All Forum Posts by: Katie Landis

I've seen your billboards!

Hi Michael, that is genius, but I have it being utilized by a health care worker. Only 1 of the 2 units are ready so far. The second one...I'm planning to get it underway starting in late June. Tell your wife "Hi! Great taste in music. See you at the show!" 2 of my besties are traveling in for the show or maybe I'd rent out my own extra bedrooms.  Did you happen to hear the Real Estate for Breakfast Podcast "beds and sheds." It got me so fired up about the potential in Columbus! ~ Katie        link to podcast: https://www.realestatebreakfas...

Cool! Are you going to the ACRE Meetings?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $162,500
Cash invested: $15,000

Polish Hill duplex. Upper Unit for Mid Term Rental, furnished. Lower Unit to be fully renovated in coming months.

What made you interested in investing in this type of deal?

To build long term wealth for my family.

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Conventional loan, I'm good at negotiating and the agents did a great job keeping the deal together.

How did you add value to the deal?

Forcing appreciation through cosmetic and functional improvements. The neighborhood is also appreciating with nearby shop openings and residential construction/renovations.

What was the outcome?

in progress

Lessons learned? Challenges?

Financing myself is challenging. Typical quirks of working with tradies.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Realtor ~ Doug Hoerster, Howard Hanna, Pittsburgh, PA.
Lender ~ Bobby Rank w/ USB -

Quote from @Peter Eberhardt:

 Under contract at $165K :-)

Miranda, thank you so much for your reply and that's cool that you used to work for the City of Pittsburgh! I met a really nice guy at the local REIA meeting who used to work as a Code Enforcement Officer there.

You seem really soulful still, for having had it sucked out by a renovation. ;-) I need to go look at your profile and see if you've shared details about the aforementioned reno. I love connecting with area investors. It can feel too isolating if you don't build community.

Hi Blaise, Thanks for the reply! Yes, I like to do a very nice job...the whole "do unto others" type mentality that keeps the world groovy, ya know!? 

"White knuckle investing" is a good description. In the recent weeks, I've gotten more time to analyze and get a strategy pinned down. I landed on using the conventional loan because I like the idea of building equity and not having to rush to refinance. The area will appreciate a lot but not w/in 12 months. I think in about 2-3 years the people sick of Lawrenceville's noise and high prices will be ready to explore nearby 'hoods. You already see it happening with Bloomfield and the Strip. In addition to that, I love Polish Hill for its proximity to downtown/stadiums, the universities and hospitals.

Anyhow, back to the work at hand - The upper 2 floors make up Unit 1. They will not take too much work to get ready for rent. I'll start with this unit and get it furnished. I really enjoy/am skilled at interior design.

Unit 2 will be worked on next - floor 1 and the walk-out basement. The basement level needs a full bathroom renovation which will be costly. It needs a total 180 cosmetically all throughout, so it will take a few months. 

I see that I can attach images and links, so hopefully I'll be sharing some before/afters or just a listing link by early spring 2023. :)

Hi BP Community, I'm back with more intelligence after weeks of the buying/inspection/appraisal/loan pre-approval process. 

1) It actually IS zoned as a duplex. Occasionally the listing agent get their info from the seller and the seller forgets they never re-permitted as anything but a Duplex.

2) I need to figure out which are split and which are not. My inspector made no mention of it and my eyes did not detect any split utilities, but allegedly the appraiser says that utils are split. It is (annoyingly) taking forever to get the appraisal report, but hope to have it ASAP.

3) Anthony - don't put bad vibes into the universe. ;-) No fires!

4) See above...no bad juju.

@Peter Eberhardt My thought was that if I use Hard Money, I'd include rehab costs in the loan versus if I use a traditional loan, just finance purchase price. That is what makes a big difference in the closing costs. I have good contacts in both traditional and HM lending (and will be sending whoever doesn't get this one a TY note & gift card for their effort). 

"Don't be scared" is good advice for sure! It's easy to over-analyze.
Consistent, imperfect action and doing the next right thing tends to work out. I feel hopeful I'll lock this up today at $160,000 and the ARV should be near $400,000 with $150,000 in. Time will tell. ~enjoying the journey and learning in the meantime~ | Peter, I hope you're enjoying sunny CA!

@Peter Eberhardt, Thank you for reading and responding. I might be more of a "get rich slowly" person than you. Getting cash back definitely fits my pretend-future-husband David Greene's velocity of money / BRRR strategy advice.

...but I kind of like to imagine owning the properties 30+ years, seeing modest/good cash flow year over year & appreciation, then letting my sons continue the business.