All Forum Posts by: Chris Mylan

Hello Everyone,

I came across a great property in the Pittsburg, Pa area and am close to making an offer. Since this is my first purchase I'm working with a buyer's agent who (I assume) will be the primary contact between the seller and myself.

In short, the property is selling for roughly $155,000 and I would like to make various minor upgrades which will be no more than $5,000. To stay within budget I would like to purchase the property for $140,000 (which I think is a fair price), but do not want to offend the seller.

My question(s) are how can I use terms in the negotiating process to hit my price point? Or what have you all conceded in past deals to make a low offer more palatable to a seller? And finally, would you recommend a blog/webinar that would help me understand the various closing terms in a deal?

Thank you for the help!

Chris

Hi Scott,

I just saw your post and thought it was very timely as I am interested in doing the same thing (and very close to purchasing), but am experiencing the same woes. My question to Chris and others, is it worth buying a property up the slopes that supposedly yields the same rental return (maybe $1600/month for a 3b), but for a lower purchasing price? My numbers suggest yes, however, I'm concerned that renters will be much harder to come by.

I've already put out a few "feelers" on CL and the results have been underwhelming, but maybe I'm priced too high.

Thanks for any advice!

Chris

Thanks for the suggestion, Joe. My plan is to consult another lender and also speak with a local real estate attorney on the exact specifications of a primary vs rental property. Nick's situation was a little different than mine, but the headaches and extra costs could be very similar.

Hello All,

I am very close to buying a property in Pittsburgh, Pa and wish to have it considered as my primary residence and rent out the other rooms. I rent an apartment and work in Washington, DC, but take very frequent trips back to Pittsburgh (holidays, every other weekend I spend 3 days there, medical leave, etc.)  and also am allowed to work remotely through a work agreement. Can this Pittsburgh property be my primary residence or will I have to file it as a rental property? I spoke with the lender and they are confident I can file this as a primary residence (great because I can put down 5% instead of 20%). I just need to give them proof that I am allowed to work remotely through a "telework" agreement, which I have through my employer. Legally, does this sound correct or will I be committing mortgage fraud? Is the lender I'm working with misleading me?

Really appreciate any responses and expertise!

-Chris

Hello All,

I'm Chris, originally from the city, currently living and working in Washington, DC. Want to start investing in rental properties now that I have a little cash in my pockets. Looking for any guidance on the market and to pick the minds of folks who are more experienced than me.

Have read a wealth of information on BP and feel it's a great time for me to make that first purchase. My current thinking is to purchase a 2-3 bed home in the South Side flats/slopes to rent out to students and young professionals. Looking somewhere around the 150k depending on the condition of the home.

Looking forward to hearing your replies and getting invested in this community!

Thanks,

Chris