All Forum Posts by: Jay Belcher

@Anthony Angotti may be right about the owner occupy thing. Sorry I'm just not usually thinking along those lines.

Banks hate lending money for rehabs. That's why hard money lenders flourish. A bank will lend on equity that's there before the rehab - in the event there's enough to borrow against to do rehab. Or borrow against equity in another property.

Ron Manges at First National in Gibsonia is an investor friendly banker - he may be worth a call. He could probably give a clearer picture of what a bank will or will not do.

By the way if the higher interest rate is enough to kill a deal, then it wasn't that great of a deal to start with.

The Mon Valley is a little depressed, but if it's close to home, go for it. There are "better" neighborhoods, but if it's an hour drive to them, that's a real drawback in my book.

Invest so that you're not counting on appreciation. Pittsburgh area is lousy in general for appreciation, but the Mon Valley is worse.

Hey welcome! There's plenty of good opportunities around the 'Burgh.

Come visit the local REIA - a good place to meet people & learn more.

You don't need to wait until you graduate. I wish I had gotten started when I was in college.

My 2 cents is that @Michael Totman is on the right track. I'm just a lanky guy, and as much as I would dread it, I think the direct confrontation may solve more problems than not. Just make sure you mention that you will indeed be calling the cops if he can't stay civil. Tell the guy you will go after him for harassment & get a restraining order & he will be the one who has to move out if he keeps his games up.

Given that you're 250lb that's even better. I'd be looking for a friend to take with me - that way you have a witness - possibly even someone who will video the whole things. Remember you are a property owner, not some jerk who's renting a house - you own the damn thing.

I had such a situation once on a flip. Ultimately we sold the property and moved on. But in your case with a tenant if you don't take a stand you may soon be looking for a new tenant.

Hi @John Korn - sounds like you're on fire! Keep up the good work.

Make sure you plug in with one of the local groups - REIA & ACRE!

Excellent. Mt. Washington is a great area for investment.

Consider offering upgrades to the 1st floor tenant in exchange for a rent increase. Even if it's nominal, or even if you get no additional rent, working on the place while occupied is cheaper than having it sit vacant while you do that work. That assumes it's work that can be done while someone is in the unit

Welcome!

Be sure to check out the local investment groups - REIA & ACRE!

Gotta know the numbers!

If you're talking $200 cash flow after 30 year mortgage is paid that is not good. But if you're talking $200 cash flow after 15 year mortgage and 5% vacancy and 10% repairs and taxes and insurance and 10% management and on and on - then that's a different story.

It sounds expensive though - just from what you've said. It'd be a different animal if it was seller financed, for example.

Welcome to BP - I'm pretty new here myself, but I know it's a good source for information.

You should also check out the local groups in Pittsburgh - REIA & ACRE. In fact REIA's meeting is tonight.

Feel free to send me a colleague request as I'm from your area.