I’ve owned properties for several years now, and can share what I’ve learned. In fact, reading what I learned the hard way could save you some money. I’ve had many ups and downs in owning property, but mostly ups. The good definitely out weights the bad. So get out they’re and invest in some property, but first read what’s below.

A key component to establishing what an apartment building could literally cost you per year, is your vacancy rate. How long with the pile of bricks and mortar site vacant this year? How much that pile of bricks and mortar will run you while it does. In my local market, I use about a 5-6% vacancy rate to figure out what I can look forward to eating in carrying cost. The equation is a simple is as follows;

Example: Rent per unit(Gross monthly Rent) x 12 months(Gross annual Income) x .05%(vacancy rate) = vacancy cost / 12 months = monthly vacancy cost.

This can vary area to area, you should speak with a professional who personally owns several and can speak from experience. This past year my vacancy rate was lower than 5%, but when I buy or review the budget, I like to stand on the financial conservative side. Being a landlord is a great way to make money if you have the stomach for it. You will have ups and downs, just financially prepare and you should be fine, good luck!

Don’t let this market paralyze you, now is the time.

Alexander Reedy Lancaster County Pennsylvania Lancaster Pennsylvania Real Estate Site

I focus a lot of my time on the needs of my real estate investors in Lancaster Pennsylvania. There is a lot of talk about how many great deals are out there, foreclosures, repo’s, you’ve heard it all! Let me let you in on something. I have found a lot of great deals this year, in fact most of our offers, end up in competing offer situations on most of the properties on the open market. If you are looking for a property to flip, rent out, or buy and hold consider this before you sign.

I believe we’ll be in this market for several years to come. Yes we’re doing good right now, but in my opinion we all need to bear in mind what could still be around the corner market wise. By all means buy in this market if you’re an investor, just make sure it’s really worth it. Make sure it’s such a good deal that there’s no way you can let it pass you by. If it’s that great, is it worth getting financially stressed or strapped? What I mean is, if your other income streams tank, is this great property going to be a burden or a blessing? Will this new property, carry you to the other side of your tunnel you could have to crawl through or will it be one more thing dragging you backwards?

I know this is negative, but coming from someone who has personally been drug backwards in this market, it’s pretty engraved in my memory. Last year was a tough year for us all, me included. We all got hit between the eyes with the market from you know where and it flat out stunk. Some agents and investors didn’t financially make it to the other side. There is way to much opportunity right now, to mess with an “ok” investment.

I’m not trying to discourage anyone from this market, you can make some great money right now, it’s all about the buy, and man are there great buys right now! Just make sure you realize what you’re committing to before you buy.

Caveat Emptor buyers

Attorney for all legal questions, Jeffrey D Mohler

Builder/contractor for questions on work need for a property, Brookline Builders

-Alex

The Lancaster County Builder’s Parade of Homes this year really was a successful week. Amidst a difficult economic environment, the Builder’s Parade of Homes, Lancaster Pennsylvania in my mind was a success. The community I was selling, Willow Bend Farm’s, got a ton of interest and traffic from that week. I look forward to the next Parade of Homes, in Lancaster Pennsylvania. Last but not least, I’m always amazed at the people that show up year after year to Metzler’s communities, just to see what Dan and Janet Metzler have done. I think that says a lot about Metzler Home Builder’s reputation and standing within our community.

-Alex

Lancaster County Pa Real Estate Listings 

I just wanted to give my personal recommendation on Dominion Pest Control Company, and their latest edition, Pest Control Products. I’ve been working with these guys for over a year now and am very satisfied with their service and knowledge of their market. They have done several pest control jobs for my properties and my clients. I trust them enough to give them a key! For all of your pest control needs, call Dominion Pest Control and for your Pest Control Product needs visit contact them today.

Alex