All Forum Posts by: Michael D.

Nicole Goss, I find some good information on Zillow for the Pittsburgh area. If there are other good sources you come across, I'd like to know about them.

Good resources that are what Jennifer Lee was talking about.

Alleghany County Web Page that will tell you the current assessed value and appeal status, if any is in progress. It will also tell you the borough, if you weren't sure. There is also a lot of other misc good information. This is always my first stop when considering a property:
http://www2.county.allegheny.pa.us/RealEstate/Search.aspx

The county web page that details the millages for each school distrct, borough and the county itself. Click on the borough the property is in for all the detail. CRITICALLY IMPORTANT:
http://www.county.allegheny.pa.us/treasure/millmuni.asp

Most boroughs have web pages, and you should look there as well and call into them to get detail on utilities, ordinances, etc. The boroughs are often small enough that sometimes the person you talk to will know the property you're talking about and even the owner. I've talked to inspectors that told me all about how many times he's had to nag the owner to fix stuff, but they never did.

The utilities are all over the map in the Pittsburgh area, and they WILL kill you if you're not careful, especially on multifamily. Check them all: water, gas, electric, trash and recycling.

Good luck!

Jerry, thanks for the good info, I'll check that guy out.

I am interested in adding to my growing collection in Pittsburgh.

Would anybody refer me to an attorney would could help me with a simple tax appeal in Pittsburgh?

Does anybody have any thoughts on that process, what I should do, and what my chances for success are?

I'm about to get into contract on a property assessed at $100k, but I'm only paying $50k for it (this is a fair ARV. No major repairs required).

So unless I can have it reassessed, I'll be paying double the tax that I ought to be.

One immediate question: I know that I'll need an appraisal for the appeal, but should I get that now while in contract, or wait until after I close?

Thanks!

Ugochukwu Opara,

I think this might be illegal, and it's definitely unethical unless the seller is informed. If I were the seller and found out about that, I'd be angry.

Why not explore some of the ways to be involved in Real Estate that nobody thinks would require a license, like investing? Get a job, and start hunting around for good deals. Work with somebody who is willing to take you under their wing and maybe help finance some places. You do the hard work, including fix-up labor, and put every last cent you earn into it for a while.

In a year or two you might have a number of educational (if not profitable) flips or rentals under your belt, and you'll be well on your way.

This is a much more certain path to victory than what you're trying. Brokering - even with a license - will always be a "hustle." Some people make a lot of money at it, but most don't.

Plus, by being an investor you have a life and career outside of real estate. Ideally RE is the golden goose, but if it's more down than up for a while you can still support yourself.

More good advice, but it's probably too late to switch brokers on this one. Right now I've got a hardworking and motivated agent with great residential experience, but not focusing on commercial.

So the question remains - any advice on what things are important to have in the contract for a 19-unit building?

Thanks again!

Thanks very much for the advice guys - good stuff as always.

BUT - I'm really asking specifically about what needs to go into the purchase agreement. Terms, contingencies, conditions, etc.
Right now I have:
- all the leases
- Schedule E
- Estoppels from all the tenants
- Terms of any contracts for the building.

What are some of the other things I might be missing?
Where can I get a standard estoppel? I've never used (or even seen) one before.

I've done a lot of due diligence already by calling the utility companies, etc.

I'm thinking about buying a 19-unit building.

What are some of the things that I need to make sure are in the contract that I might not think about?

Thanks,
Michael

We need a checklist just like pilots use.

I'm not talking about something so exhaustive that a lot of items NEED to be skipped in routine deals. I want something where it covers ALL the important bases but doesn't have a bunch of extra stuff that's usually bonus points. Where a missed checkbox is a big red flag, but all checkboxes covered means you can't be too far off.

Anybody have/use something like that?
estoppels... check
deposits... check
leases... check
utility bills... check