All Forum Posts by: Alex Deacon

@Raymond A. Masi I would try to apply for some federal or state funding. The cares act may still be a viable option to help the tenant pay their rent.  In these times you do need to be extra careful when buying a property. 

@Joy James i am from the Pittsburgh PA Market. We manage around 700 units. I dont think there is any lease thats going to help you. Doing more research on the tenants that you place will be the most important item to focus on. Tighten up your criteria. Higher credit scores, lower debt to income ratios, more thorough back ground checks, more than one landlord references etc... Once the tenant is in your apartment it becomes your problem and they have way more leverage.

@Michael Garrett its great to see someone under 18 passionate about anything especially real estate. I have three daughters older than you and none are following in my footsteps. I am not an attorney but I dont know if you need to be over 18 to have an LLC. Seek out an attorney for that question. If you do then why not ask a family member to help you to form one. You can still retain control of all the day to day operations and the ownership percentages. You dont need to form an LLC to start wholesaling. You can be a sole proprietorship. Unless you have assetts to protect, forming an LLC isnt needed at this point to get started.

@Alesha Irvin its best to buy a quality portfolio verses quantity. If you get caught up in that number of units game it will feel like you are not making any progress. Sounds to me like you have a great start. I buy only in Pittsburgh where I am from and where I live. its hard enough doing that. I cant imagine how difficult it is to move around like you do and have to learn new markets before investing. 

@Pinank Parikh most turnkey providers dont provide a good product, over promise and under deliver. I buy properties here in Pittsburgh and I hold onto them. Think about how hot the market is right now nationwide. Think about how hard it is to find a good deal with it being a sellers market. Now think about how can these turnkey providers find a good deal then make their profit then sell it to you so you can make a respectable profit. Its way harder then it looks. All I am saying is be very careful and make sure you run worst case and best case scenarios before you pull the trigger. Account for all costs and expect lower rent then what the Turnkey provider is promising. 

@Chris Nocera we manage about 50 section 8 units. One of the challenges is dealing with the housing authority. Some areas section 8 is the only way to make any money. If I had a choice I would buyer higher end rentals and make less ROI. There is a lot of headache and the section 8 process is management intensive. You can make a profit in any market high end or low end its a matter of knowing what you are getting into and managing expectations.

@Alfonso Andolz in my opinion its a no brainer. If you can qualify for a mortgage now the rates are 2-2.5%. You are borrowing money for almost free. Us that money and then bank the rest for now. You can always pay off the mortgage in the future.

@Rebecca Dupuis there is a high probability that this will not be allowed. Check with the township first. There are plenty of 2-4 units you can buy and do this conventionally.  

@Shelby Turner the challenge with buying out of state is as follows. 1. You dont have a team set up which is critical to success or failure. A good team consist of Contractor, property manager, agent or agents, attorney, accountant, mentor who really knows that specific market etc....

2. You don't know the area so you will need to dig in deep and get to know the area you are going to research and ultimately invest in. I am not talking about Zillow research but getting here and seeing the areas and learning what you are buying the pros and cons

Its not impossible but challenging. If I would would suggest buy something close to home. I understand that challenge is affordability. 

@Chris Policicchio can you PM me with Ward Remodeling contact information?