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All Forum Posts by: Chris Policicchio

Chris Policicchio has started 14 posts and replied 102 times.

Post: Private Money: First time rental property Pittsburgh

Chris PolicicchioPosted
  • Gibsonia, PA
  • Posts 104
  • Votes 31
Hey Derek! Can you send me a colleague request? I can't from my phone, but would love to chat about this opportunity.

Post: Direct mail post card website recommendations?

Chris PolicicchioPosted
  • Gibsonia, PA
  • Posts 104
  • Votes 31
My advice would be to generate a larger list. Even if you generate a list of 1000 addresses you can still mail who you want to mail to. You don't have to mail to all 1000. But might I suggest just generating a larger list and sending them out in batches of 200. 200 is a pretty small list. My 2 cents! Btw, I have used listabilty and YellowLetters.

I agree with Adrien.  Doing it yourself can save you money, especially if you are going to send out 2500 per month.  But there's a fair amount of overhead in doing it yourself.  If you haven't done a full fledged campaign, I'd suggest using someone like Yellowletters.com first.  It might be educational and help you figure out what you can do better or faster or cheaper.  ...and don't forget, you can use a biggerpockets code at checkout and save 10%.  :-) 

If use Yellowletters, I recommend calling them too and talking through things a bit.  

BTW, if you are already finding a way to flip 4 properties per year and *now* you are going to start sending out 2500 letters per month, how much you pay will likely be the least of your concerns!  You are going to have a lot of deals to choose from.  Don't forget, someone has to answer those calls when they roll in and they will roll in.  If you get 5% call rate, that's 125 calls per month (roughly 4 per day).  While all won't be winners, someone needs to answer the phone and/or return calls.  

Good luck!  

Great!  Thanks Stephanie!!  I just accepted it!

Hello BP! I'm looking for potential ideas (or even partners) for my potential first REI property (buy and hold). I'm currently preparing to make an offer and I'd like to make one this week, if possible. Here's some info:

  • Purchase Price (likely):  $155k
  • Borrow Amount:  $110k - $120k
  • Property Type:  Duplex, each side 2/1
  • Rent:  $860/month (each side, so total $1720)
  • Taxes + Insurance:  $4200/year ($350/month)
  • Property Mgmt:  10% of rent
  • Incidentals & Repairs:  4% of rent
  • Capital:  5% of rent
  • Vacancy:  1 month per year (8% of rent)

Based on the information above, if I can get my mortgage payment around $590/month, I can cash flow ~$325.

What I would like some help/advice on is potential ways to finance.  I can put 20-30% down and still have some left over for some other repairs/improvements (although, much is not needed).  So I'd be looking to borrow ~$120k.  

I really can't go the conventional mortgage route b/c I have a C-Corp (or at least I don't think I can).  I am aware of the downsides to a C-Corp.  For now, it's where I need to run my business out of.  But b/c of that, that means I'd be looking at a commercial loan and higher interest rates.  In the end, if I need to go that route, I can go that route, but I wanted to see if anyone had any advice or thoughts.

Thanks in advance!

Post: Renting to Green Card Residents

Chris PolicicchioPosted
  • Gibsonia, PA
  • Posts 104
  • Votes 31

IMO, you should consider non-citizens tenants just as you would a US resident.  That is, if your screening process is solid, you'll end up with reliable tenants.  FWIW, it's not particularly easy to get a Green card - although the process can depend on the country of origin.  If you are completing background checks, reference checks, they have good credit scores, etc. etc. I'd say go for it.  

My two cents Robert!  Good luck!

Originally posted by @Rick S.:

@Chris Policicchio start here as Nolo has some good information on security deposits:

https://www.nolo.com/legal-encyclopedia/pennsylvan...

The landlord should have provided an itemized list for the deductions and they typically only have 30 days to return it so it appears neither were fulfilled.  

 Thanks so much Rick!  I really appreciate the help!

Originally posted by @Account Closed:

Small claims court.  Email communications are valid as forms of writing, especially if they are acknowledged.  He just had to give notice and since the notice was acknowledged, it doesn't matter how it was done.

He needs to request the money in writing before filing in small claims court, normally.  You'd have to double check how it's done in PA.  But, he can send a demand letter and file the small claims action the same day.  

Most likely PA law says the landlord had to give him an itemization of deductions at least, and there are usually penalties for not doing so.  

But, that's what I'd do.  File in small claims court.  Many landlords will rip off tenants of their security deposits and most get away with it, because tenants just don't usually sue.

But, my experience in CA anyway, is that if the tenant is right and the landlord didn't follow the laws, the tenant gets their money and their court costs paid, too.  Landlords are easy to collect from.  If they don't just pay up, a lien can be put on their property, and in CA anyway, a sheriff can collect his rent checks on rent collection day, etc.  So, collecting shouldn't be a problem.

 Thanks so much Sue!  I really appreciate the help!

I have a friend (John) who is in need of some help with his previous landlord. I told him there is this wonderful community at BP that will likely be able to help him. The apartment was in the Pittsburgh PA area.

The landlord was notified on 5/31 that John would not be renewing his lease and would be out by 7/1. The notification was via email. It was part of a thread of several back-and-forth messages between John and the landlord. The landlord acknowledged on 6/2 that he received the message.

The keys were turned over on 6/29.

The security deposit was $1,300. Additionally, John, had previously had the refrigerator repaired. The landlord has tried to fix it himself but couldn't and gave John permission to have Sears fix it. John paid out of pocket and the landlord agreed to reimburse him. The repair cost was $255.

On 8/12, the landlord sent John a check for $650. The landlord did not include any explanation of why he withheld $650. Additionally, he did not repay the $255, as agreed. John assures me there was nothing more than normal wear and tear in the apt and I believe him.

Finally, John also forgot he paid rent for the first and last month of lease and mistakenly paid (again) for his last month (so another $1300).

So, in summary, John is owed $1300 (extra month of rent) + $1300 (deposit) + $255 (reimbursement) = $2855.

The landlord has not replied to John's attempts for an explanation or to receive the money he is owed.  

Does anyone have any advice on what his next steps should be?  

Post: Helloooo from Pittsburgh, PA!

Chris PolicicchioPosted
  • Gibsonia, PA
  • Posts 104
  • Votes 31
Great!  Looking forward to meeting you!

Originally posted by @Anthony Angotti:

Hello @Chris Policicchio

Welcome to BP! I'm an investor out of the South Hills and if you need anything at all I'd be happy to help. I'll be going to my first PREIA meeting next week so I look forward to potentially seing you there!

Best of Luck!

Tony