All Forum Posts by: Jennifer Lee

@Zach Quick Yes, I stand corrected, I should have used the term CoC return ( Cash on Cash Return).

You are absolutely correct, if I were to used the market CAP rate, when I sell it, it would be 10%

I second what Jay said.

I have experience of being that boots on the ground. I have a lot of out of state investors bc I was once an out of state investor myself.

that said, I haven't done huge rehab for out of state. currently involved with local investor rehab. I had to step in help the newbies take control over the GC (hence I m not referring my guy....for a while)

if u see a whole street of boarded up house. then I don't think u are in the right area.

if u are in a decent area and a street is boarded up, IF you can get the homes as a bundle... maybe section 8 landlord maybe interested.

bc sometimes it's the boarded up area causing the street to go down. if landlord can clean it up it may work.

but this takes  special kind of investor. I have seen it fail when newbie try it

I also want to add, when I talk to my clients, we discuss our invest portfolio, this way they know if they are competing with me.  Most likely no, because I don't invest in the city of pittsburgh ;p I prefer commercial and Grade A, I am comfortable with slow and steady.  I m too conservative, too long term for my clients ;)

There is a developer in our area that builds a community. They don't usually have any amenities. so the 80-90/mo is for landscaping and snow removal, common spaces. it doesn't cover anything else. They, the developer, are the HOA until they sell all the units, and then the community will take over.

the ones with high HOA 200-500/mo usually are townhouses, they cover roof, paint, pool, playground, even patios and decks. So you need to read the docs.

I am investor and realtor, I do full disclosure if I am interested too.

But to add to what @Mike Cumbie said.

There are times when I really think something is a good deal, and I can't do it. so I ask my investors and all tell me I am CRAZY!  in fact all of my good investment now, my clients were thinking I am a LOON.  But when I tell them my numbers today, they say, wow. ok....

I have a handful of investors, and rarely they want the same thing.

In fact the only time I had to put same bids on a property from multiple clients, is when ALL OF PITTSBURGH wants that property.  And at that point, I don't advice, I just say, give me your best $$$ and we hail mary it.  And being investor, none was accepted. I was spared the grief hahaha

When I buy, I also look that resale, the one next to HIGHWAY concerns me

also for buy/hold I like to go with the one that everyone is looking for, not an oddball option. 

So I would choose the smaller home.

I do buy the oddballs, only if I have value-add strategy.

1. no one wants to take the risk, and I have researched and ok with it.

2. no one wants the 4/1 but I can make it into a 3/2 or 4/2 (bed/bath)

3. Vacancies, I know I have rent them out if I do XXX

@Ann Bellamy I love the rent raise idea! so true,!

as for lesson number 2, I don't even know what you said, guess there is a ton I need to learn still, HA! 

and you are too funny, come back and post your other lessons when you have time! 

I love BP because of its' collective learning ;p thanks for sharing

@Anthony Angotti looking forward to your story, I see your name everywhere, but I haven't the time to ready your story. I hadn't intended for this to be a get to know one another thread. but I guess it's true!!

On a side note: Make sure if you invest INSIDE The city, your GC knows how to work with the city and pull the permits.   

congratz on your new adventure, I wished I had someone for you, my GC is not on my "good boy" list right now. hahahaha at least to refer to anyone. The issue is he works well with me, but he just can't seem to work with my investors ;p 

And I haven't had any luck referring a GC in pittsburgh without issues ;(