All Forum Posts by: Jeremy Pace

@Julia Bublitz it's not too forward, but it could be perceived as too forward depending on the mindset of the owner.  I've oftentimes experienced some aggressive feedback from all forms of contact, including: facebook messages, phones calls, emails, handwritten letters, posted letters on doors, and visiting primary residences.

It's all about being as polite and respectful as possible, and hoping that they aren't intrinsically offended by your attempt to contact them. 

@Dante Campbell

203k is pretty much one of a kind. The way PMI is set up now, it's really hard to get away from it, even with a refinance.

Refinancing is a vehicle via which to change the terms of your loan, hopefully in your favor.

I recommend you check out the Pittsburgh REIA.

@David Richman welcome!

I'm not a newbie, but I remember how hard it was to be one.  I'm currently working as a construction contractor.  I'm happy to help out, if I can.

Well, it sounds like you have a plan, now all you need are some deals!

@April Oswalt

You can write up your contacts for wholesaling so that theres no penalty to you if the property doesn't sell. There are several real estate clubs and groups in Pittsburgh full of potential buyers.

One tip: I wouldn't approach realtor-represented properties with the intention of wholesaling... they dont generally respond well to that.

@Ryan Coffman

Brentwood bank, community bank, slovak saving and loan, and clearview fcu come to mind.

@Mike Smith I think you'll need to provide some math about why you think that your offer makes sense.  If you're logic is that you feel like you'd enjoy paying 15% less, it's unlikely that the seller is going to want to sell.

However, if you come to the seller with some information about why you think you're asking price is more appropriate (rent is lower, CapEx or repairs needed, etc.) you will at least have an opportunity to talk about it, without frosting the seller.

Extra bonus note: using the fact that it's been listed before or been on the market for a long time as justification for a lower-than-asking offer on one of the lowest cost assets currently available in your market will DEFINITELY frost the seller.

You'll need to get your hands on a rent roll or a pro forma, too ... it'll be tough to do good analysis without the basic numbers, even if they are padded a little.

@Dave Barker as an additional loss payee, you're eligible for payouts from the homeowners insurance policy of the previous owner, which doesn't really make that much sense.  If the deed has been transferred to you, why does the seller still have a homeowner's policy on the home?

It sounds a little bit like you might be conflating "Subject To" with a land contract ... which is where you and the seller sign a contract in which you agree to take some forms of title, while the seller keep the deed, liens, and insurance in place until the conditions of the contract are complete.

In either case, the two cases you need to be worried about are:

1) The bank calls the mortgage note because they realize that you transferred the deed, which is within their right, as per their contract with the previous owner.

2) The seller dies, having told not one other person that the two of you are participating in a land contract, and you have to provide the contract and proof of it's authenticity to the probate court/judge/lawyer/whoever to make sure that your contract is enforced.  Note that this scenario may also include the bank being notified that the previous owner died and calling the mortgage due because they want their money.

Please feel free to provide additional details, for clarity.

@Art Perkitny the 3 neighborhoods you listed won't yield 1% rule results

@Tyler D. I was going to say check in Camp Hill, there was a portfolio of Quads (three of them) that an investor was selling to raise capitol to buy a subdivision of townhomes, but it looks like they've already sold (I saw the sheets like, 12/28), they may not have even made it to market.  So in 10-12 days, this guy unloaded $750k in quads and he didn't even have to look around.

The real issue is exposure, not inventory.  If you're not standing right there the second someone decides to sell their quad, you're not going to get it ... especially if you're looking from afar.  How many people do you think any good deal would have to get past to get all the way to you, without boots on the ground?

Message me, I'd like to hear more about your prices, thanks.