All Forum Posts by: Jeremy Pace

@David Lee Hall, III

I don't know what happened to my earlier reply to this post, so I'll post it again:

HML don't generally want to amortize for 30 years without giant balloon payments in the near future.Have you spoken to Clearview Credit Union, Slovak Saving & Loan, Community Bank, or Brentwood Bank?  They are more flexible that your huge chain banks, and maybe they could help get you started in the direction you want to go.

On a weird, unrelated note ... have you considered rehiring the original 3rd party appraiser who speculated $100k?  I know that may have already crossed your mind, but I didn't see it addressed in the thread

EDIT: sorry, I realize now I responded in a similar thread from OP with a slightly different title, apologies for the (majority) repost.

@David Lee Hall, III

I dont think any HML is going to give you a 30 yr amortization without a balloon.

Have you talked to clearview credit union, community bank, brentwood pank, or Slovak saving and loan?

Oh, another one:

I've used the parcel number of a property I was interested in as a criteria in a probate search (online, free) and then called the lawyer listed in the scanned filings, many of which you can read for free.  I then explained what I was trying to do and asked for my message and contact information to be sent on to the wife of an elderly fellow who had died.  I did this after not being able to contact her after looking up her contact information online.

Man, there are so many fun answers to this question.

I'll assume that you don't have a job that provides a thousands-per-month surplus.

I'll assume that you don't have a RE salesperson license, and aren't a contractor.

I'll assume that you don't currently live in a multifamily property.

I'll assume that you don't have a credit score over 700.

I WILL assume that you live in a home that you do not rent.

I WILL assume that you own a vehicle.

If you're just looking for ways to make money appear from the air with minimum effort, clean out a spare room in your house and but that bad boy up on Air BnB.  Depending on where you live in the city, you can get compensated pretty well, I've seen listings as minimal as 'sleep on my couch' so there's definitely room to get in on that.

Another idea:

Try and meet some investors who are looking to buy.  Talk to them about what they want, and how much they'll pay for a lead (and qualify what they mean when they say lead, everyone is a little different) and then do driving and try to find it.  

For example: they want a multi-unit rental in the southside slopes?  Drive around in circles until you see a hand-written for rent sign on a building with more that one electrical meter visible, and make some cold calls.  This requires basically no monetary investment, and may not even require that you get out of your car.  (This is usually called bird-dogging)

For example II the sequel:  With a little bit of walking around downtown, and a little bit of money (~$50), you can get a CD/USB drive of every property in Allegheny county, who owns it, their mailing address, whether or not they pay their taxes, how much money the mortgage is on the property, etc. (Think the county assessment site, but in excel and with 150 more fields).  You can also look up lien information for free.  This is the basis of a variety of online list services that charge a considerable markup for this information.  You can use this to track down information about properties that interest you, or as the cornerstone of a broader marketing campaign.  (Direct/Targeted Marketing, Absentee Owner Marketing)

The reality is that realtors will tell you that you need a rockstar realtor.

Truthfully, any property listed by a realtor has already made it past too many people to be a great deal.  Don't get me wrong you can still make money, but it won't be a triple-A deal.  If you want the best deals, you have to get the deal direct from the seller, whether they come to you or you actively solicit them.  

As a contractor in Pittsburgh, I can tell you that listing agents just don't give a **** about places listed below maybe $40k.  And truthfully, why would they, the best they're gonna get is 1.5%, , maybe 2%.  I'll give you a tip, if you see a non-realtor lockbox on a realtor listed property, you're going to have to pester them to death to do anything, to view it (99% of the time they just text me the code so they don't have to come out), to submit and offer ... anything.

@TJ Spence sounds like you're well on your way.

I've worked with @Neil Metzger before, I think you guys should meet up.

I'm a registered, insured contractor so if you need anything, feel free to reach out.

Welcome to BP!

@Justin Myers welcome to BP!

I'm a landlord that is now a contractor, so I think we have a lot to offer each other.

Please don't give any investors a discount :P but @Gunnar Sevart is right, there are lots of investors here that I'm sure would be glad to partner with you.

Good luck!

@Chris Policicchio

Is this part of a larger remodel, or is this the only work you're looking to have done?

I've sent you the name of the electrician that I use most often, he's also HVAC certified.

@Cliff Loya message me, I'd be happy to refer you.

@Chris Policicchio

What area of Pittsburgh is your property?