All Forum Posts by: Chris Policicchio

@Joel Lwanga No problem!  

Hey @Joel Lwanga!  I'm local to Pittsburgh, too.  I took a look at your analysis and I have a few questions and comments.  

You mentioned the list is $77k, but you listed $50k as the purchase price. Was that intentional? Would you be buying/acquiring via an LLC? Or your personal name? That will likely (not always) make a difference on amortization period (30 yrs vs 20 yrs). Have you seen the property? Is the $85k rehab based on anything? Or are you using that as a ballpark number? Finally, $1500/month for rent seems high. What is that based on? And what about the ARV of $225k? That seems high to me, too. Those numbers might be achievable, but are they realistic?

@David Lee Hall, III thanks! You are braver than me!!

@Anthony Angotti thanks!!

Hi Pittsburgh BP'ers!

I'm looking for a recommendation for demo and garbage removal for a flip I'm going to be starting in a few weeks.  The guy I was using is no longer in the business.  The property is in Carrick.  It is vacant and there is little to nothing in it.  That being said, the carpet, kitchen cabinets, etc. will need removed.

Does anyone have a good recommendation?

Thanks!

Chris

I think the reason property owners put the water in their name is b/c water is lien-able.  In other words, if the water is in your tenants name and they don't pay the water for 6/9/12 months, when they move out and you go to sell the place at some point, there is going to be a lien against the property and then you'll be responsible for settling that debt.  So you can keep it in your name and just send the bill to the tenant each month.  I use property management and the bill goes directly to my PM who then bills the tenant.

@Matt Simpson & @David Coleman - Hello to you both!  I strongly recommend Riva Ridge.  Every time I try and share info here, the BP filters flag it.  But if you Google Riva Ridge property management you should be able to find it.  If needed, I can DM you both.  

I've been an investor for about five years in Pittsburgh and I have worked with three PM companies.  Two were beyond terrible and one (Riva) has been great.  Let me know if you need more info.

If there was a setup fee, it covered the first year and it was less than $500.  I don't recall and just went back and looked at my records and I don't see it.  

@Justin Windham, thanks!

I pay one fee per year for my QRP.  $300.  That's it.  I saw online something about QRP fees being high and I don't know where that's coming from.  

I met Damion at a conference and presented on QRPs.  My take (this was in Q1-2018) was they were essentially the same as a SDIRA, except had a couple of distinct advantages.  Specifically, much higher contribution limits, no financial institution is required for a QRP, participants can borrow from their QRP (up to $50k) to be used for *any* purpose.  

That was really all it took for me. For my SDIRA, I had worked with uDirect IRA and they were partnered with American Trust. I had an account with uDirect and an LLC with checkbook control at Solera. This worked fine. But I still had to go through uDirect more than I would have liked *and* I couldn't borrow from the plan. Therefore, I decided to make the change.

So, if you are considering a SDIRA, I would strongly encourage you to reach out to Damion.