very little maintenance

Surrounding Area

  The surrounding area is mixed with commercial and residential. King St is the main route running east through the city. This makes for exceptional public transportation with a bus stop right outside the front door. Restaurants and shopping are within easy walking distance.

This property borders a residential apartment on one side and a nice pharmacy on the other. The pharmacy has a parking lot that wraps the side and rear yards. This parking lot is gated and closed at night. A chain link fence separates the parking lot and the yard. This pharmacy has undergone an extensive upgrade. I am proud to have it beside my property. With a cleanly run business like this beside you your tenants will appreciate the peace and quiet. Well run, clean businesses tend to be better neighbors than residents, in my opinion.

Across the street sits a beautiful chapel. Its high 4 pronged steeple graces the streets below.

The convention center which has been creating buzz in the last years is just up the street.

Work completed in the past 6 years

By previous owner

  • All new vinyl windows (27)
  • Updated kitchens
  • Tile installed in kitchens

(All floors are tile and some backsplashes)

Work Completed Since 2009

By our contractors

  • Flat rubber roofs; 1 repaired and 1 replaced
  • Complete new plumbing
  • 4 new water heaters
  • Paint front on building
  • Complete Painting of 3 units, doors and trim of fourth unit
  • Cosmetics that are too long to list
  • Brought entire apartment up to City Code

More Photos

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Contact me with any questions. I will email you a cash flow pro forma with all the numbers at your request.

Dave Miller, Realtor


717-951-0201 cell

Published in: on December 10, 2012 at 11:55 am  Comments (4)  
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An Uptick in Multi Units

by Dave Miller

After a year or two of stagnation the Lancaster PA rental properties are on the move again. Ron Shepherd was telling me few months ago that if I have buyers or sellers in this market I should inform them that the market is moving up. So I kept an eye on that particular market and was amazed. Not amazed at the upward movement but Ron’s ability to once more accurately gauge a trend.

Here is my analysis of the trend for multi-units in Lancaster City:

2011 and 2012 YTD comparisons:

Average Sale Price: 2011; $132,463.00 2012; 141,126. That’s a 6% price increase.

Number of sales: There were 10% more sold in 2012

Average days on market for the sold properties is up extremely: 2011; 73 DOM, 2012; 103 DOM that up 43%. I do not have an explanation for this spike as it seems to contradict the other numbers.

Here a link to a freshly listed city property. I’ll also have two more till next week. Stay tuned.

Recent blog about residential prices increasing: Refreshing! Home Values First Annual Increase In Nearly Five Years


Published in: on September 15, 2012 at 11:14 am  Leave a Comment  
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Negotiating a Get Rich Slow Scheme

by Dave Miller

The easiest way to get rich quick is to accumulate wealth slowly. Well then, how does one accumulate wealth slowly?

First you need a plan. A solid, well thought-out, practically applicable plan.

This requires a solid plan, to preserve your precious capital, as you do not want to go backward. The retaining of capital is a key element of moving toward your goal. If you lose your initial capital you must not only gain it back but also recoup the lost time.

It must be well thought-out; you do not want to be jumping on some quick get rich band wagon that is ready to go bust.

The plan must be feasible. Over the ages three areas have proven successful; real estate, gold, and businesses. Most wealthy people own one of these three.

Don’t put all your eggs in one basket, just like your Daddy told you. But nevertheless get some baskets and fill them with eggs. Many people use that line to delay saving and investing.

The real estate basket is the topic of discussion today.

Enter John Schaub and his book Building Wealth One House at a Time.

Building Wealth One House at a Time – John Schaub

This book focuses on strategies for creating wealth through real estate by starting small – and making the right moves. Nationally known real estate expert and speaker, John Schaub, learned his craft in the best way possible–on the job, and through every kind of market. He published a great book titled Building your Wealth one House at a Time. In it he shows you how to buy homes with little money down using private or owner financing. By doing this he eliminates the whims of the banking world. The lender he says, is more concerned about getting his money back than earning high interest. In Chapter 6 he tells you to do what it takes to make the lender happy, over secure if you must.

Click this link to read an article I also wrote on keeping the your lender happy.

He recommends only single family dwellings, no fancy shmancy highfalutin projects. Just solid homes the typical family desires and can afford to live in.

The part that hit home for me was that he says buy one home a year. No more. He warns of the dangers of diving headfirst. By waiting a year to purchase your second investment property you will learn innumerable lessons before plunging in.

John uses two people to accumulate wealth; his renters and his lender or investor. His lenders allow him to buy the home and the renters pay for it. In the meantime he is accumulating wealth. Renting to long-term tenants, with financial incentives to pay on time.

By using leverage, i.e. owner financing, investors or the bank, he can purchase a home that otherwise he would have needed to walk away from. This then allows him to have a renter paying down on the mortgage. But remember, leverage is a two-edged sword. It can help you accumulate faster and it can take you down even faster. You must carefully consider the amount of leverage you are comfortable with and what makes sense in your situation.

Building Your Wealth One House at a Time is very concise yet an easy to read book. It lays out a blueprint that is easy to follow using graphs and figures.

Unique is his approach to focusing on buying houses in good-quality neighborhoods while simultaneously creating positive cash flow properties. John uses the Goldilocks theory when choosing a neighborhood: not too expensive and not too cheap. Go with a neighborhood where prices are just right.

Buy his book today. Read it. Implement a plan. Take the first (I know this is the hardest one but do it anyway) step. You will not get rich quickly but you will most definitely be headed in the right direction.

Now for the good news! John Schaub is coming to town. Well, rather to a town in New Jersey. Iselin.

John is presenting a one day class called “negotiating secrets of a Professional Buyer”. Saturday June 23 2012 from 9:00 to 4:00pm. You can register here: I plan on being there so I hope see a few of you there. If anyone is interested in carpooling from Lancaster County just call me. Cell number 717-656-0749. Currently four of us are heading there. Join us.

A quote from John’s site:

John has survived, prospered, and helped his students to make money in every market since 1975. Come learn how to recognize which opportunities are right for you today and for the next five years at this most interesting time in our history. Get ready for an exciting and profitable future!

You can subscribe to my blog on the right side bar for farther updates. If you do so, you will receive a copy of my blog as soon as I post it thus saving you time by not needing to check back.

Scrooge or Lazy – What Will You Be Next Week?

by Dave Miller


Christmas is fast approaching. The New Year is right behind it. If you don’t perk up it will hit you upside the head and you won’t recover till Jan.

What will you do in the last 10 days of the year?

I’ve noted a few areas of concern in my life and hope they can help you combat any year-end stagnation:

Winding Down

It’s very easy to look at the next few weeks as a winding down period. Somehow we justify a half speed attitude because the year and its goals are about petered out. We look at it as a great time to relax and then hit it real hard next year.

At the very least some serious planning should be done yet this year. It’s like eating one more Christmas cookie while telling yourself you’ll get serious about losing it next year. Don’t wind down to the point of floating through the rest of the year unenthusiastically.


I have a few projects in the shop that I keep pushing into the New Year and not getting them done right now. I asked myself why. I discovered it was a way to have false security in the future. We are having a great year and so I start to question what next year will hold. Billing the job this year doesn’t seem like it will change much in the numbers for the year but would really give us a nice boost in the first 2 to 3 weeks of next year.

Maybe it’s a faith or confidence thing. Somehow I feel a sense of security knowing that I can do that work in January. What I’ve come to realize is that it’s okay having plenty of work in January but it’s pure foolishness pushing it into next year when it can be done this year.

Being Aggressive Enough

This really echoes the last two items but it is an area where I find myself slacking. In a sales approach I’ve discovered myself slowing down. Somehow I have all of next year for next year’s goals. I’m doing two things to combat this:

  1. Make very specific goals for the last week of the year.
  2. Have a plan formulated for the month of January

I know many people make goals at the beginning of the year. This is good. I recommend it. But I also highly recommend that the goal be broken into very specific action steps. Things to accomplish by today, this week, or by the end of the month. Or better yet, all of those time frames and more.


Am I advocating being a Scrooge and not enjoying the reason for the season? Nope. I’m checking to see if I’ve used the season as an excuse to be unenthusiastic about progress.

What will I do now that I have thought about it? I have a choice. Will I let the reasons to relax overtake the reasons to push for success? No, I will not sit by idle. As I wrote this article it prompted me to start a project I was unwisely sandbagging for January. I just called my father to come by and do some consultation on the building of this new mold. The project is now started and we are better off that for it.

You also have a choice. What will you do?

More posts on planning and taking action:





Profiting by thinking of long term

John Schaub recently did an interview for the Herald-Tribune in Sarasota FL. I have previously blogged about John Schaub and his book Building Wealth One House at a Time. Here is a link to the blog I posted a year and a half ago. Click here.

John is a residential real estate investor that has my respect and admiration. He’s low-key but effective. I’ve talked to him on the phone and you’d have thought I was talking to my uncle. He freely shared his advice.

Follow his advice and you are bound to succeed.

Here is a link to the interview. Click here

Owner Financing is Legal Again – PA Allows Owner-Occupied Residential Mortgages

by Dave Miller

What was illegal has been reverted; you can once again borrow money from your rich uncle to buy your house. In Pennsylvania, you can participate in private financing deals again.

Our government in its normal state of exaggeration and misappropriation deemed it necessary to make a law regarding mortgages. This was after Wall Street, Fannie and Freddie all really screwed up in the mortgage world. True to form our government went into complete overkill and enacted the S.A.F.E. Mortgage Licensing Act of 2008. This Act states that an individual who takes a mortgage application and negotiates a residential loan is breaking the law.

This meant that if you asked your rich uncle to loan you $200,000 to buy your house, you were a law-breaker. If you asked the seller to keep money in the house you were buying, that was breaking the law. Residential mortgages were a strict no-no. This was only being regulated for about a year but was creating quite the uproar.

Our government had enacted this law saying they were protecting the people. What they missed was that the people weren’t asking for protection. Besides this law actually did the opposite. When the people wanted money they went to the banks, and the banks were not in the lending mood so they didn’t lend. In times past the people would ask friends, family or the seller for assistance. This kept the bankers in check until their statesmen cronies helped then out by making it illegal.

I’ll try to break this down:

Secure and Fair Enforcement for Mortgage Licensing Act 2008. I’m most certain it’s not fair and secure but they picked the title, not me.

The key here is “loan originator”. They define it as anyone that takes, offers, or negotiates a residential mortgage.

This applies to “residential mortgage loans”. Owner occupied or as they state “personal, family, or household use” is prohibited.

As far as I can tell, commercial mortgages and private loans or any other non-owner-occuppied residential mortgages are legal.

Owner occupied real estate with a mortgage is what is at stake here.

Now the good news.

This month the Pennsylvania Department of Banking has released a letter to clarify what a “mortgage originator” is. Here are the highlighted areas of the letter with my comments:

As a general matter, the Department will begin interpreting the provisions of the existing MLA regarding the definition of “mortgage originator” to the extent possible in a manner consistent with the HUD Regulation.

Comment: the department is interpreting the definition of “mortgage originator”

the Department will not take exception to an individual making or brokering three (3) or less mortgage loans in a calendar year without being licensed as a mortgage originator,

Comment: the department does not view someone as a “mortgage originator” if he is involved in less than 3 residential owner-occupied mortgages.

sellers of dwellings or residential real estate by means of an installment sales contract who engage in such business in a commercial context and habitually and repeatedly are required to be licensed as mortgage lenders and have their employees appropriately licensed as mortgage originators under the MLA.

Comment: installment sales are mortgages.

You can read the entire letter: Click here

 Now I’m not a lawyer or anything close to it so don’t take my word for it. Ask an attorney that can bill you $225 an hour. I spent around 5 hours researching this subject, it’s too bad I can’t bill at that rate.

So here is my take:

You can once again be involved in owner-occupied residential mortgages as long you do not exceed 3 per year. So go ahead and borrow from your rich uncle to buy your home.

Related Blogs:

Choose What You Want To Learn in Real Estate

We, at Shepherd Real Estate LLC, are offering a few FREE classes this fall.

Our class-room style lectures are structured around real estate investing. The Shepherd Team consists of professionals in Lancaster, PA with experience in real estate. We are investors ourselves and want to help you succeed in your endeavors. The Shepherd Team has a wealth of knowledge to share. In house we have an attorney, a CPA and Realtors all ready to help you.

 We need your help in deciding which classes to offer. Our goal is to give you what is of most value to you. We are conducting a survey to choose to the topics.

Please click through to the survey to make your choice.

Click here to take the survey.

Your response will help us pick the best topics.

Here is a breakdown of the options:

  • Investment Analysis

Crunching the numbers

  • Building your Power Team

Realtor, attorney, insurance agent, consultant, property manager

  • Assets Protection

Entities, insurance

  • Improving Cashflow

Proper management for better cashflow

  • Taxation of Real Property

Structuring your investments to avoid excess taxes

Click here to take the survey.

Thank you for taking the time to complete the survey.

Email me if you want to be notified when we schedule these FREE classes. They will be held at a location to be announced in the Lancaster PA area.

As Barren Ground Gets So Goes Lackadaisical Investing

by Dave Miller

The bare ground of the empty garden was being overrun by weeds in a short few weeks. So I tilled the ground last night and scattered the Jerry oats. With the dirt knocked loose and the weeds stunned the oat seeds I spread can find a hold and quickly overpower the weeds.

  The seed is planted and has a good chance to grow. No weeds to hinder the growth. Fertile ground to root into. At the sight of the greenness we will see the fruits of the labor, our toil combined with productive soil coming to fruition.

Is neutrality possible? The first law of motion says: The velocity of a body remains constant unless the body is acted upon by an external force. So something at rest stays at rest. Unless an outside force affects it. It stays at rest if nothing affects it, but something is always affecting something.

To invest or not to invest. That is the question.

When I say invest I mean good investing, not the I’m-too-uncertain-so-I-will-stick-it-in-bank flavor of investing.

Good Investing; By making good investments of time, money and knowledge you will grow in confidence and intellect. When you see your seeds multiply, your heart will be happy and content. This is not always easy, it’s work, but it’s rewarding.

Bad Investing; When investments go bad they deflate the morale, they squash and humiliate. Your attitude and life will be affected, like it or not, it just will.

Neutrality; By not investing your money, holding it in cash or putting it in a savings account for ½% interest a year, you are not moving. As Isaac Newton said, a body at rest stays at rest unless affected by an external force. The external force is never at rest. If you are not investing wisely you can go backwards, but if you do not invest, you will also go backwards. Neutrality is not an option. The outside force is in motion and if it is going faster than you then you are going backwards.  

Here a few reasons why “neutral” money holding doesn’t exist.

  • If you invest at a ½% in the bank you are (1) not keeping up with inflation (2) your reward sucks so the incentive to save more is squashed.
  • When sitting on cash you (1) are not keeping up with inflation (2) are prone to spend more than needed because it’s visible and accessible. Money in your pocket has a way of disappearing.
  • Did I mention inflation? According to our government inflation has been around 2% to 3% but has jumped to around 3.75% last month. Now we could spend a whole paper on the inaccuracy of these government statistics but we will let it go for now. Nevertheless, they may be inaccurate but the experts agree they are pushed down, meaning in reality they are higher. So if you are not making in excess of 4% to 5% you are floating backwards. Your money will buy less in the future.

The ground does not like to be barren. It will cover itself. Its default is weeds. So if you choose to sit by idly it will cover itself with weeds. Do I want weeds?  No. I will work, till, and plant to create an environment that allows the ground the produce. Today it’s raining steadily. I smile because I planned and prepared.

Related posts:

Warren Buffet – Just Shut Up

by Robert Ringer

As much as I dislike being harsh to my elders, sometimes you just can’t control yourself.  That said, though I mean no disrespect to the man, I have to get something off my chest that I’ve wanted to say to Warren Buffett for at least two decades:  Warren, will you please — PLEASE — shut up!

I’m tired of hearing about how you’ve lived in the same modest house since 1958.  I’m tired of hearing about how you plan to give away 99 percent of your fortune, primarily to the Bill and Melinda Gates Foundation.  And, most of all, I’m tired of hearing your pleas for millionaires and billionaires to pay more taxes.

I found it sad that when you finally bought a private jet (through Berkshire Hathaway) in 1989, you were so guilt-ridden that you named it “The Indefensible.”  Sorry, Warren, but when I was in the real estate business in my late twenties, I bought a private jet, and I found it to be indispensable. What a great moneymaking tool a private jet is for a high-flying (excuse the pun) entrepreneur.

Don’t be embarrassed about your jet, Warren.  Enjoy it.  You earned it.  And, best of all, it helps you make more money, which in turn creates more jobs and helps grow the economy.  The only private jet I know of that does not do any of these things and is truly indefensible is the one your pal, the White House Whiner, flits around on.

Speaking for millions of Americans, we don’t want the government to have any more of anyone’s money.  Boehner & Friends have already screwed us yet again and given our make-believe president the right to print trillions of additional paper dollars and thereby reduce the value of what money we have left.

And what will that additional funny money be used for?  Not to pay down the debt, for sure.  The debt will not, and cannot, ever be repaid.  Let’s stop the let’s-pretend games.

The money will be used by BHO to start and expand more government agencies, hire more government workers, give Jeffrey Immelt and his other sugar daddies more government subsidies, increase his record-breaking food-stamp binge and other welfare programs, and promote his reelection campaign.

There is a misconception about money and morality, money and intelligence, and money and common sense.  Buffett clearly has a genius for making money without dirtying his fingernails.  For that, I tip my hat to him.  But it says nothing about his common sense or knowledge in other areas of life.  I’d venture to guess that he has never read Ludwig von Mises … or F.A. Hayek … or Ayn Rand … or Murray Rothbard … or Harry Browne … or even Ron Paul.

What Warren Buffett needs to do is educate himself on history, morality, philosophy, and ideology in time to bring about a deathbed conversion.  Does anyone really believe he has ever thought about the basic question of whether it is moral for the government to take people’s property by force?  Does anyone really believe he has ever given any thought to the concept of Natural Law, which gives rich people the same rights as poor people?

Until and unless you do, Warren, I again urge you:  Please, shut up!  Write the government any size check you feel is necessary to soothe your neurotic guilt feelings about your success, but, please, leave everyone else alone.

If you want to pay more taxes, I call your attention to the fact that there’s a place on your tax return that gives you the right to do so.  If you don’t feel that the nearly $7 million you paid on your taxable income in 2010 was enough, there’s absolutely nothing to stop you from paying more.  All you have to do is do it.

Copyright © 2011 Robert Ringer
ROBERT RINGER is the author of three #1 bestsellers and host of the highly acclaimed Liberty Education Interview Series, which features interviews with top political, economic, and social leaders. Ringer has appeared on numerous national talk shows and has been the subject of feature articles in such major publications as Time, People, The Wall Street Journal, Fortune, Barron’s, and The New York Times.

To sign up for his one-of-a-kind, pro-liberty e-letter, A Voice of Sanity, visit:

Published in: on August 20, 2011 at 5:38 am  Comments (1)  
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Need a Tool. Just Press Print.

by Dave Miller

You are in outer space doing a space walk fixing a crucial part on the station. You drop your wrench. It floats out of your reach into the abyss. Now what?

Luckily you thought to bring your 3D printer.

I saw this technology at a trade show. It’s just plain awesome. Templates, prototypes and molds with a mere click of the mouse.

Now they are adding a resin to solidify the product making it fully functional.

Published in: on July 30, 2011 at 9:52 am  Comments (2)  
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