All Forum Posts by: Dominic Lucarelli
Dominic Lucarelli has started 10 posts and replied 146 times.
Post: New investor in Pittsburgh

- Irwin, PA
- Posts 152
- Votes 52
Welcome to BP!
There's almost endless info here on BP to guide to along the way. No question is a dumb question, and chances are good that if you encounter a problem that someone here on BP has also had that same exact problem! Just ask away!
Post: Need Boots on the Ground/Property Manager in Pittsburgh, Pa?

- Irwin, PA
- Posts 152
- Votes 52
Out of state investor? Need boots on the ground? Scouting out a new market? Cash Investor? Buy-and-Hold? Flipping? Growing your business in the Pittsburgh, Pa area?
So am I! Opportunities are everywhere in Pittsburgh, Pa if you know where to look! I've found deal after deal that people want to hand me, but (up to this point) I personally haven't been able to finance them myself. So my pain is YOUR gain! Willing to be your boots on the ground, property manager, and project manager. Primary area is Southeastern Pittsburgh, but willing to travel.
I've compiled a list of trusted contractors who are willing to work. I've scouted out a dozen potential deals in my local area that are just waiting for a cash investor.
The only thing missing is... YOU!
Post: Future Property Manager seeking a buyer!

- Irwin, PA
- Posts 152
- Votes 52
Family friend willing to sell me this property. Currently rented for $400, which is well under market. I've researched possible rents in the area using an ad on Craigslist. Comps in the area rent around $700 and I have a contact at an assisted living agency looking for homes for their clients in this area.
Willing to sell my rights for $0 to a cash buyer, so I can become property manager of this unit.
https://www.biggerpockets.com/calculators/shared/4...
Contacts are listed in my signature
Post: My first investment really paid off for me

- Irwin, PA
- Posts 152
- Votes 52
A fellow investor from Irwin! Maybe we can partner up on a few properties. If you've got the cash, I've got two deals ($40k and under) that I can't get financing from the bank
Post: Would you buy this rental property? quick info inside

- Irwin, PA
- Posts 152
- Votes 52
One thing I've done is place a test ad on Craigslist in the target area at your target rent you're researching. No address, no pictures. If you get back 20 responses in a week, that's a great price. If you get back 5, you might be a bit high.
Good luck. Keep us posted
Post: If I can close this deal....

- Irwin, PA
- Posts 152
- Votes 52
Just an update: the seller wants to be free from the burdens of ownership and rent her current unit, so the TIC is out. I REALLY want to get some seller financing on this deal, but not sure how to go about it. I want her to make the down payment, but how would I structure that?
If she's renting her unit, the building brings in $1600/month as laid out above. (I'm not at home on my PC ATM. I'm in the hospital with my newborn! So pardon me on this one
Post: If I can close this deal....

- Irwin, PA
- Posts 152
- Votes 52
So I'm basically buying a duplex (the renters upstairs)?
I think I see where this is going. Pushing this idea a bit further:
Her unit encompasses all of the utilities (sewer access, heating, hot water tank, electrical panel) so if they break down, she's responsible? I'd be responsible for the roof? Should I treat her unit like it's a separate building completely (i.e. I can't ever enter under any condition)? If so, this could help me greatly on lowering any potential repair costs but would cap my earnings as well.
And how exactly would I be able to "buy" her unit afterwards? Add in an additional clause that I buy it for $xx,xxx upon her death?
This is all great stuff guys! I'm really appreciative for all the great feedback. I'd never heard of any of these concepts before and I'm very eager to know much more!
Post: If I can close this deal....

- Irwin, PA
- Posts 152
- Votes 52
I'm not sure what motivates the seller in this instance, but I'm thinking this deal works for both parties. I'd like to offer her a $30k non-transferable rent credit, making her rent payment $200/mo instead of $600. Applied over time, this credit would run out in 6.25 years then she'd be paying the full $600/mo. On these terms, we make $200/mo until the credit runs dry. She currently pays ALL utilities for the building. Under my new terms, all utilities will be split by 1/3 (all units are relatively similar in size) so her monthly cash outlay (with the new rent structure) will benefit her too. It's a win win. The current tenants upstairs are paying under market rents, so adding the portion of utilities that they'd pay in other places would bring them up to fair market comps.
Post: If I can close this deal....

- Irwin, PA
- Posts 152
- Votes 52
Originally posted by @Brian Gibbons:
I can't believe you're thinking, rent-free what She lives 12 months, is that good for her?
She wants to live there forever?
Cash or terms
What is it worth appraisal
What is against it in mortgages PITI?
What's cash flow money coming in?
If it's a Wholesaling deal it's 70% of Arv - repairs - fee
Look up subject to, wraparound mortgage, lease with option, etc. as acquisition strategies
TIC agreement tenants-in-common might be a good idea
@Bill Gulley
I've looked into Wraps since you've posted. Can I use a wrap from the owner as her rent payment?
I.E. I purchase her property for $60k, she gets a $30k wrap that gets applied to her rent of $600/mo so, in essence, she gets 50 months of free rent? Or I can ask her for $200/mo and use her wrap to cover the other $400...
Thoughts?
Post: If I can close this deal....

- Irwin, PA
- Posts 152
- Votes 52
My thoughts are that she can live the rest of her days with $60k in her pocket and no rent to pay instead of me asking her to pay $600/mo to live in her home of 54 years. It's a win for both of us