All Forum Posts by: James Papiano

Hi everyone, I have identified a potential property in my neighborhood.  It would be ideal if I could negotiate an owner financing deal with the seller. What could some of the terms of the deal be related to insurance and taxes if title of the property remains with the seller ? How could I get insurance coverage for something that I do not have title to?

Would it be possible to eventually refi or get a bank to assume a mortgage to pay off my note with the seller if the title is not in my name? Any other creative solutions or advice to close with an owner financing deal? 

I am curious about the importance of a certificate of occupancy. Does it help to have one for an appraisal when it comes to refinancing a property?  What has been your experience? Thanks, -James

Hi everyone, I just found out about a potential deal that is off the market. I was approached by our local realtor that a family is selling a house that has been in the family for many years. I thought this would be a great opportunity to discuss owner financing with the family. This would be my first attempt to ask this of a seller. 

My question is how and what terms that are reasonable do you typically use? 15, 20, 30 year note? What is a competitive interest rate for a SFH? What are some of the ways you have negotiated these types of deals? Any insight is appreciated!

James

I have found people willing to to do finish work and the mechanicals. The problem is finding a sub to do a partial remodel/demolition. 

Looking for a reliable contractor to do a remodel of a house in the Southside area. Any suggestions? Thanks- James

I can also add that specifically in the Southside Flats neighborhood, I have noticed a decent amount of SFHs are not rented out (according to listings on Trulia/Zillow). I own and manage two properties in that area and also lived there last year. Rent for 3/4 bedrooms (or at least the 3/4 bedroom units that are left) have dropped slightly. It could also have something to do with enrollment in local colleges- can vary depending on each freshman class size from year to year. Overall, still a great area for younger people/ college students. There is always a deal somewhere that will work if you do your homework! - James

I am currently 22 years old and a senior attending college in the Pittsburgh area. Although I am young and have much to learn, over the past two years I have gain much more experience than others my age. I am enamored with real estate investing. Currently, I am finishing up my accounting degree and will be attending graduate school next fall in order to obtain my CPA license. It is my hope to one day advise others in real estate with my accounting background. 

Two years ago, my father and I started looking at rental properties in the Pittsburgh area. Since then we are working on our third property. I know three rentals may not seem like much, but over time it is my goal to help my parents retire early by seeking out potential properties that generate both cash flow and appreciation.

Although I am not financially independent, as I am joining both my parents in real estate, I am doing most of the "leg" work for building our portfolio. My family lives in New Jersey and I am the one who manages, identifies potential properties, and communicates with our contacts in the Greater Pittsburgh area.

While only 22 years old, I realize it is important to be both well rounded and patient. I am doing my best to use my age as an advantage in order to learn from others as well as myself with my own mistakes as I begin my (hopefully) long-term journey in real estate.