All Forum Posts by: Jennifer Lee

WOW, congratz, keep us posted on your progress ;p

I second @Joel Owens 

I have only dealt with mom and pops

We negotiated in the lease.  

First I had to get a contractor and vendors to figure out the total cost of the build out. then we figure out a number that is comfortable for both landlord and tenant.  Free to lower Rent initially and then escalating rental plan.  How many years Lease plays a role in these number. Also if they were to bail there should be a penalty since I am doing the build out.

Another tenant decided they wanted the adjacent space, they negotiated a lower rent, but they will do ALL the TI, so we accepted because they were a reputable construction company. They could do the unit cheaper than I can, and we agreed ;p

Inspection clause will be your "out" if you have any issues, 

As for the utilities, it's best to TALK to the tenants NOW before you buy the unit.

Hear it from them how their lease is set up. and what their thoughts are on paying the utilities. That is what I did from my multi-unit.

Water and sewer will be setup under our landlords account (LLC), We pay it because it's lienable, and they will be billed, and they will reimburse me.

Electrical and gas, because the units are separately metered will be in tenants name they are responsible.  

Inherited Tenants and us had a conversation all the way to closing about our new lease.  At closing Leases were Assigned, but I went to every tenant and signed a whole NEW lease right after closing, with terms we have discussed.  Rent adjustments were also discussed

I also did this for my commercial tenants, we had to negotiate a whole new 3-5 yr lease before we closed.  b/c the previous lease was only 2 pages long ;(

UTILITIES: Water and Sewer in my area is done Quarterly, and Electrical and gas is Monthly, Since your unit is occupied, you should be able to get an avg, or seasonal number from the seller. Make sure you take that into account. Rent is RENT + Uti or Including Uti

I second Brad dornish ;p He knows his stuff ;p Assured Settlement Solution is awesome title company (very investor friendly and experienced with REO and my crazy deals). I am investor and agent in the area ;p

I am an agent, and I do the buyer side of the REO process. I'm not motivated enough to be on the listing side ;p I am investor, so I also got my license to facilitate my own stuff. But I don't buy often so meanwhile, I am an REALTOR, investor friendly realtor. I haven't bought any foreclosure for myself. I know when you put offers in on some REO HUD, they do ask if you are licensed realtor and buyer

Hi @Josh Culver welcome to pittsburgh. BP is a great site for networking in Pittsburgh and general RE source ;p 

I invest in pittsburgh but I'm in the north hills suburb area.  I am an agent, so I have clients that do  a bunch of different things ;p 

I say start with finding a market you want to be in, Pittsburgh is very diverse, Student, Low income, High end, multi unit etc.

I agree, you need to do a title search make sure you know all the risk invovled. and maybe even a lawyer ;p

unlike REO, sheriff sales aren't FREE and CLEAR

My contacts gave me a few

Griflado Properties grifaldoproperties.com (christy)

Brown Properties www.bpofnc.com

ABA Rental 

When I go into a deal, I think about value add.  I also think about all the renovation that I need and a time frame for it.  I work out a 5 yr plan.   I have been here long enough to know what works for me, may not work for you.  I think if you understand that u will have 5 month vacancy and price that into your purchase, it would be a good thing.  I have rented units out in Fall and winter.. it's harder but it's not impossible.  So if you are able to get it rented  great! if not, you already priced it in.  AND since you have planned to renovate, make sure you don't over renovate.  AND YOU HAVE 5 MONTH RESERVE to hold the unit if it's vacant.

I am an investor and got my license.  I didn't mind being an agent, I thought it would be a great learning tool for me.  BP was the catalyst in my journey, you can read my old posts on subject.

My first brokerage gave me the training I needed to be a "good" agent. I got my certifications as foreclosure specialist and commercial license  through them.. BUT we were on different pages when I work with these distressed, investor group. (aka no $$$) 

I moved to my current home, and it's a better fit.  I don't know if it's because i am now an experienced agent, and I don't' need the hand holding anymore.  I hit the ground running.... so as  long as I keep doing what I do, my current broker is happy.  I made 100% more commission in my new place just bc I was free to get things DONE!  

My current broker is/was ALSO an investor, so she UNDERSTANDS where I am coming from.  My previous broker was SALES, so we kept butting heads, they are worried about lining the companies pockets.  I want to be able to do what is NEEDED to get things done!!!

BOTTOM LINE is interview the companies.  This is about your needs ;p  You need to find your fit