All Forum Posts by: Ian Hoover

@Kenneth C. as soon as legally possible change the lease so they are paying the water bill. You may want to pay it each month and then bill them back. Water and sewage can be a lien able item so that why you should pay it. Let them know its their responsibility in writing that if a toilet is running or there is a leak that they are responsible to let you know asap. I have a 10 unit building and one of my tenants never let me know about a running toilet. it cost me $3,000. Dont feel so bad. This woman can barely pay her rent so I will most likley never see that money again and the water is not separated in the building. 

@Jake DeBoer i appreciate all of the legal advice and definitions of this and of that but you have to consider this. There is the LAW and then there is practical application. You dont want to get into a legal battle with a magistrate or local code enforcement. You have to pick your battles. find out what these people will accept and their tolerance levels as a landlord. Get on their good side and never ever tell them they are wrong. You have to work within the system and its different in every town and area.

@Ken D. you are quite welcome and best of luck to you. Pittsburgh is a great RE market and a place to live and has a lot to offer.

@Nolan Gray at some point you are going to want to set up an LLC and buy under the entity name for asset protection.

That strategy will only work so far. You can still use other methods by using OPM to buy the property then refinancing and paying off the first lender. Essentially buying with none of your money.

@Travar Taylor as long as you have something in writing and signed you will be Ok. To be safe check with your RE attorney but if there are any issues in getting paid you can hold up a closing with a writ of Lis Pendens which will tie up the property till you get it resolved. Once you show a pending litigation its funny how things get resolved especially if you have it in writing

@Bon Osonwanne i feel that buying properties in your personal name is not a good idea. Talk with your RE attorney.

If yu are buying in an LLC cash and then one year later refinancing then there should be no issue. We do it here in Pittsburgh all the time. As long as your finances are strong and the property is rented and cash flows that is a great long term plan.

@Jake DeBoer we have the same issues here in Pittsburgh PA. Near the universities you have to be careful and know the zoning rules before you buy or rent out your property to stay in compliance with how many non related people that can be housed. 

@Anthony R. we have had bad experiences with all tenants. All races, ages etc.. If you have a quality product you should have no worries but an attorney or a crazy tenant who has a mother or father who is an attorney and just as crazy can make you life miserable.  You just need to screen your applicants best you can and then be the best landlord you can be and run your portfolio like a business. Then the rest is out of your control.

@Ken D. I have to agree with @Alexander Felice. You have to streamline your process and get these offers in quicker. It will take time to build your local team and until you do that its best to be cautious like you are being now. Local investors place offers a lot and since they know the market and here they have a distinct advantage over an out of state investor. Keep doing what you are doing. Learning the market and building a good team

@Donald Howaniec we have done a lot of these with success. You have to use this product on a lower end flip or rental. We hire a company which is more expensive but I know other investors who have done it themselves also.