All Forum Posts by: Kenneth Soles

Trying to BRRR in todays market is pretty tough. Pretty much all of our 25 unit rental portfolio was obtained by using the BRRR method. With todays higher interest rates and competition from other investors that drive up distressed housing prices we've hadn't had any luck getting new deals to pencil out. In fact we haven't purchased anything since 2021. Just content to sit on the sidelines and not "force" a deal by being too optimistic when you run your numbers. I'd suggest looking at flipping your current project or be content leaving more equity in the deal and not pulling as much cash out.

Check out K and S Property Management.  Justin Betters is the owner.    Highly recommend.   

We provide them.  Get the cheap ones from Walmart or Lowes.    Easy to replace.  The tenant can replace any broken ones before move out. If not we replace and charge the customer for time and materials.  

Certainly check your local laws.  However I would not pay them.   Think of it this way if it would’ve taken you 4 months to fill it, your ex-tenant most definitely wouldn’t agree to pay an additional month, would they??  Both parties agreed to 3 months.  This one worked out in your favor.   Next time it may not.  

A little confused on the timeline of events. At any rate honor the lease and give them the 30 day notice. I would not wait till after they are out to start advertising and showing the unit.   Get in there asap and inspect the unit and identify what needs to be done before a new tenant moves in.   Your goal is to turn it over immediately. For example the person moves out Sept 30th, new tenant moves in October 1st.  When a current tenant gives notice they want to end the lease, I tell them that if I can get a new tenant to sign a lease that starts at the first of the month I will give them $100 as appreciation to allow me to get the unit ready and working with me to keep the place looking good when showing it to prospective tenants.  Hope this helps!

Sorry if I missed it but what type of tax sale did you purchase it from?   In my experience there are only 2 types of tax sales in PA.    The upset sale and the free and clear sale otherwise known as the judicial sale.  We’ve purchased quite a few properties on the free and clear sale.  Before we purchase we have a title search done.  That also includes verifying that the tax claim bureau did what they were supposed to do as far as giving the proper notification to lien holders and the current owner.  Did you have that done along with your title search?

There are different types of tax sales and each state is different as to how the process works.   Even individual counties within the same state may have a different process.  You may have better luck getting a response on the forum if you identify the specific state and county.

that's a problem that I experienced too.  Most of the nationwide lenders that target real estate investors don't want to deal with anything much under 100K.  Best bet is to go commercial loans from the smaller regional banks.  However in most cases they will only do a 15 or 20 year loan term with the interest rate resetting in 5 years.  Which may work for ya.  Also if you can bundle a couple of these properties together to get you over the 100k threshold may also work for some of these lenders that target real estate investors.  

Congratulations on the purchase Pamela.  You may want to join the Landlord Association of Westmoreland County or the Pittsburgh Real Estate Investors Facebook groups. I've been to some meetups in Westmoreland County and there are investors from Johnstown who attend occasionally.  I'm sure they belong to these Facebook groups.  If you ask for a recommendation on these groups maybe someone can give you a recommendation for a property manager.