All Forum Posts by: Stefan D.

@Natalie Kolodij Thanks Natalie!

To get more specific - if I put the house on sale soon, and have a closing date of 3/31/19 will that cut it? I'd obviously have to move out a week or two before final closing.  Or should I not close until later in April to be safe?

The closing date on my house was 3/31/2017.  When can I sell the house and avoid paying capital gains?

@Jim K.

Thank you, I do appreciate you elaborating on the size of the challenge I'm up against - its good to go into it clear eyed.  

Also, it sounds like you picked the right profession.

Haha @Jim K., I'm not looking for some perfect system, I get that it's complicated, I just want a way to make informed decision.  What I meant by a "system" would be something like this:

Use a checklist and estimate costs of everything that will need replaced in the first 5 years. Sum it up and divide by 5. Add a buffer in case more things break than expected. 

Ok thank you both - so you need to look at the age/condition of all the big ticket items.  Have either of you systematized it at all?  Any rules, or things you always consider deal breakers?

How much do yinz budget for repairs and capex for single family rentals from the early 1900's in the Pittsburgh area?  

Rules of thumb such as 5% of gross rent for repairs, and 5-7% for capex seem optimistically low for old houses. ($1440 yearly for a property that rents for $1000)

How much do yinz budget for repairs and capex for single family rentals from the early 1900's in the Pittsburgh area?  

Rules of thumb such as 5% of gross rent for repairs, and 5-7% for capex seem optimistically low for old houses. ($1440 yearly for a property that rents for $1000)

Thanks for the input everyone.  Once my realtor took a look at the property we decided against it: the roof has been leaking through the bathroom and into the 1st floor kitchen.  This is probably the reason the property has sat - more so than the section 8 tenant with low rent.  

Might still be a deal, but more than I could execute as an amateur and remote investor.

@Ryan Riehle Are those inspection reports publicly available somewhere? Or should I request them from the seller?

@Mark F. Very helpful link, thanks

@John G. Thank you for the encouragement, that is solid advice.