All Forum Posts by: Jacob Vincent

Congrats man!

I know this is an older thread, but I wanted to tell @Juan Maldonado thanks for the Blue Sky recommendation.  I contacted Katie as I'm working on a deal in Pittsburgh. 

Thanks for the suggestions everyone!

Hi BPers, 

I'm in need of a trustworthy person to take pics of a property for me in Pittsburgh.  I live out of state, but for someone who lives or works near the property, this could be a 5 minute gig.  

Just go to the location and take as many pics as you can of the unoccupied property for me to be able to use those pics to advertise the sale of the building.  Does anyone have any recommendations for people who can do this for me, or where I can go to request such a service? 

Thanks in advance!

Jacob

Tarl, 

Congrats on the deal!

Thanks for sharing, and thanks for providing that quick tip at the end.  A knowledgeable person in the region can help 'short-cut' the entire process when you're in a flip where time is your enemy. 

-Jacob

lol @ 'mugu'

Thanks for sharing. Very helpful information for out-of-state investors looking to get started in the game.

Hi folks, 

I'm here seeking advice.  

My father bought a property about a decade ago and just wants to get out of it and pay off his mortgage balance.  The property doesn't seem to have appreciated, but there is potential with the land and location (i.e. it is zoned for a second house, and backs a 19 acre orange grove).  

What would you folks do?  Should I post it in the marketplace here or try craigslist?  He's not going to do a subject-to or owner finance, he's old school and just wants the cash to pay off the mortgage balance.  He has an agent, but they're as responsive as the gravel on your driveway.  He has also tried renting it out over the years, but tenant quality has been low, and the property managers that he's hired, have given up.  The property management count in that region seems to be very small. 

Thanks!
Jacob

Always take free money (i.e. max out the company match - but don't go over).  

Pick the Roth option for your IRA.

Speak with someone (even if you have to pay a reasonable fee) who is an expert in Roth withdrawals and/or IRA investing so you can be aware of your liquidity options.

If you live in ATL and can save $10K in cash per year after maxing out your Roth contribution, then HOUSE HACK!

FHA the nicest multi-unit house that you can afford, or buy the biggest and most Boss/Pimpin/Baller single-family home that you can afford, and charge your roommates (or AirBNB guests) enough so that you don't have to come out of pocket for your PITI payments.

Then keep saving $10K per year, and rinse, wash, repeat. 

Good luck!

Dude, house hack!!

I left the Chicagoland area (Chicago proper - not the 'burb dwellers who like to claim Chicago) and WISH that I had house-hacked while I was there. I was so enamored with living the downtown life that I shunned any opportunity to get a 2- or 3-flat via FHA.

Any downtown deals are immediately killed by assessments (even if you're looking just to buy for yourself) - because it becomes way cheaper to rent for a 3-5 year period... and don't even mention special assessments.

•  You can take out one loan for a 4-flat
• you can bake in maintenance costs into the rent for the other 3 units (depending on the property and location)
• if you play it right, the other 3 units will cover all PITI payments for the entire 4-flat
• BONUS: you can then save whatever you're currently paying for rent, and after 12 months, turn around and buy an out-of-state SFH - then you're renting out 4 units in a 2 year timeframe.

Good luck!

Folks, 

Apologies to the Mods if this is in the wrong section.  I can move it depending on feedback. 

I'm about to make an offer on a buy-n-hold multi-unit property.  Does anyone have recommendations for RE attorneys, inspectors, title search companies (if necessary) in Chester, PA?  I'm out-of-state, so I put more weight on the BP member recommendations than I would a Google search or Yelp.  

Thanks in advance!