All Forum Posts by: Alex Deacon

@Brian Garrett Brian I buy 4-5 properties and month and I don't ever use the rule of thumb. Every property is its own animal. You need to make sure your numbers are on point and account for all expenses and scenarios. Then if you can live with the worst case scenario then pull the trigger.

Hope that helps a little bit. I am not a fan of rule of thumb calculations. They are so broad that you could get yourself in trouble.

@Steve S. Steve don't put too much faith in the Media. People will always need a place to live. if the economy crashes and we do another great depression of the 1920s then we are all in the dog house rich or poor. Just make sure when you buy a property you account for high expenses and low rents and if the property still makes sense using those numbers then buy it. If you live your investment career thinking that vacancy will be zero and rents will be high and repairs will be low then you are in for a long bumpy money losing venture.

Wish you the best.

@Levi T. Levi you are in for a long learning process. Some banks will want the property to be listed with an agent before they even look at the contract. The process could take 6 months and never materialize. It could go smoothly also but usually not. I cant tell you what to do other than follow the process. The bank will assign someone from the loss mitigation department and you or the seller will have to communicate through them for the entire process. Its very frustrating so don't lose faith but just be ready and buckle your seat belt.

@Alice Ouyang Alice typically the buyer pays their customary closing cost and so does the seller pay theirs. Now with that being said you can negotiate in the sales price that the seller will pay for a certain percentage of your closing costs. Your lender will have limitations on how much they can pay for you. Your lender will help you there. 

@Emiel Barbosa Emiel I know a few folks that have invested in cleveland and they didnt fair so well. I dont think it was Cleveland fault I think they didnt do their homework and pick the right team. I sell and buy a lot in Pittsburgh and I live here. Unless you have a good team I would stick close to home. I have built a great team and I help others grow their portfolio here but I never step out of my comfort zone. I think you can make money in any market and if you stick to the basics and do your homework then you will make the best decision you can.

Good Luck

@Kate Weinberg Just make sure you like them and trust them and they get some good references. Check them out. Their track record etc..  Once you find someone and you decide to do business with them then get it in writing and it should be detailed and done by a good attorney.

let me know how it goes.

@Kate Weinberg I would just take your time and do any and all research first. developing can be extremely expensive. Maybe for the first deal find a suitable partner, builder developer etc .. to minimize your risk and potentially increase your profit per lot by using their knowledge and resources.

Just food for thought.

@Misty Alderman Misty here is how we handle it with roommates. The rent and deposit we don't care where it comes from but collectively everyone is responsible for it. So if a roommate moves out the they need to work out reimbursing each other for rents owed, repairs or deposits. You don't want to be responsible and get involved with their affairs. For example if one moves out they are still responsible for the full term of the lease unless the lease has expired. Or if you have agreed to let them out of the lease.

I hope that makes sense. Good luck

@Eric DeVito Send me a Private message and I can send you a large attachment with information about Pittsburgh and the neighborhoods

@Eric DeVito Eric I have assisted hundreds of investors buying in Pittsburgh. let me know if you have any specific questions on where to buy, what to buy and help with running any of the rent evaluations, vacancy rates and other research. You can PM me if you like also.

best of luck to you