All Forum Posts by: Account Closed

Hello Saaya,

How many units are in the building? Being remote poses its own challenges but having a solid PM in place will alleviate those issues for you. Has the property been stabilized yet?

Would love to talk more!

Thanks,
Chris

Have you considered the Pittsburgh Market? There is a relatively lower price to purchase with good market rents in the area. I'd love to have a conversation with you about Pittsburgh sometime!

Great article Gary! Pittsburgh also has a lot of long-term growth plans with new developments along the cities riverbanks. 

Hello, 

Just curious how you vet your next Property Manager as there are hundreds if not thousands in Pittsburgh Metro's market. When it comes to protecting your assets, the most crucial part of the puzzle is that maintenance and capex are at a minimum. Effective management should alleviate some of the risk with these two categories. With that said, is your current PM offering to cover the first $2500 in turnover costs? If you answered anything other than yes, then you need to consider your replacement! Reach out to me for more information!

@Charles H. There are many things to consider when you look at section 8 rentals. In contrary to what others tell you, there is success to be found within this sector of REI. I've seen a lieu of instances that have happened over time when dealing with HUD Payments, but generally speaking you can build a stable portfolio. If you have a vetted PM, then they should be on top of it with regular inspections and communications with the authorities paying their rent to ensure that the property is kept in good condition. A lot of the times these tenants are renewal tenants for the sake that they have the threat of losing their vouchers at any time. Philly has a different set of rules and regulations when it comes to section 8. Just familiarize yourself with the laws and hire an experienced consultant to help you assess what you are getting yourself into.

The problem with contractors and investors seems to always be a disconnect. I'm not sure that's the case here in this scenario, but going forward with a very detailed scope of work will ultimately help ensure that you get an accurate bid for what you are looking to have done. If you are working with an agent, they should be able to help you make this plan and determine what improvements could be done to maximize rents while keeping budget and durability on par with the rest of the market. 

@Matthew K. 

Under the amendments, landlords who evict without “good cause” can receive a fine of up to $1,000, or $2,500 in cases where children are living in the household — a decrease from the $10,000 fine approved in the original ordinance.

I'm confused as to where you are finding this information. The only thing that I could find in regards to this was the lowering of these fines, which only come when you do not have a good reason for eviction. I know that in the city now, magistrates are hearing these cases and in some cases granting possession. An eviction can be done for a variety of things; lease violations, damages, safety concerns, etc are all viable reasons to evict in this moratorium. While the city is still not evicting for non-payment or financial reasons, it can still be done. 

Remote fix-n-flips can be done fairly simply, as long as you have solid eyes and ears watching for your best interest. Hiring the right person that will be able to give you real-time updates and keep projects moving as they should. It can be tedious to find the right person, but if you utilize the right resources, you can definitely pull off a cross-country flip with no problem. Just do your due diligence and all will work as it should. Maybe even consider a project manager. If there is anything that I can help with, please let me know!

@Isaac Sheehan depending on what you need I might be able to help! We have a few units over there!

Coming from a management perspective with over 500 units in the PGH Metro, you can absolutely find deals. While you are sure to find 'deals' everywhere, every investment strategy needs to be tailored to you and your financials personally.