All Forum Posts by: Alex Deacon

@Stacey H. they are 100% not entitled to their deposit. Depending on how your lease is worded they may owe you more than the Secuity deposit and the rent for August. Read through your lease and check the move out clause, security deposit return clause and the days they are supposed to give you prior to move out.

@Kyle Soudalan as @Alex Hileman stated the government is extremely slow to change and very slow in general. Stop asking why 100%. Get the proper paperwork out as quickly as possible and make sure its filled out correctly and the amount of money to start the process is correct. if you send in $5 more or less they will not start the process. Sometimes they will not even let you know that the amount was wrong. it will sit on someone's desk and collect dust. We manage 800 units in Pittsburgh and I could share a lot of stories with you. I stopped asking why and I just make sure we get the process started as quickly as possible and pray that the tenant doesn't appeal the judgement. If that happens the process will start all over again at the county courthouse and cost you more rent and attorney fees.

@Christian Petrozza perhaps you can hire a property management company just to do the accounting and payment? We manage 800 units and do accounting only for some of our clients. 

@Aaron Royce I am looking to do some new construction here in the Pittsburgh market. I have done some research thus far. Cost is between 125 per square foot for a modular home not including utilities, foundation, GC costs and other variables. Plus the cost of the land. In this case you already own it and I assume its free and clear. feel free to message me and we can discuss further. from my inital research its going to be hard to cash flow unless you are in a higher end rental area. Where mine is located its a borderline breakeven proposition

@Dean Malka 10k for average kitchen and 5k for average bathroom Flooring is $4 a square foot for LVP HVAC $5k Electrical panel $2k.

This is all ball park. I buy and sell and also buy and hold in Pittsburgh and this is about the average. Some kitchens will be 5k if its a small one and some will be 15k if you are taking out a wall and its larger. Also price is irrelevant if you dont have a good team and a good contractor who you communicate  well with.  Contractors are only as good as you can communicate and manage. If you have a contractor who is good and can get it done quick and you dont have to micromanage then that worth 5% or 15% more to me

@Susan V. if this is your portfolio you need to get a handle on it and asap. You might need a better team. I live and invest in Pittsburgh and made a lot of mistakes in my career. I would take the advice of @Charles Carillo to sell and start over. I just sold a large multi family and lost 60k but also bought 3 other properties that will make me $120k. The key is to know when to let go and which battles to fight.

@Irvin Grant I believe there are some local lenders here in Pittsburgh that offer 10% owner occupied. Message me and I will get you in touch with them

@Jeffrey Couchara I would continue to search for a lender and you may have the best probability to get approved by a local lender or other institution. 

@Jeffrey Couchara if your property is in the Pittsburgh PA market let me know. I may have some lenders you can try. You dont have much seasoning with the property so thats one issue. Plus the fact that lenders seem to be tightening up at the moment. keep trying, You will find someone as long as you have plenty of equity.

@Patrick Crehan if you get really good and have your things in order you can self manage a few hundred. We manage 800 units in the Pittsburgh market and some of our property managers handle a few hundred and some only 50-80. Your skill set will increase as you grow.