All Forum Posts by: Dominic Lucarelli
Dominic Lucarelli has started 10 posts and replied 146 times.
Post: 3 bd 1 bath SFH - Brighton Heights
- Irwin, PA
- Posts 152
- Votes 52
The biggest question I have before even crunching the numbers is: what are the code violations?
Post: New Member/Investor from Pittsburgh, PA - Excited to Learn
- Irwin, PA
- Posts 152
- Votes 52
Welcome to BP! You seem to be filling up your real estate "tool box" pretty quickly. Best wishes and feel free to reach out to anyone here on BP!
Post: Determining Comps
- Irwin, PA
- Posts 152
- Votes 52
Another thing to consider is type of home. Is it a Cape Cod-style home? A Ranch? As a buyer, I'd pay considerable more for a Ranch in my target neighborhood than a Cape Cod. Just my 2 cents
Post: McKeesport, PA
- Irwin, PA
- Posts 152
- Votes 52
Ouch! I can't think of a worse street in McKeesport!
Post: McKeesport, PA
- Irwin, PA
- Posts 152
- Votes 52
Originally posted by @Jerry Kisasonak:
I second what Jeremy said. I live close to that area and won't invest there. I have owned two homes there and gladly sold both of them. Even with being in close range they were high-maintenance management. As Justin mentioned, there are a few good pockets in McKeesport. But it's rare that great deals come up in those areas.
I recently spoke with a newer investor who bought 2 homes in McKeesport for 4K - that's for both. His plan is to put 20K rehab into each and rent them out. Sounds like a solid plan - 22K all-in each. But where he bought them he will have a very hard time getting a tenant who will pay and won't tear the new rehab up.
Jerry, what area if you don't mind me asking? I'm a mailman and I've delivered almost every street in the zip code.
Post: McKeesport, PA
- Irwin, PA
- Posts 152
- Votes 52
I'm targeting properties within the McKeesport zip code as well, more specifically Port Vue. It's a better area and within the South Allegheny School District. PM me and maybe we can team up.
Anyone considered using solar panels to reduce their electric costs or even turn a profit? Just posting this for a lovely discussion. What are your thoughts? It's it feasible?
Post: Apartment 1 BR?
- Irwin, PA
- Posts 152
- Votes 52
Rent-O-meter is good, but I like to find my own info. Place a generic test ad on Craigslist for your target price. No address, just a vivid description of your intended purchase. You can combine data from Rentometer to give you a good starting point. If Rentometer says average rents for similar units are $500, price your test ad at $550. If you get tons of responses, you've got a great price. If you get a few, it's average. Low response, too high a price. You want to be the nicest units in that market at that price to draw the best tenants.
Good luck, and keep us posted!
Post: Turnkey Investing - Paying over appraisal price
- Irwin, PA
- Posts 152
- Votes 52
I look at turnkey properties as having prepaid all of your CapEx up front. Depending on your strategy and real estate goals, they can make great investments.
Paying higher than appraisal is akin to pricing in appreciation in my eyes.
What I like to do is figure out what my ideal cash flow is, compute my expected CapEx costs (new roof / 25 years + new HVAC / 15 years + new hot water tank / 7 years, etc.), financing, taxes, etc. then compute my offer based on that data. In a hot market, you may not get the deal but if you do you'll get your price for sure.
Post: New member Pittsburgh, PA
- Irwin, PA
- Posts 152
- Votes 52
Welcome to BP! I'll echo what's been stated above: podcasts, REI meetups, and books are going to help you get more tools in your toolbox