All Forum Posts by: Anthony Angotti
Anthony Angotti has started 64 posts and replied 1482 times.
Post: Buying a Second Property. . .Is it Possible?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Sarah Persin:
This is my first post, so be gentle! :)
About a year ago, I purchased a duplex. I was able to get a 30 year, 10% down. . .I am currently house hacking and paying very little toward the mortgage. The duplex next to the one I purchased is now up for sale by the same sellers of my CURRENT property. My question is. . .is there a creative way for me to purchase this without a huge down payment?
House hacking a second one!
That's how I got my first three. Went from Place to place once a year. You could use an FHA loan and use the full seller assist. Then you'll be out pretty little cash (be mindful though that you're going to have to be slightly more flexible on what you want cash flow wise because your loan is going to be eating up a lot of that).
Post: Investing Beginners Here
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Stefan Slavkovic:
Hi everyone! My wife and I are looking to begin our investing journey by purchasing our first multi-family property, ideally a duplex in the Pittsburgh, PA area. We'd love to connect with folks in and around Pittsburgh!
Thanks!
Hey Stefan,
I’d be happy to connect. I’m from the South Hills and started out house hacking and now do everything from small multi to commercial residential and office/retail.
It’s been quite a journey.
If you can swing it with your life situation house hacking is a good way to start if looking for small multifamily because you’ll save so much money to roll into your next investment.
Post: Should I keep or should I sell?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Mary Jay:
Hi guys,
I have a house in Florida. Bought it in 2019 for 180K, now its worth 350k (My realtor says 400K but I am trying to be conservative).
It rents for 1.4K...Way under value.
I have 2 options:
Option 1: increase the rent to the fair market value (probably 2K). The issue is, there is always something breaking, do I want to keep an assett where always something breaking? (May be its just the tenant, not sure. Changed the stove, plumbing issues few times a year. The roof leaked, fixed, but still leaking, so dont think it really got fixed. Struggling to find the roofer who will actually do a good job, the fence fell from the hurricaine, leak in the stucco, etc.)
Option 2: sell.
The problem is what can I buy with 200K in profit? Not much.... In the Midwest only.. Plus, probably will have to do a 1031 exchange so will have to buy 2 properties in the Midwest. If I buy 2 properties, I will be able to get 3K for both (1.5+1.5K for each ) in rent...
3 k (option2) is better than 2K (option 1)
What would you do?
At least in my market, I don’t know about that one.
Post: Should I pick up a license within real estate?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Bert Chen:
I'm pursuing a software engineering career and am currently enrolled in college. I am also trying to start my real estate journey at the same time. I would like to learn more about real estate and have more connections within the industry. Is it a good idea to pick up a license (exp: real estate agent license, appraiser license, home inspector license, etc) and work part-time with the license?
It’s a tremendous advantage if you are actually practicing in the field. So if you are actually going to do the job a little more than part time.
if you aren’t going to do that then you’re just spending money and occasionally saving a little. The classes for these fields aren’t close in value to the benefit you get from actually doing the job.
Personally I’d stick to software engineering. You’ll make more money
Post: No notice that pipes were frozen from Management Company
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Denise Harmening:
Hello. We have a cabin in Gatlinburg managed by a small company. December 24 the guest notified them that there was no water. The pipes were frozen. December 25 the guest notified them the heat wasn't working and the guest checked out. So the cabin was without heat. The management company did not turn off the water or go to the cabin. December 29 the cleaner went and the HVAC company. The cleaner discovered water was throughout the cabin. We were notified at 3:15 pm on December 30. We went and the floors throughout are warped and the entire place is damp. Now we can't find a restoration company available over the holiday weekend. We live nearby and would have immediately turned off the water and contacted a repair on the HVAC. My question is, do you think the management company was negligent for not checking on the property or notifying us of the situation?
I know the Christmas weekend was one of the most stressful of my entire life due to these types of calls.
Post: Do you buy older homes for long term rentals?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Bryce Jamison:
I tend to shy away from homes over ~20 years old to buy and hold for long term renting. This is because I'm concerned that even though the things in the house I can see look great things like the electrical, plumbing, or the foundation may need major repair if not immediately relatively soon. I'm also concerned older homes have already seen their biggest jump in capital appreciation and don't have as much potential for price growth compared to newer homes.
What are your thoughts on older homes? Is there something I'm not taking into consideration? Would a low enough sales price make all of my concerns go away?
Thank you for your time!
In Pittsburgh it’s the only way to buy rentals haha!
I have a few over 100 years old.
they come with their own unique problems, but to be honest I think they have some advantages too.
Post: Looking to start investing in the Pittsburgh area
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Reggie Smith:
I'm interested in investing in the Pittsburgh area looking for C class areas perhaps even some areas that are D+...I'm really focused on cash flow. I have some experience investing out of state...Detroit,St. Louis,KC, Atlanta. Some of the properties I purchased in these cities were in rough areas and I did ok as I wasn't in the heart of the madness and some of the areas actually turned around. Curious to know of some areas that I should look into and what are some realistic price-points for buying in these areas. Thanks.
You’re going to struggle in these areas in Pittsburgh if you aren’t local.
There’s not a property management company strong enough in the city that is actually going to want to handle this for you.
Post: Now a good time to invest in rental investment properties?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Spencer Herrick:
I've finally put aside the capital to invest in my first property rental investment property. With interest rate hikes and inflation on the rise, I question if it even makes sense to make this kind of investment at this time. How will the direction of the real estate market coincide with renters? What am I thinking too much about and/or not enough about? Will rental income go down as the real estate market goes down? I know these are somewhat loaded questions, however this is what has had me scratching my head the past few months.
Thanks advance for any pointers/advice
Normally when people think of inflation on the rise they think of having rentals as a good thing because they pace with inflation.
Rates are going up yes, but people have been buying for decades, centuries even, and I’d say that 3% interest rates were an aberration that contributed to sky high prices among other factors.
As they go up prices might eventually start to come down. You can’t time that, you won’t know, and if you do know you won’t tell. But you still don’t know, cause if you say you do, you’re lying to yourself and us.
People bought rentals when rates were way higher than they are now, and they still built wealth with them.
Why? How?
Because you don’t wait to buy real estate, you buy real estate and wait. Will Rogers said that. Ya boi.
anyway. These conversations miss the point. Never be in a state where you just are head in the sand not buying.
just always buy decent deals and run numbers for different scenarios in the future if they happen to you. If you have an adjustable rate, look at the numbers when it adjusts up. If you have a fixed look at the numbers if rents take a reasonable dip.
This is a math problem. Everything else is just getting out of your own way and trusting the process.
When the numbers don’t make sense you won’t be buying. When they do you will be. Right now they work less often and it’s harder to find a deal. Eventually (probably in the near future) they will work out more often. Tis the nature of a cyclical market my friend.
Post: Looking for Rental Property that meets the 2% Rule
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Jacques Villars:
Hey All,
I'm an agent/investor in Las Vegas, flipped a couple properties, but looking to build a rental portfolio. For the first one I'm thinking I'd like to get one that cash flows well and unfortunately the market in Vegas doesn't really allow for much cash flow when factoring in a mortgage. I planning on using a conventional loan 20-25% down. I'm open to getting something anywhere in the US, if you know of areas with rent ready properties that meet the 2% rule, I'm in.
Any suggestions on area's, agents, and lenders are all welcome.
Thanks in advance
The way the market still is if you find something rent ready that meets the 2% you better be ready to buckle up. Because it’s gonna be a lucky ride.
or you’ll get lucky.
Post: Best Property Management Software?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Lisa Rodriguez:
Hey All, I am currently reviewing property management software, I currently manage about 25 doors. the reviews are so mixed. I am looking for a platform that is cost effective, but allows me to track all the essentials, give owners access, and ease of accounting. Any suggestions?
Buildium
move used appfolio and property ware
Buildium is the easiest if the three to use hands down.
also used steesa for some things and cozy for others in the past but neither of those are truly property management softwares.