All Forum Posts by: Nate Nieland

@Or Keynan

I have not tried to flip anything outside of my general area. Probably my biggest strength and weakness is being able to make sure everything is effectively managed and I do micro manage, probably too much to a fault so I just won’t venture outside of Pittsburgh. But there’s already so many opportunities here that I don’t see a need to.

Now, as for a buy and hold, that’s a different story and do look to invest where I think I can land a great return on a good property.

I'm going to a PITT REIA monthly event. @joshcaldwell is the man who invited me! It's on 11/19.

Hi Vanessa, I could definitely go on and on with tips for first time flippers, but I think the most important thing to do is to really vet contractors and make sure you hire people who are trustworthy, hard working, and know what they are doing. Do not trust anyone who asks you for a huge sum up front. They can literally just take your money and you'll have very little recourse against a company hiding behind an LLC. Find people that you trust and have a good working relationship with. Things will get stressful at times, but working as a team will help you overcome obstacles and everyone will get their fair share of money and when everyone is happy, it is easy to keep doing projects together. Putting together a great team will make your life immeasurably less stressful! Please feel free to contact me anytime if you ever need help or referrals. I love talking shop! I do know people in the LA area and I could look into having them help you. I hope this helps and good luck!

I'm a realtor at one of the biggest companies. I work at Howard Hanna in Pittsburgh. I am an excellent realtor because I've worked in real estate for over 12 years, but also because I'm an investor and can identify much more with the wants and needs of my clients. It is true that a small number of realtors do a majority of the business. However, there are many fantastic realtors out there. I caution investors and others against using them all the time if it doesn't fit the needs of the client. Believe me, I'd be much more helpful if you're looking for good cap rates and NOI on a 6 unit mixed use building with an 8 cap versus a mega agent. They are fantastic if you have a million dollar home and they are good at selling mansions. But if you're considering getting into the real estate business, I'd suggest finding one that works a lot in investment real estate. They are the ones with their ear to the ground about properties that may be on or even off market and which areas will meet your needs. If you'd like some help, I'd be more than happy to look into some that are very good and have the time to always take your call and hold your hand through the entire experience. I hope this helps. Cheers!

Thanks so much Kenneth. I agree that it was a win - win for everyone. They seemed very happy about all of it. They are familiar with the area too, as they all grew up here, so I didn’t feel guilty about getting a great deal on the property. But that’s what we look for in this business. You want to challenge the market by buying low and selling high. One of the reasons I also love being a realtor is the opportunity to help people make a lot of money and I get rewarded for my work. I work with A LOT of out of state investors, and making people money or helping them find their dream home or sell their home for a handsome profit is very rewarding personally. If anybody ever wants help in the Pittsburgh area, please feel free to contact me as I’m not only a successful investor, but I can apply my knowledge to help others too which is a great feeling. 

Investment Info:

Single-family residence fix & flip investment in Pittsburgh.

Purchase price: $80,000
Cash invested: $75,000
Sale price: $238,000

Total demo and remodel of entire inside, electrical, plumbing, HVAC, etc. Removed boiler, radiators, and replaced with new Forced and Central Air. Paint, concrete walkway, roof, new trenchless sewer line, and landscaping outside.

What made you interested in investing in this type of deal?

Excellent neighborhood, strong brick facade, great purchase price with solid ARV post rehab.

How did you find this deal and how did you negotiate it?

Owner passed away and I helped the family, who no longer lived in state, take care of the cleanup and paid cash for the property, as no traditional lender would provide a mortgage to someone buying it.

How did you finance this deal?

Cash

How did you add value to the deal?

Owner was a very bad hoarder and with the family out of state and having to leave their homes to deal with the property and death of a loved one, I provided them with a fast and easy cash close while also helping to remove everything in house which filled 5 dumpsters for a 1,300 sq ft home. It would’ve taken them months to clean out the home.

What was the outcome?

Great return on investment.

Lessons learned? Challenges?

Doing a trenchless sewer line saves thousands of dollars and days or weeks of manual labor. A 45’ line was completed in 4 days.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself :)