All Forum Posts by: Alex Deacon

@Razmig Yeremian I would start with a letter to the owner. Then one from your attorney. Then seek advise from your attorney if you should take this to the local court first. Then ultimately if you attorney feels its worth the trouble, take the owner to the county courthouse and fight this.

You need to be careful. It may cost you more to fight the battle once you hire an attorney and there is no guarantee that you win. Even if you do win, getting paid from the neighbor may or may not happen anytime soon.

@Account Closed this is very good information. Thank You

@Karen Mizrahi consider the Pittsburgh PA market. The pricing here is still very affordable and you can get a lot for the money. $50k can get you far if you plan to leverage through a conventional lender

@Cameron Estephan Bennett I can email you some good information and links about the market. Send me a pm and I will get that to you

@Andrew Wilfong you should see the advice of your Estate attorney and your accountant. I am not an expert but you need to plan ahead for estate reasons and tax liability. Maybe putting in a trust would be a good idea. Seek advice from those professionals. Also consider talking to your life insurance expert. 

You can also rent it out STR and if there are any issues with the borough, wait till they bring it to your attention. Make sure if the STR doesnt work you can still profit with Long term.

You cant fight city hall. Its expensive and lengthy. I am a proponent of ask for forgiveness not permission. I know a bunch of STR landlords in Pittsburgh and they just started STR and Air B and Bs never asked if it was permitted.

I dont think being cautious is a bad thing but weigh your risk verses reward and your options.  

@Mark Weins I have to agree with what @V.G Jason states. Real estate is not passive. Far from it. If you are not ready for stress, hard work, long hours and a huge learning curve then stay in the stock market.  If you ask Warren Buffet he would most likely say stay in the stock market. I don't know the stock market but I know the real estate market. Therefore what I know is less risky and potentially very profitable. Once your real estate IQ is high enough you can get infinite return on your money. I dont know if thats possible in the stock market

@Luke Tetreault There is no guarantee in the appraisal process. It will depend on the appraiser, the lender and the market data. Things you cant control. I have bough hundreds of properties here in the Pittsburgh market and refinanced. Its always a crap shoot and a surprise when the appraisals come in. Good surprises and bad surprises. All you can do is your market research and hope. What @Justin Moy states has some merit but is only a part of it.

@Sean Dougherty I have a partner and we have bought hundreds of properties at the Pittsburgh sheriffs sale. He handles these issues when they arise. We sometimes will do a quiet title action and that can make the lien go away. You will need to talk to an attorney who is versed in the process and can offer you different options. I would not approach the lender just yet becuase you may open up a can of worms

@Erin Kershaw I have multiple LLCs and over the years you will appreciate having a short name. Especially if you want to acquire a lot of property. Pick something odd like T3R LLC.

The name is not important. I have one LLC thats my initials and sometimes it gets confused with another one in the state thats incorporated. Mine is an LLC but thats rare and not a huge issue.