All Forum Posts by: Andy Ballester

I own a duplex out right. Value may be between 70 and 80 thousand. And another half duplex worth about 40 to 45 thousand. Owned outright. Both in the Pittsburgh area. I have a family member (Grandfather). Who has some back taxes on a commercial warehouse. (10,000$.) 3200 square feet, which he has agreed to sell me for 35000. Market value probably between 50 and 60 thousand. At this time I do not have the funds. But I did give 3000$. So property did not go up for auction. (Signed contract). I would like to get 50000 in cash to finish this deal. And some start up cash for my next deal. And I would like to pay back loan within 7 yrs also. Personal Finances 8000 cash, 5000 credit card debt. TSP savings about 25000. Credit Score 720. Job Salary 55000. Also cash flow from the units approx 15,000. No loans or debt on property. So wondering what the fastest easiest way to come up with cash. And interest rates aprox. I need to close deal quickly my job as a merchant marine requires me to be out of town 9 mths a yr. So what is quickest,fastest,easiest, way to pull out equity. Cash out Refi, or Heloc. Thx in advance. Keyword alerts Pittsburgh , Allegheny County. FYI property is in central PA. Lebanon Pa. Plan is to rent, lease, or realse of property once deal is complete. Thx. BP community.

I am curious to know what investors think about of the east side market, and the new market on the east side of Pittsburgh, what does it mean for the future of Pittsburgh considering the fact the household medium income has only risen slightly over the last few yrs, I know new companys are investing in Pittsburgh such as Google, Amazon,etc. And medium house hold income has risen slightly. But east end nieghborhoods, property values, and rental rates have almost doubled in the last 7 to 8 yrs areas such as Lawerencville have quadrupled. Lots of new money going into East Liberty, Friendship, Bloomfield, and even Garfield, no one would even of dreamed about paying 1000$ a month for a 2 bed 1 bath in Garfield or East Liberty 7yrs ago. What does it mean for the changing of nieghborhoods, Market rents have not decreased and have only slightly risen in nieghborhoods such as Shadyside, Squirell Hill, etc. and what does it mean also for the poor who use to live in these nieghboorhoods and being forced out, and depreciating existing nieghborhoods. 10 yrs ago Carrick was not a bad place to live and now propertys are selling at 30 to 40% of what they sold for 10 or 15 yrs ago, because of crime and people being forced further away from the city. So I guess what the basic question is can Pittsburgh sustain these new markets and what does it mean for existing nieghborhoods beside these nieghborhoods and further from the city, To me things seem to be more of a gamble, then the stabilty you have seen from Pittsburgh in the past. Is Millvalle now the old Lawercville. Is Troy Hill the Old North Side. I really cannot see Arsenol School being in Lawercville in the next 5yrs with market rent and all the single hipsters taking over the community. Do they get forced to Spring hill, Etna, Millvalle. Question and thoughts about where Pittsburgh is headed and direction of nieghborhoods what goes up and potentially what is going to go down.??????

Im in a similar situation as you are I call Pittsburgh home at the same time Im also a merchant marine for the Navy and only spend about 2 mths a yr in Pittsburgh. Purchased a dublex last yr and a single family 2014. Definitly do your research on property management. Sometimes I feel as if I get nickeled and dimed.I was on 2 yr contract that thankfully ends in June. As for my duplex my maintence man who is a friend of mine I give him 100 a month to collect the rent and deposit in my account its unconventional but it works for me. If you have someone you can truly trust it will make things much easier. It is hard to connect and build relationships not being around. But when you are here build connections. Good luck.

Ive been given lock box codes but I have a relationship with my agent lots of times it also depends on nieghborhoods and condition of property, personally you probably have very little to worry about. Also 60yrs old in Pittsburgh thats practically a brand new house.

If you find a property you are truly interested in why not have utilities turned on temporaly most utility companys will turn on for a small fee. If you find what is in your criteria, and feel it is a deal it may be worth spending the extra 150$ to turn on temporaly. Just explain the situation I recently purchased a property last summer all cash but could not get the deed untill dye test was complete 40$ water company came out and turned the water on. You may just have to go the extra mile and deal with the situation yourself rather than depend on the banks, or sellers.

@Andrew Hofing rentometer.com is a reasonable resource for finding market rents.

 I really don't know where your coming from, OK ACHA will find something for you to fix, no big deal I fix it. I am very aware water is lean able.  Tenants are not paying any utilities as it states in my post. 60$ when someone moves in or out I'm very aware of sec 8 tenants don't move it's 60$ your acting like it's 500$. I'm not sure why you would think these are all bad things I know other landlords who section 8 and they love it. Tenants break things weather there on sec 8 or not it's called maintaining your property. And I'm not sure where you get your bad view of borough politics all have been very friendly and helpful. They have seen me improve there neighborhood and actually seem grateful. What seems like a big deal for you seems pretty minor in my eyes looking at all the numbers.

 This was all cash purchase I do own it free and clear I have a personal family member loan of 20000 simple interest paying 23000 back over 3 1/2 yrs. Both rental properties I own I have no mortgage. Never intended to flip Intention of being a buy and hold investor but everything is for sale at right price. 

 Taxes are only 1200 for the yr, insurance 70 average gas bill 400 water 225 electric 200. Gas company told me average for Dec through February 600$ June through August only 150 a month. Occupancy permit is only 60$ per unit.