All Forum Posts by: Ian Hoover

Welcome to BP! feel free to email me any deals you get.

[email protected]

We won't cash flow too much right off the bat ($100-$150 each) but once the tenants are out of there and we rehab it will cash flow quite a bit better.

It was a client of mine who just wanted out.

$24,000 100% seller finance

30 Month balloon (plan to get a rehab loan within 24 months)

5% interest amortized over 8 years

Gross monthly cash flow is $1000 per month

Needs $50k worth of work

ARV $120k+ with an area on the rise.

We will also be putting in a 2 car garage in the back to rent out ($8k to build and should add $10-12k in value depending on how much we rent it for)

My partner and I just purchased (closed today!) a duplex in Pittsburgh with 100% seller financing, the only thing we paid for was closing costs ($965 each) not too bad. Our plans are to rehab once the tenants move out and then eventually sell for a nice profit.

Goes to show even if you get a good deal you probably still need some money!

I have lived in Pittsburgh since 2007 and I have planted my family here, a great area to live and invest in real property.

Those returns are definitely possible in Pittsburgh, if you would like to learn more about investing in Pittsburgh I would be happy to have a call with you.

Welcome! BP is a great place and I too have the same goals to live off my rental income someday, let me know if I can help in anyway.

Needs total rehab, would be good for a contractor.

Roof & Siding is newer.

Located on Stanhope St in Sheridan area of Pittsburgh.

Email me [email protected] if interested

Probably not a good flip but could be a solid rental.

Welcome to BP! I recommend reading the forums and asking questions, you can also go to the local clubs in town like ACRE or REIA.

Good luck! 

Unfortunately these REO companies and websites have contacts they make you sign that binds you to everything and them to nothing, in fact I can't remember the last time I got a signed contract back from them.

I do a bunch of deals on Hubzu, Auction.com, homesearch.com ECT for my self and my clients. 

Your best bet for next time is to use an agent that knows the process, it won't cost you anything they get paid from the REO company and if they are experienced they already have a working relationship with Rick, or David or Libby.

Tenants have a few months left to the lease and I probably will request a small increase per unit just because they are crazy low rents.

I have been thinking since day one to hold off, but I always try to create a place where people want to live.

Hey guys and gals,

I am closing in the next two weeks on a 100% seller finance deal I picked up, duplex fully rented but it needs cosmetic work here in Pittsburgh.

Do I ride it out with the current renters and do the work when/if they move out (they both have been there 5+ years but neither really take care of their unit) or do I rehab the units while they are in there and hope they take better care of their units?

It will cash flow fine as is but I will be increasing the cash flow once they move out, the upstairs tenant is section 8 so I don't think there is a ton of room for them to pay more and the bottom floor tenant can't afford anymore but I don't want to kick her out because she has been there 10 years and pays on time.

I should be able to get $150-$200 more per month the next time around but I need to sink $5k-$10k per unit to get that.

I thought I would get some more insight on this.