All Forum Posts by: Stefan D.

@Michael Gessner

Ideally, yes.  I only had my contractor who does interiors look at the place, so I didn't know about this until after closing - which definitely exposes a hole in my system.

It's alright though, the cashflow and the ARV will be decent - so I have no regrets.

@Kathryn Smith 

Hi Kathryn,

Don't rule out going out of state. Check out the Bigger Pockets books on Long Distance Real Estate Investing, or the BRRRR book - tons of great info there. There's other forum posts on this site talking about investing in different cities, but generally in the rust belt, or the South / Southeast you'll be able to find cheaper homes - and importantly for BRRRR's - old houses that have a lot of deferred maintenance and are selling at a discount.

@Matthew Irish-Jones The local gas company closed off the gas line because of inactivity.  The first quote I've gotten is $2k - which definitely beats converting the house over to electric

@Matthew Irish-Jones Most of them are gas.   Thanks for that, I am leaning towards gas now. I'm going to call around for prices this morning

@Josh Taylor One of the ranges is electric, one gas.  I assume a gas water heater, but I'll check that

@Ryan Hannas Thanks, that was all very helpful.  $100, what a deal!  I will get some quotes - I figured it would be a lot more than $1100.  Yes, the utilities are already split.

@Anthony Angotti Good to know, I'll make sure to check that. Thank you

I recently closed on a up/down duplex in Avalon, outside of Pittsburgh.  The gas was disconnected in 2017 because the prior owner left the place vacant and didn't pay bills.  I'm weighing my options, and it seems like reconnecting the gas is expensive and will take several weeks.  My other option is to go purely electric, and have mini splits installed.  This would probably raise the bills for tenants but they'd be able to cool the place in the summer.

I'd appreciate any words of wisdom!  

Thanks,
Stefan

Hey @Nico Savoia. I'm closing on a duplex, BRRRR deal next week. If you want, I can send you the deets, you can analyze it, and I can let you know if I think you missed anything

@Michael Plaks I pay my realtor if a) My BRRRR deal goes successfully (so that she stays involved and helps make sure everything goes smoothly) b) She buys me a house from a wholesaler if that wholesaler doesn't pay a realtor commission. Should I send a 1099-NEC or a 1099-MISC?

Hi Michael, thanks for the great resource! That cleared some things up for me.

For commission that I paid directly to my realtor, do I file a 1099-Misc?

Hi Reginald, welcome to the site, and good luck getting started.  Feel free to reach out if you've got any questions.