All Forum Posts by: Chad Reed

Scott, I live in Murrysville and I own rentals all over the area.   If you want to send me the address I can do a little research for you and give you my two cents.   As you likely know, taking action with your first investment is much more important than getting a great deal of cash flow.

Sorry to hear about this.   Jeremy did a terrible job on a project of mine about 2 years ago.   He did all of the electric wiring in the house against code and then bailed on me, when the inspector came in, he was irate at what was done.   I had to hire another contractor to fix all of the electric.   The silver lining is that the contractor(found on craigslist) who fixed all of those issues has been a great worker for me and still works for me full-time.

   I have a unique situation and I am hoping someone has an answer to help us with a joint venture.   I own a rental property that is in an area that is very hot and I would like flip the property.   I no longer live in the city so I am looking to joint venture with another investor in that town that I have known for a while.   The initial plan was to have me continue to own the house and therefore finance that side of the deal while he takes out a 100K private loan for the rehab.   Upon sale we would divide the profits.   The issue I am concerned about is that currently if I hold the title until the sale,  the profit would fall under long term capital gains for me.   If we were to transfer title and then he would begin the rehab, I would get taxed differently on equity split at closing.    He does not believe that he can get a loan without holding title.    I could charge him more for the home upfront but we would still have some settling at the end.   Any creative ideas would be appreciated.   Thanks

20% seems really high to me....I would say closer to 5% 

Thanks for all the help guys.  Ill be in touch once I talk with a few more banks.

I have ran into an interesting financing situation and I know that this community will help me like they have so many times before.   

My wife and I recently moved to Pittsburgh and we decided we wanted to rent for a year before we decided to purchase. We have been here 6 months now and we are ready to make an offer on a house. In the past 6 months I have bought 3 rental properties here in Pittsburgh and now every lender I speak with is taking the debt from these and counting them against my DTI ratio, but not giving me credit for the rent. This is throwing my Debt to Income ratio out of whack, I have great credit, I can put a large down payment if I have to. I know the deal makes sense for the bank I just need to find a lender who understands it.

Any information or leads on banks would be very appreciated.

Thanks.

I just moved from OH to Pittsburgh and I am looking for the best brokerage to hang my real estate license with.   I am noticing there is a big difference in the brokerages and I am looking for an office that charges a flat yearly/monthly fee to hold your license.   Please let me know if anyone has any suggestions.

Thanks

Does anyone have any good recommendations for a good home stager in Northwest Pennsylvania?  I need one in Erie, PA.

Thanks

try ACE.....they seem to be pretty legit

Thanks Terry.