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All Forum Posts by: Ian M.

Ian M. has started 14 posts and replied 133 times.

Post: How do investors get back their money?

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

@Achi Adamit its any way you structure it and whatever the private lender agrees to.  If they are truly private lenders (as opposed to a hard money lender that sometimes call themselves "private lenders" and who have their own lending structure), then you come up with the game plan.  it obviously has to be reasonable enough for the private lender to agree to it, but once you do make sure you speak with an attorney to get it on paper for both of you AND to make sure you are within the state/federal laws (e.g. usuary laws, etc...).  So if you project can't pay out until completion/refi, let your lenders know that and negotiate on terms from there.

DISCLAIMER: THIS IS NOT LEGAL OR TAX ADVISE

Post: Looking for a real estate focused Accountant in NW Pennsylvania

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

Wilke and Associates in the Pittsburgh area.  That's who I use.

Post: Turnkey Buyers - Need feedback

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

@Brie Schmidt and @Jay Hinrichs this is a fantastic idea!  Well done.  I love your creative entrepreneurialism and i very much look forward to the site.

Post: Pittsburgh City Council to discuss new tax

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

http://www.biggerpockets.com/forums/52/topics/159923-city-of-pittsburgh-hearing-on-rental-registration---dec-1-2014?page=1#p1073213

Post: Pittsburgh City Council to discuss new tax

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

@Account Closed See this link, we were talking about it last night

http://www.biggerpockets.com/forums/52/topics/1599...

Post: City of Pittsburgh Hearing on Rental Registration - Dec 1, 2014

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

@Steve Salvatore and @Jerry Kisasonak I initially thought that the forced management company was the worst part too, but frankly I put them on the same level.  The oppressive $65 annual/unit registration fee is a red herring as they seem to be just making up money on  landlords as opposed to everyone.  Its an oppressive expense for landlords with several units but more importantly, the county themselves said they would not need nearly that much to cover the expense of administrating it.  Most importantly, they do not need the registration in order to contact the landlord of "nuisance properties".  They can contact me the same way the building inspector of another borough contacted me when I had a code violation (cracked sidewalk)...via US mail based on the mandatory tax property address on file for the the property.  Again, its a slippery slope.  I would like to show them the 10's of thousands of dollars I have spent giving maintenance workers in the city (who then pay city taxes on that income), my property taxes and the quality housing I have provided in the past several years.  Unfortunately, I think that would come back to hurt me.

Post: City of Pittsburgh Hearing on Rental Registration - Dec 1, 2014

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

@Steve Salvatore thanks a lot for posting this on BP, I didn't think of that myself when i had several emails including the ACRE email about it.  

To any Pittsburgh property owners out there, if you have any property in Pittsburgh or are thinking of it and can in any way make this meeting, please do so.  I'm not one to protest and actually don't enjoy attending this kind of thing, but that is what they are relying on.  In fact, if accurate, one of the emails quoted the mayor as basing whether or not to move forward with the plan based on how vocal the opposition is!  That is likely the reason for the hastiness in setting up this response meeting, the fewer the people that know about this the fewer that attend, the lower the "vocal opposition".  This is another shot across the bow of "the evil rich landlords" out there to make up for the lack of funding that the city hasn't properly managed.  It's an easier sell to voters to have landlords pay more (because there isn't a large enough landlord voting base to make a difference at the polls) than to increase property taxes across the board.  Additionally, under this policy we would be FORCED to have a management company if you live outside of Allegheny County.  These types of targeted policies at landlords makes me think of the kind of anti-entrepreneurial thinking that led to the downfall of Detroit.  It's a slippery slope and if implemented, may seriously make me consider another market.

Post: Problems with Tenants Paying their Rent (Despite Good Screening)

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

@Yiv L.  for not fixing the sidewalk (which the inspector didn't initially think needed fixed) fast enough.  Tenants wouldn't have anything to do with that.  i always fix the property when something needs its so there is nothing i would have done to warrant non payment

@Kimberly H.   unless they are bold faced lying to me (i don't think they are, i have good rapport with the leasing agent) - yes they are verifying.

Post: Problems with Tenants Paying their Rent (Despite Good Screening)

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

Thanks everyone.  Just for background - we do 2.5-3 x monthly rent, credit check (650+); i will go down to 600, but only with a double deposit, landlord checks (mainly previous to the current one to avoid the issues @Mike Russo mentioned).  I'm starting to wonder if its the areas and tenant base that my current PM/realtor put me in and that this is part of the MO for those areas.  Admittedly, i could get more involved in the initial screening with some of the questions (i invest out of state so thats going to be difficult), though i am starting to wonder what a PM is for then.  Again, i appreciate the responses.

Post: Problems with Tenants Paying their Rent (Despite Good Screening)

Ian M.
Posted
  • Pittsburgh, PA
  • Posts 139
  • Votes 37

@Eddie Werner I would agree, but i don't know any management company that would do that given the volume of properties they would have to visit each month.