All Forum Posts by: Jay Belcher

If occupancy is 2 units, that's what you've got - legally.

If you rent it out as 3, you run the risk of the city giving you problems - could be right away, could be years from now, may never happen. I don't doubt the current owner "never had an issue", but that's no guarantee you won't.

The other substantial issue is if there were every a fire, etc., you could be a position of greater liability if you're renting it out illegally.

Gas and electric separated doesn't mean anything.

There's a lot I don't know about financing, but here's what I do know. Most banks will want your rentals seasoned for 6 months or more before they'll count your rental income.

Not sure who you're trying, but I suggest trying smaller local banks. They're usually more understanding all the way around.

Sorry to pick up on this late, but I was at a training event this past weekend.

@Ryan Coffman welcome to BP.

Make sure you check out the Pittsburgh REIA and ACRE - too big groups. REIA also has a sub-group for the South Hills - every 4th Thursday at the King's in Bridgeville @ 6:30P.

Agreed - Robyn and Larry are both super knowledgeable!

I've had good luck with Pierson & Scott / Rebecca Wanovich. Should be easy to find or PM me for a number.

Typical monthly - really depends on what you're covering. But it's expensive - something like $100/mo should be no surprise for a vacant place.

Ideally your paperwork is looked at by an attorney before you use it with any seller.

As a wholesaler, you don't need to worry much about the closing as you will be getting paid a release fee instead of closing on the agreement yourself. Buyer usually picks the closing company of their choice, though I would highly recommend to them that they use a closing company / closing attorney and not try to handle it without one.

@Anthony Angotti thanks for pulling this together again!

This will be a good one to attend - Kathy has been around the business a long time and she has a lot of good financing options.

Anyone with ideas for future topics, etc. - please feel free to post them here.

I suggest plugging into a local REIA (investment association) to meet folks. There are a couple in Pittsburgh, may be something closer to where you live if you do some searching.

Carpet - have used Eric Eidemueller @ Molyneux many times. Good guy / better pricing that going in on the retail side. You'll have to connect w/ me for me to PM you the number, or Google the Washington Road location & ask for him (he's in commercial side)

I'm not the one to advise on cost per square foot. But I would be cautious regarding the utilities. Just because there was a house there once, doesn't mean the utilities are any good. For example it's typical that an old gas line won't pass the pressure test to be reused. Old water, sewer, and gas lines all have their own issues. Some are even cut at the curb after a period of non-use.

If insurance replacement values are any guide, the cost of new construction can easily be more than the cost of an existing structure. In Pittsburgh land is cheap, vacant lots are plentiful, and most investors stay away from them.

Sorry to rain on the parade.