All Forum Posts by: Kyle Jones

@Kyle Jones  That's funny!! But everything in government is the same way.. I like to celebrate everytime i hear they're in a budget argument and they're going to shut it down.. I always sound like Ron Swanson at that point.. lol  Good luck with your future permits, and don't be afraid to kiss a little butt once in a while, that's all they want, the feeling of superiority.. haha

@Kyle Jones  Yes, that is a pain. I'm pretty much a hater of government within one year of starting my Real Estate Company!!  lol  Well.. I've kind of always hated government, but this experience reinforces my beliefs..

@Kyle Jones  Thank You, It's gotten a little crazy around here. Our team closed on 8 units on Friday morning, and we close on 5 units on this coming Friday. We have 7 more units under contract after that. Which would bring our total number of units to 64.. Our goal of 100 by January 1st seems very reachable. And I just informed my "day job" that I was retiring after next March when I get my 2nd tax return from our rental businesses. (It's much easier to get future loans when your business has 2 years of tax returns)

@Brandon Cravens I agree. A big part of me want to invest in these areas.  I just keep getting discouraged by other investors and saying I am being to "green" or naive.  My long term goal is rentals and 50% or more of those being section 8. I have heard all the reasons why not to go this approach just wanted to hear the other side of the coin.  Thanks for the feedback on the lowest level. 

@Kyle Jones , I don't know what legal stipulations there'd be. Everyone has the same criteria and I don't discriminate against any protected classes. We have a great mix of people. 

Everything was vacant when we started and so, we just set it up with that criteria. 

 I have a creative community on the grounds. Every tenant has to be involved in some creative field (doesn't have to be fulltime job) that they're pursuing. I get more rent than the neighborhood would normally allow, yet, it's still cheaper than other intown properties and I have tenants, who might normally not have looked in Pittsburgh, but who are in love with the concept of having other creatives all around them. It's working well

 The city can't do anything, since all owners of those full tracts would have to make an application to separate. Can't just be 1 or 2.

And even if you could get all owners onto the same page, the buildings are too close together to conform, so there'd have to be all kinds of exceptions approved by neighborhoods and other groups. 

My property, I own 6 of 8 of those duplexes and I wouldn't approve the subdivision. For one thing....in a few years I expect a developer to want to buy the whole block, as we're across the street from the Pittsburgh Yards developement and the Beltline. This way, if a great offer comes along, I'll be able to force the other 2 owners to sell via 'partition by sale'. Also, if it were subdivided  via the subdivision map, I would own the driveway, which is fine for me, but not so good for the other duplex that can only be reached via the driveway. The whole block is only accessible via that driveway, as everything it sitting very high above the surrounding streets, without possibility to create another access point. 

And since it's mostly duplexes, even subdividing would make the separate pieces still conform to R4B zoning, which would only allow SFH. So, they'd also have to be able to rezone to R5, which the neighborhood would never approve.

 Sometimes those who struggle and have to be more creative when starting out end up farther ahead because they had to hustle harder.