All Forum Posts by: Phil Ciarrocchi
Phil Ciarrocchi has started 2 posts and replied 4 times.
Post: Raising Rents on 30 year and Recently Divorced Tenants? Need Help
- Greensburg, PA
- Posts 7
- Votes 0
Hey BP Family.
I have come across a situation where I have found a possible place to buy that has significant under market rent values that haven't been raised in years. The one tenant has been there for 30 years and has health issues. The other is a recently divorced guy and his son who does handyman work around the place to pay less rent.
So my idea is to have a property management group run the place and work on getting rents up to where they should be but how can we justify the increases without ruining these peoples lives? I understand this is a business and needs to be treated like one but I'm not one to kick someone while they are down. Any advice would be great. Thanks!
Phil
Post: Starting Out - Best Practices in Securing Funding for Deals
- Greensburg, PA
- Posts 7
- Votes 0
Always good to hear! Thanks Stephanie! @Stephanie Dobbs
Post: Starting Out - Best Practices in Securing Funding for Deals
- Greensburg, PA
- Posts 7
- Votes 0
Cameron,
I have looked into traditional financing and will probably use that for a live in one unit triplex on down the line but right now I'm working on some smaller deals mostly SFRs in better to good neighborhoods that are beat up. The idea is to get in on the ground floor, fix and rent. Let the property appreciate and 1031 into something bigger and more units in 3 to 5 years.
Post: Starting Out - Best Practices in Securing Funding for Deals
- Greensburg, PA
- Posts 7
- Votes 0
What's up BP?!
I have begun my journey in real estate. Here's a little background to give you an idea where I am.
I work the typical 9 to 5 and every spare time I have goes into finding and analysing deals. I read extensively on this forum and listen to many real estate discussions and books. I have friends that work full time as project managers for investors so I get to pick their brains as well.
I am a member of my local REIA (ACRE) in Pittsburgh PA. Been going there for about 3 months now.
I have spoke to family about lending for deals and all who could have opted out so I have yet to do my first deal.
I have analysed about 200 plus properties so far for opportunities and have found many decent deals out there but very few that are great.
I have found a great deal and now with struggling to find the financing. I'm looking for some advice on the best practices for securing funding for deals starting out.
All the help is greatly appreciated.
Thanks everybody!
Phil