All Forum Posts by: Rick Stivers

All great points, and why I like BP! Thanks everyone for the great feedback.

I have another property that I’m currently going through an ejectment with so trying to avoid similar issues due to the moratorium in PA. I’m convinced the former home owner is having elective brain surgery just to stay in the house a little longer but that is another story for another day :-).

Yeah I have the same concerns.

@Russell Brazil it does not appear that it is, but she mentioned something about there being a special COVID-19 ruling that just came out and I cannot find anything about that other than around the moratorium on evictions.

I have a single family rental, and I advertised it on Facebook. One potential renter is a highly educated social worker who was recently impacted by a COVID-19 related layoff. When she asked if unemployment was a valid form of income and would it count against her in the application process that she was unemployed, I stated that the letter she receives from the state can be used as a form of income validation. I also told her that she would require a co-signer because she is out of work, based on recommendations from fellow investors. Her response was that it was unacceptable and I was discriminating against her. I did my research and as far as I can tell, unemployed is not a protected class in Pennsylvania. Has anyone else run into this lately given all the COVID-19 layoffs? I'm guessing she is blowing smoke.  I do intend to run this by my legal council, but wanted to see what others had to say first.

@Tyler Duzick I have a property in the Altoona area that appraised for $75K, and I'm trying to rent for $800. I've had some interest but it's not been a quick process. I also have a similar property out by the Airport in Pittsburgh and I paid $69K for it. The rents in that area are $1200 per month. It needs rehabbed and afterwards I can probably rent it for $1400. So for around the same amount I can cash flow much better in Pittsburgh where the economy is stronger. The problem is that the competition is stronger in Pittsburgh so deals are more difficult to find. There are some deals in this area in the $40-50K range that would rent for $650-700 that you can't find in the good areas of Pittsburgh. I'm looking at a few properties tomorrow in the Johnstown area that are under 15K, and will need 15-20K in rehab. Those should also rent for $650-700. 

Hi Varun, I'm also from Altoona and have a few properties in Western PA. I do mostly long term single family buy and holds, but I'm hopefully closing on a flip in the next few weeks. I'll keep you posted on how it goes.

Yeah I would be interested in joining you once this virus calms down!

Yeah sorry for the delayed response. I've been dealing with the Covid 19 issues at work and trying to convert my team to all remote. I will send you a DM with some details on what I have going on.

@Bob Veitch Shoot me a message, I just started investing in the Pittsburgh area. Sweat equity is a valuable commodity. 

Yeah I've heard good things about the Pittsburgh REIA. Will see if I can make the next meeting. Thanks for the info on the Beaver County ACRE.