All Forum Posts by: Joe Pitrolo

You might check with Fiverr or upwork under design , real estate, architect? or check with your supplier, such as lowes, to see if they may design.

You can check with Mon County Sheriffs , but commercial are assessed at a higher class and typically are 30 percent higher than residential use. As far as Deprecation and 750hr Rule, not sure what that is. I know you can depreciate right away and low taxes are a benefit of RE investing. If you don't need the income , 15 or 20 yr amortization saves a ton of interest and builds equity a lot faster. Most investors go 30 because they need cash flow. Morgantown is a tough market in my opinion, very competitive and cap rates are much lower unless you can locate some fixer uppers and have instant equity after your repairs. This is a good strategy. Or you may consider some newer town homes , even Dan Ryan Model homes have some deals, and build equity with tax benefits. You can always find leases on this website or legal zoom and have a local attorney look it over to make sure it complies with local and state laws and a student rental may need some more specific clauses, like roommates. I would not screen based on GPA ,but rental references and income verification and just meeting potential renters gives you an idea. I would arrange a meeting with a few banks and tell them your goals and secure some lending and save for a down payment so you are ready when a good deal presents itself.

I registered on auction.com The experience has been mixed. I lost a few because I didn't get all the paperwork in time. You have to have your funds and LLC paperwork lined up.

  Once registered, I pick an area and then follow some auctions that may fit my goals.  They will automatic bid up to a certain amount, and sometimes the reserve is not listed so you don't know how much they want.  In some auctions, there is no reserve, so it will sell but with a buyer's premium of 5% or $1,500.

I've bought several SFH in last year at auction.com and another auction for about 35 and renting for avg $800 mo. With more than 50 percent equity built in. I've done improvements and can resell or refinance. Hubzu is another auction site or Hud homes are Also a resource for value homes.

My grandmother left me about 33 k on bank stock in the 90s and I've been able to leverage that for my first home and several other deals. The stock market took a hit , so when I would eventually cash some stock in for closing costs or down payments on RE, j normally had a loss and write off due to inheriting on s step up basis. I'm eternally grateful for her generosity.

Unless you really don't enjoy your work, considering you've invested so much time and money into your profession which I assume you can leverage to A great income stream , I would get into RE investing incrementally because so much of getting financing is showing a strong balance sheet and income, unless you have some investors or partners.

Great upside and great risk imo and a lot of work. If you don't have a lot of time , experience and know how, or some good partners, you might reconsider. If you're just the landlord , not as concerning. On the other hand , if your buying a poorly managed restaurant at a great value, good location , etc. you might have a high upside , great value that you could flip if it gets to be too much work.

If you are an Amazon prime member , they have some free airbnb books that have some good info. I would check with local city codes and make sure what licensing is required, you are essentially operating a hotel model. My experience with airbnb is that it can be hit and miss, if there is an event in town or more busy tourist time. If not, you may struggle a bit. It also take some time to build up good reviews which are essential to succeeding. You want to make sure you have good amenities, tv, coffee, good furniture. This may be an additional 5 to 10 k expense. One problem I had with airbnb is that a legitimate member who had been verified would rent for their buddies and the buddies weren't reputable or verified. I ended up with some damages, but I was able to resolve with the person renting. Overall, my experience was good , but it was a bridge to getting a long teen renter which I would also consider if I were you, may not be as profitable but maybe less headaches. Another issue I see coming with airbnb is that government and hotels will pressure to add more taxes and make it less lucrative.

I would think if you have it under contract , you could have a clause whereby you can show the house to another potential buyer? Get keys and show yourself.

What town are you? I'm in Morgantown. I would think you could find an online real estate course available? I'm not a wholesaler but I've looked at some courses and you need a system of acquiring leads through direct mail or internet marketing. I wouldn't necessarily look at boarded up houses or abandoned ones, they might need too much work. I think Pittsburgh has some good REI meetups that teach whole sale if you are close by.