All Forum Posts by: Dominic Lucarelli

The biggest question I have before even crunching the numbers is: what are the code violations?

Welcome to BP! You seem to be filling up your real estate "tool box" pretty quickly. Best wishes and feel free to reach out to anyone here on BP!

Another thing to consider is type of home. Is it a Cape Cod-style home? A Ranch? As a buyer, I'd pay considerable more for a Ranch in my target neighborhood than a Cape Cod. Just my 2 cents

Ouch! I can't think of a worse street in McKeesport! 

 Jerry, what area if you don't mind me asking? I'm a mailman and I've delivered almost every street in the zip code.

I'm targeting properties within the McKeesport zip code as well, more specifically Port Vue. It's a better area and within the South Allegheny School District. PM me and maybe we can team up.

Anyone considered using solar panels to reduce their electric costs or even turn a profit? Just posting this for a lovely discussion. What are your thoughts? It's it feasible?

Rent-O-meter is good, but I like to find my own info. Place a generic test ad on Craigslist for your target price. No address, just a vivid description of your intended purchase. You can combine data from Rentometer to give you a good starting point. If Rentometer says average rents for similar units are $500, price your test ad at $550. If you get tons of responses, you've got a great price. If you get a few, it's average. Low response, too high a price. You want to be the nicest units in that market at that price to draw the best tenants.

Good luck, and keep us posted!

I look at turnkey properties as having prepaid all of your CapEx up front. Depending on your strategy and real estate goals, they can make great investments.

Paying higher than appraisal is akin to pricing in appreciation in my eyes.

What I like to do is figure out what my ideal cash flow is, compute my expected CapEx costs (new roof / 25 years + new HVAC / 15 years + new hot water tank / 7 years, etc.), financing, taxes, etc. then compute my offer based on that data. In a hot market, you may not get the deal but if you do you'll get your price for sure.

Welcome to BP! I'll echo what's been stated above: podcasts, REI meetups, and books are going to help you get more tools in your toolbox