All Forum Posts by: Jeremy Tomes

@Allyssa McCleery I'm familiar with a number of attorneys in the Columbus area, but not particularly familiar with any attorneys that practice primarily in the commercial real estate space in that area.  Nevertheless, I'm certain my connections in that area could point me in the right direction.  Please feel free to send me a direct message with some details on what you are working on in the Columbus area and I'm happy to get you connected ASAP.  

Jeremy

@Tanner Cook 

Welcome to BP and Pittsburgh!  I actually just moved into town about 2 weeks ago, so I know exactly where you're coming from.  I'm still getting acclimated to the city, but, from what I can tell, there is a strong investment community here.  Good luck with your investing and let me know if you ever need someone to talk real estate with.  Best of luck!

@Brock Carroll I would agree with @Stanley Bronstein.  It's always advisable to have a title company run a proper title search and obtain an owner's policy at the time of closing.  Having said that, the back taxes should have been discovered by reviewing the applicable property tax statements for the property.  I'm not sure what your scope of representation was with the attorney, but assuming it was within the scope to conduct a title search, the attorney should have noted the unpaid taxes, which then should have been paid by the seller at or prior to closing.  Sorry you have to deal with that.  Good luck on the sale!

@Emmett Rolland Welcome to BP! I'm moving up to the Pittsburgh area in the next few months and would love to connect.  I'm a commercial real estate attorney and real estate investor, and I'm always happy to connect with local, like-minded investors.   Good luck with your investing!

@Anthony Angotti Thanks for the advice, for sure.  I've been reviewing a ton of deals in the past few weeks in the Pittsburgh area, and I definitely can appreciate how vital underwriting taxes into the deal can be.  With taxes in mind, do you feel the same applies to the ancillary townships just outside of the Pittsburgh city limits (i.e., Ross Township, Avalon, etc.)?  Their taxes seem to be lower, on average, so I'd love to know your thoughts.  Looking forward to meeting you at one of the meetings as well.  Your input is much appreciated!

@Sam Rust Congrats on getting the deal done!  I'm sure you have many more coming down the line! 

As to the financing on the deal, did the Bank require you, personally, (and/or some of your LPs) to act as a recourse guarantor on the loan?  I think you mentioned that you used recourse debt in an earlier post.  If so, did you have any issues meeting their net worth/liquidity requirements? 

Thanks for sharing your success with us and best of luck!

@Cary P. Thanks for the input! The move has been in the works for a while now, so I've had time to become acutely aware of the tax implications within the Pittsburgh area, as well as the Pennsylvania deed transfer tax rates.  Not ideal, obviously, but I try to stay positive in my outlook on investing in Pittsburgh.  Think about it this way - I'm coming from Charlotte, NC (definitely on the more expensive side of things from a real estate perspective), and we don't have near the selection of small multifamily investment opportunities that Pittsburgh has.  So, although the taxes can seemingly be considered a bummer, the upside of being able to find good small multifamily deals in Pittsburgh makes up for that fact...at least in my opinion. I, like any other investor, just make sure to build the taxes into my deal underwriting.

@Sam T. Incredibly helpful information.  I came across both of those during google searches a few weeks ago, but it helps to know that they are recommended.  Much appreciated!

@Gary Swank Thanks for the warm welcome!  My wife and I are excited to be starting our next chapter in Pittsburgh. With respect to neighborhoods, I'd love to catch up with you on particular areas we should be considering. It's tough to do the research from a far, and it's hard to get the street-level picture of an area based on what you find online.  I'll shoot you a direct message and I'll make sure we link up.  Thanks!

Hey everyone,

My wife and I are preparing to move to the Pittsburgh area in the next few months. We currently reside in Charlotte, NC, but are planning to pack it up and move North to get closer to family. As you'll see from my profile (feel free to give it a look!), I am an avid real estate investor (currently have 2 SFRs in the Charlotte area) and am looking to expand in the Pittsburgh area (while keeping a presence here in the Charlotte area). Additionally, I am a finance and commercial real estate attorney and I'm hoping to have the chance to develop relationships and clients in the Pittsburgh area. Similar to the majority of folks on BP, real estate is always on my mind. My excitement surrounding real estate literally makes it hard for me to sleep (I know I'm not alone on that). That being the case, I'm ready to hit the ground running when I finally get boots on the ground in Pittsburgh. I wanted to poll the BP community to see if anyone had any good suggestions for local REIA groups in the Pittsburgh area that I should think about joining. I love meeting new, like-minded folks, and no better way, in my mind, than to get out among local investors in the Pittsburgh area.

If you have any suggestions, please feel free to send them my way.  Thanks in advance!  

P.S. - For what it's worth, I am currently in the market for small multifamily deals in the Pittsburgh area.  We are thinking about house hacking the deal.  Would love to speak with folks about that as well!  All thoughts are welcome.

Best,

Jeremy T.

I completely agree with @Christopher Smith.  When I bill my clients for email messages, it generally isn't for brief exchanges that can be similar to small conversations.  More than likely, the time billed for emails are due to any research involved and extended correspondence between the client and/or third parties.  However, for the most part, I don't find myself billing my clients for email correspondence.  It all depends on the relationship you have developed with your counsel and making your expectations, with respect to time, known at the beginning of the relationship.