All Forum Posts by: David Lee Hall, III

Can you evict yet? Sounds like a good time to get a new tenant and put a stain on that guys record.

 I concur however I would tell them instead that their current legal and binding contract dictates that they pay rent for those months and they likely will be subject to legal action and court fees should they not pay. I would only keep their deposit in lieu of rent if I can't get some cash. I might even say that if they are out by Monday and the place is broom swept I will watch the rent and not file court proceedings so long as they sign appropriate paperwork. Then I could hopefully lease it up ASAP to avoid missing out on more rent. Obviously there are numerous ways to be more tactful than I am!

So I self manage locally, realistically you will miss tons of things. Heck, even after owning some places for 5+ years, I go in for some minor fix and find new things. That is one thing I like about self-rehab because I learn a house inside and out, but that is a different story and obviously not scalable beyond 30-40 units. 

1) Photograph everything - every room, closet, light fixture etc.
2) Video everything - seems redundant, but this the replacement for your notebook in 2022; you can have a VA go and transcribe your room by room notes for your reference later (example, go through a room, take your photos while discussing with your boots, then remove them from the room, kick off your video and say "123 Main Street, Master Bedroom Second Floor, Fair condition, needs paint, hardwood refinishing, and the lock on the window is broken." Do this while taking a 360 degree video and focusing briefly on the repair points. If you do this with enough detail, that transcription becomes your scope of work.
3) Have fun. Seriously. Have a beer at lunch. Listen to Iron Maiden on 11 driving between properties. You made an investment for you life, and if you can't enjoy it while doing it, what is the point. 

If wholesaling locally, don't forget go to your local REIA meetups. Your methods are pretty thorough, you can add DMM in addition to skip tracing.

 One additional note, if buying/holding  in trusts, beware that many lenders balk. This is something I always ask when screening lenders because eventually I want to move my rentals that direction for anonymity.

I did not realize a notary needed an office but that is moot. I would agree with your statement above. However, since you don't have to advertise, invite a stranger in, etc. I would propose a discounted rate for "ease of management" - perhaps $150/mo for the additional space. Yes he needs to know it isn't free. If he is using it as an office, you can likely expect random people coming to your home, extra cleaning needs, likely a need for a security system, etc. It really depends on the use. Does he just want a place for a desk and a laptop that isn't his bedroom to separate work and personal space? Go with the reduced rate, perhaps give him the first 3 months free or something while he gets the business off of the ground. Just my two cents. 

Join us in person on TUESDAY, February 15, 2022, at the Pittsburgh Greater Masonic Center: 3579 Masonic Way, Pittsburgh, PA 15237

6:00 – 7:00 Pizza and Networking: Meet vendors, check out properties for sale, and talk with like-minded investors

7:00 – 8:00 Club Announcements: Legal Minute (Rob Xides), Accounting Minute (Marty Schwartz), Landlord Minute (Alex Deacon), Vendor Showcase

8:00 – 9:00 Featured Presentation

February Featured Speaker
This month come and listen to Mace Property Management's own Alex Deacon. Alex will be covering getting started in Real Estate and analyzing Properties.

We hope to see a packed house, so come early, doors open at 6pm
First time guests are always free, and non-REIA members are $10 at the door.
EVERYONE IS WELCOME
Join the Pittsburgh Real Estate Investors Association

I like the alum corner you have. You could also go with a corner piece if the tile you are using has them. That or end with a bullnose and grout the end. I feel the last option is most likely to look poor. 

Talk to:

Main Street bank in wheeling 

Somerset Trust 

Riverview Mortgage Corp in Akron

Main Street has no minimum- 20yr note at up to 85%. I have personally used them.
Somerset one of my friends use, no clue terms.

Riverview I have chatted with at Local REIA meetings. They specialize in Rust Belt Rental lending - I believe down to 25k. They are a family business not large lender.

If you go to REIA or Acre or even SWIG there are local bankers, brokers, and lenders there pretty much every month specializing in just about any niche- and they are all local and know the market.
Additionally you meet folks with money. I got an 8yr amortized loan from one recently for acquisition and rehab on a sub 50k house.

If you are running into a stone wall with sub 75k and sub 100k cutoffs you need to expand your conversations to other avenues.

I also know several people in the area use S&T and get portfolio loans from them. So that is 7 options you can use to refinance.

Also, if that is your focus, David Greene mentions this sometimes, get the exist financing FIRST before even buying a deal. Keeps you from getting caught with your pants down.

Do you network at local investment meetups?