Price Reduced – 4 Unit


4 Unit Apartment Building For Sale

Build Your Wealth One Property at a Time

$193,000

179,000

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

717-569-1300

717-951-0201 cell

dave@realstreetpro.com

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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Fix This House Up for a Cheap Rental


Rehabbers Special

 

FOR SALE

 

132 Howard Ave, Lancaster  PA

$19,000

 

http://www.zillow.com/homedetails/132-Howard-Ave-Lancaster-PA-17602/9732069_zpid/

 

Small 2 BR 1 bath house. Double lot allows for lots of off street parking in an area where parking is very limited. (Potential to rent spaces to neighbors)

 

Has newer gas furnace. Roof appears to be good but has some old water damage.

Some soft spots in floor will need some new subflooring. Some walls need to be dry walled.

 

Electric is on but some lights not working. Take flashlights.

Water turned off in basement, small leak in water line under basement steps.

If you are interested, do not wait till next week on this one.

Call Dave Miller, Realtor 717-951-0201

Published in: on July 26, 2012 at 8:47 am  Leave a Comment  

Refreshing! Home Values First Annual Increase In Nearly Five Years


“There was a surge in real estate this spring”, I answer to the question,”How is real estate?” I’ve been asked the question many times lately and that was my response. Really the response was just a gut feeling. Until I read the following article:

The housing market has finally turned a corner. In Q2, we saw continued momentum in the housing recovery, despite of some economic turmoil, like flagging job growth numbers and sovereign debt issues in Europe. Nationally we hit a bottom in the first quarter of the year, and the Zillow Home Value Forecast shows that 67 of the 156 markets it covers will experience an increase in home values over the next 12 months. Nationally, Zillow forecasts home values will rise 1.1 percent……………………………(Click to Continue Reading Article)

My final thought summed up in one word, “Refreshing”.

 

Published in: on July 26, 2012 at 8:05 am  Comments (2)  
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Get Closer to Your Asking Price


By Dave Miller

Is the real estate market getting stronger? Here is a graph that would support that claim. This either supports it or tells us a whole other thing. This could mean that the sellers are being more realistic with their asking price.

This graph is Lancaster County home sales for the last year. It is saying the average home is selling at 93% of the asking price vs 90% in Feb of 2012.

Published in: on July 16, 2012 at 7:35 am  Leave a Comment  
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Pennsylvania Landlords and Smoke Detectors


by Dave Miller

Do I really need to put smoke detectors in every room in the house that I’m renting out? That question came to me yesterday. I said boy I don’t think so. But I’ll look into it.

So I dug up my old real estate books. I didn’t find what I wanted there. I went back to good old Google. Not that Google is old. But it sure is useful. I found an article on landlord-tenant laws in Pennsylvania regarding smoke detectors.

Here’s what I found:

 § 3800.130. Smoke detectors and fire alarms.

(a) A facility shall have a minimum of one operable automatic smoke detector on each floor, including the basement and attic.

(b) There shall be an operable automatic smoke detector located within 15 feet of each bedroom door.

(c) The smoke detectors specified in subsections (a) and (b) shall be located in common areas or hallways.

(d) Smoke detectors and fire alarms shall be of a type approved by the Department of Labor and Industry or listed by Underwriters Laboratories.

(e) If the facility serves four or more children or if the facility has three or more stories including the basement and attic, there shall be at least one smoke detector on each floor interconnected and audible throughout the facility or an automatic fire alarm system that is audible throughout the facility.

(f) If one or more children or staff persons are not able to hear the smoke detector or fire alarm system, all smoke detectors and fire alarms shall be equipped so that each person with a hearing impairment will be alerted in the event of a fire.

(g) If a smoke detector or fire alarm becomes inoperative, repair shall be completed within 48 hours of the time the detector or alarm was found to be inoperative.

(h) There shall be a written procedure for fire safety monitoring if the smoke detector or fire alarm becomes inoperative.

So this is what Google told me. But what does that really mean? I don’t know. I found it on the Internet, that does not make it true. Well, it looked official. My stance is this: I make no representations that this statement is true and/or currently the law.

If this is the law, then it looks as if we need to have at least one smoke detector on every floor. That’s a minimum. Plus, we also need to have a smoke detector within 15 feet of every bedroom door. So if you have a hallway and you put the smoke detector in there and all the bedroom doors are within 15 feet, I guess that’s sufficient for that floor.

Now, I do say this, we are looking at the minimum requirements here. We look at the minimum to see what is required and not what we insist on doing, and no more. I hope not. I would rather see more than the minimum, and that your conscience is to provide safety for your tenant. So what do you need to clear your conscience? How many smoke detectors would you put in your own house? Consider these questions and those may be your answers.

Why be a minimalist when it comes to life safety?

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: http://www.eventbrite.com/event/3199047437 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.

I Dont Want To Fix Anything I Just Want To Sell!


Home staging tips for realtors and homeowners.

via I Dont Want To Fix Anything I Just Want To Sell!.

I’m waiting to see one of these in action.

Published in: on May 19, 2012 at 9:06 am  Leave a Comment  
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Warren Buffet Recommends Buying Homes as Investments


by Dave Miller

In an interview last week Warren Buffet told young investors to go out and buy single family homes. He explained how it is a way to short the dollar.

Here is the interview: Warren Buffet on Buying Homes

His down side to buying a couple hundred thousand houses is the management aspect. I’m not sure why he considers that to be a problem as there is good money in management. He could just buy his own management company and make a profit there also.

Yet management continues to be the biggest hang up for people contemplating their first purchase. And as they buy more that fear diminishes, or so I tend to find it. My findings are this; if you are purchasing detached single family homes you are in different category than multi-family or apartment style homes. The type of people renting single family homes tend to be more responsible. For one, they can afford the higher rent; this tells you a lot about the person.

So if you can buy single family homes in the country or in a nice development at a good price I agree with Warren Buffet; it should be a great investment over the years.

Buy single Family homes

Related posts:

Published in: on March 14, 2012 at 8:59 pm  Leave a Comment  
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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

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