All Forum Posts by: Taylor E.

I found this thread by researching other investors and wholesalers in Pittsburgh, and I'm shocked. As someone who has been a property manager, has connected with investors, and is a wholesaler (amongst other things), I've never seen this level of unprofessionalism. Despite criminal history, typing/grammar errors, etc. you can always improve and make something of yourself if you have sincerity, integrity, and good work ethic. I've seen none of that here. This level of childishness and anger is NOT how you do any business, wholesaling or otherwise. It's a shame that people like this are ruining the industry for everyone else. 

Carlito, I'll pray for you.

If you're slumming in an overpriced/slumlord area like Oakland and Shadyside or Philadelphia, you're not going to have a property fit for Section 8 anyways. And while Sec 8 tenants are free to apply, the landlord can simply choose not to fix the property. And considering that PA is infested with slumlords and gullible students and internationals willing to pay for high market rates for low quality like in NYC (without the NYC opportunities or amenities), it's not surprising that Sec 8 is simply not as popular here. 

Frankly, I've never had a problem with HUD/Section 8 or their tenants, as a property manager or otherwise. If you take care of your property, screen your tenants, take the time to document things well, and most of all, network with the inspectors, you'll be fine. (Or just get a good property manager.) 

Section 8 is how every landlord I know (that isn't depending on loan modifications and cursing eviction moratoriums right now) is surviving record recessions and income gaps. It's always good to mix your portfolio with reliable, secure investments. 

I'd rather have a few picky inspectors and nepotist PHA offices to fight with than 6 frat parties per weekend for years on end with no deposits large enough to cover the damages. Large semester gaps and young immature students with barely any rental history or life experience can damage your place and skip out on a judgment just as well as any Section 8 tenant (in fact, in Pittsburgh, people who owe on a judgment can't be on Sec 8).

Yes. Most of these are public retailers. I'm looking for a Net 30,45, or 60 furniture vendor that will invoice to businesses (aka take an EIN), with or without a personal guarantee. Most of the vendors I found, bill only to individuals, meaning the expenses are billed to me personally, and not to my business. That's my problem. I'd rather keep my business finances separate than my personal finances. Especially on paper. 

I have several new rental properties underway that will be mine in the next 2-3 months. I'm looking to furnish these units so that I can get a higher rent for them. My market will rent for about $150-200 more per bedroom (per month) if furnished. 

Does anyone know of a furniture supplier that will lease/sell to businesses (not individuals) for this purpose? Most of the retailers I've researched are only prepared to sell to individuals. I'd rather not mix personal and business funds. Those that finance businesses are very much preferred.

I've been interested in providing Section 8 housing. How would you go about doing evictions? How do you gauge your rental price?

Review the lease. Unless there's a provision that expressly protects against something like this, it sounds like it would be a battle in court. And likely, a judge would rule that landlords should have little to no expectation that a door would be latched/locked at all times, as the prerogative to lock/latch a door is part of possession, which you temporarily gave away via your rental lease. Not only that but the cause of the damage is natural, not from the tenant's possession. LT law is meant to protect a LL from a tenant's actions. Your insurance is meant to protect your home from things out of you and the tenant's control, like natural causes. It's sad, but it sounds like this cost is on you (or your insurance). 

From what I’ve seen, Southside Flats is really good for multi-family use so if it’s not too cumbersome I would do it. I would just call or look up the process it will take to get that occupancy permit.

From what I know, the process may take more than 30 days. In that case, I would tell the seller to acquire the proper occupancy permit, and then come back to you for a sale. Frankly, this is something that they should’ve taken care of before they put it on the market and the agent should’ve let them know that. I really don’t think any buyer worth their salt would take that property. Even the more flexible cash buyers probably wouldn’t take it because zoning is something that ties up construction, renovation, and a lot more.

This sounds like a case where the agent is looking out more for their commission than your best interest. You want to watch out for this. Paragraph 28 of the PAR's purchase agreement says that once the due diligence period is over, and the transaction is done, you indemnify all other involved in the transaction because you accepted the condition of the property. That includes the zoning. 

Check the Dept. of City Planning's website and do a search for Cert. of Occupancy and Zoning. Call them just to be sure. You can find general info about Cert. of Occupancy here. 

Hi there! I have some family that are local to Atlanta so your post caught my attention.

The first thing I would focus on is raising capital. I suggest at least $2000. This will help pay for your LLC setup, essential software, website, and more. With an official, set up LLC, your personal credit/credibility will not matter as it is a separate legal entity than you. At that rate, you would need to build up some business credit (DNB) just to show potential lenders that you are trustworthy and responsible.

While you’re building up capital, learn from YouTube and other online sources. Do NOT follow gurus as gospel. They are not

• Local to your area/jurisdiction 
• Lawyers or licensed counsel
• Giving their real trade secrets
• In the business of wholesaling. They’re in the business of selling courses and being a real estate guru.
  

Look at gurus as you would look at fitness influencers. There’s a difference between your personal trainer or gym instructor and a fitness influencer. Keep that in mind.

Here’s some professionals you should consult with to help with a business/asset protection plan:

• Lawyers: Asset protection/estate planning, real estate, business, and tax.
• Accounting: CPA, bookkeeper, tax preparer
• Business set-up: Web developer, graphic designer, business/marketing consultant

These are areas you don’t want to cut corners with. Laying a good foundation for your business is key and will save you thousands in lawsuits and corrections. If you’re on a budget, look for the freebies as much as possible and progress when you’re ready. Luckily, the internet is full of videos and articles to get you started. Unfortunately, the good stuff (ie personal consultations, custom websites/logos, tax planning/accounting etc) won’t be free unless you put in the time yourself to learn every side skill in addition to real estate investment.

My first step was allowing myself to get into analysis paralysis for a little while. Once I understood the processes that need to occur, I drew up a business plan and presented that to a general real estate/business lawyer, who caught the gaps and liability risks in my plan. I suggest you do the same. Good luck! Feel free to connect with me and shoot me a message if you have further questions. 

Back when COVID wasn't thought about, I had STR via arbitrage. The initial expense is very high and so is the risk. Not to mention the labor required to keep things up and running. STR partners have a lot in play and the tenants aren't there long enough to cause any lasting damage (unless they are very obvious party tourists, which you can simply decline). The big plus I provided for my LL's was the furniture purchased for the unit. If we don't renew the lease, the LL can keep the furniture upon move out. It's saved me thousands in moving costs and the LL can charge higher rent because the place is now "furnished". It's worked out wonderfully and shows that STR arbitrage can be mutually beneficial. I plan to get back in it once the pandemic has died down.