All Forum Posts by: Kenneth Soles

My concern is will my tenants  still be able to make the rent payments.  I have 19 doors in Southwestern PA.  Many of my tenants work in service or cyclical industries (Fast Food, Gas Stations, restaurants, natural gas undustry).  So if the general public decides to stay home, travel less, and consume less for an extended period of time, I think it will definitely start to take its toll on business.  Which could result in layoffs, less hours being worked and such.  

I am still investing.  However I am being careful not to over-leverage in case vacancies or an eviction would arise.  Hopefully this Covid 19 crisis will be short lived and things will get back to normal relatively soon.

Joe, Check out Channing Cotterman.  He's a wholesaler that I have used.  Are you going to next weeks meetup?

Hi Alan,  You should come check out the SWIG real estate networking event.  Its once a month up at Giannillis II between Greensburg and Latrobe. I got a chance to meet Joe Palmer there.  Brandon Yeager the group's organizer has speakers and he also speaks on many real estate related topics.  Great chance to do some networking.

I have a side of a duplex a little further southwest of you (Westmoreland county) that I am currently looking for a qualified tenant.  As far as your tenant qualifications I would consider upping the gross income requirements to 3x the monthly rent.  

This is a bad time of year to try to find tenants.  Many people move in the winter either because they have to (like being kicked out) or there is some underlying reason which they may not be divulging.  

Consider running an incentive such as "Winter Special". Advertise such as if a tenant signs a lease by "such and such date" that you will give the first month rent for half off.  I've had luck with that in the past and am currently running it on my vacant duplex.

I currently do not accept section 8.  However I also get many inquiries asking if I do.  After talking to some other landlords I am considering the section 8 route.  Remember that just because someone has a section 8 voucher that doesn't exempt them from your screening standards.   They still need to qualify just as any other tenant. 

Good luck on your tenant search!

@Brendan Chetuck

The 3 prong outlets most likely are installed with a non-existent equipment ground. Many homeowners do this so they can plug a 3 prong receptacle in. Very dangerous because it gives someone a false sense of security.

I invest in Westmoreland county. Feel free to reach out

@Michael B.

Shaw vinyl plank flooring which is carried by Lowe’s. Around 1.89 a square foot (material only). Is 100% waterproof. It has a snap click lip that hooks the pieces together. I used to use allure with the grip strip but have now standardized on the Shaw product. Use the color of resort teak in all my rentals.

I own a multi-family and soon closing on two single families in Jeannette. As mentioned previously location is everything. There are some decent areas and some that aren't so decent. The multi-families listed on the MLS are over priced in my opinion, particularly the turnkeys. This is something I've seen for a while in Greensburg but looks to now be happening in the Jeannette market.

Make sure you are not overpaying for the properties.  If you are going to make any money it will all be on cashflow.  I would assume 0% appreciation if you are using any of the BP calculators to analyze these properties.

As far as positives, the city departments are much easier to work with versus Greensburg.  The Elliott Company is building a new facility at the old glass plant site which should help the downtown area.  Also unlike cities in the Mon Valley, the city of Jeannette is completely surrounded by areas with a healthy tax base and pretty decent school districts.

I am a Pro member and for the life of me cannot find the landlord forms that are included with the Pro membership.  Can someone steer me in the right directions?   thanks

Hello Audrey,

I am curious as to how you made out with this.  I am going through a similiar situation in which I have an installment land contract here in Pennsylania.  The other party is constantly late on payments.  My attorney explained that I may have to refund some of their money if I decide to move forward on terminating the agreement.