All Forum Posts by: Anthony Angotti
Anthony Angotti has started 64 posts and replied 1482 times.
Post: C Type Property For First Time Investor
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Jim K.:
Originally posted by @Anthony Angotti:
Originally posted by @Rupesh Gunturu:
I’m a new investor, determined to buy my first rental property and start my journey to exit the rat race..I found a great turn key SF home, with good Coc in a C type neighborhood (Crime rate is relatively high). Would you recommend a C type investment for a first time investor. Any advice would be greatly appreciated !!
High crime isn't C class, it's D class to most people.
avoid.
High crime is usually the last dividing line between C and D for people who specialize in C-class investing.
Ya, to me it can be low income, run down, and still generally C class as long as it's not a crime ridden area.
For instance I have a property in Natrona. Which is pretty run down, but generally speaking people don't mess with other people as much. Some areas have a lot of property crime, violent crime, etc. Those to me are D class areas. Not only will you have a hard time finding good qualified tenants, but you will also have an issue with keeping them sometimes due to the crime rate, and also will have problems with vandalism, damage, and theft. Areas with high property crime are the kind you need to board up when vacant so someone doesn't steal your pipes.
Post: C Type Property For First Time Investor
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Rupesh Gunturu:
I’m a new investor, determined to buy my first rental property and start my journey to exit the rat race..I found a great turn key SF home, with good Coc in a C type neighborhood (Crime rate is relatively high). Would you recommend a C type investment for a first time investor. Any advice would be greatly appreciated !!
High crime isn't C class, it's D class to most people.
avoid.
Post: Real Estate Sales Agreement - Request for referral
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Adam Byrne:
Hi BP!
I am selling a Pennsylvania commercial multi family building to a long time tenant. We have a great working relationship and have agreed to terms ahead of signing a sales agreement which includes a 2nd seller-financed mortgage.
I have a lawyer who will prepare the 2nd note and take care of title and closing. The only thing missing is the sales agreement itself.
I don’t need an agent since I have a buyer and my other needs met. Is anyone interested in helping me fill out the actual sales agreement for a fee? PA licensed RE agent preferred!
Thanks,
Adam
You should just have the lawyer draw it up for you.
Post: It is posible buy two rental property every year ?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Krystal Marquez:
I need some strategies, how can I buy 2 property every year for 10 years.
Do you have a high income job, some level of experience that gives you an advantage, or a good bit of free time to leverage your own work/availability?
Post: Recommendation for GC
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Aaron Parkan:
We are looking for recommendations for a reliable GC in the Pittsburgh area. Thanks!
Tough to find.
Look up what it takes to get a license in Pennsylvania that's why. Also, just being honest you'll be hard pressed to find people to give out a reliable GC without you having a quality relationship with them. Worth more than 1,000,000 Doge coins right now.
Anyway, good luck. GCs being unreliable is why I went to simply subbing out jobs myself.
Post: sewer line recommendations
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Zachary Mckay:
Plumber installs a new toilet but failed to snake the drain with his equipment. He says a need a hydro-jet and scope.
Any recommendations in Pittsburgh?
Dime a dozen here.
Greater Pittsburgh Plumbing or Krupp Whitney
They both might try to sell you a sewer line FYI
Post: Is the market too hot to jump in now? (Spokane)
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Caitlin Daniel:
Brand new, just got my approval loan papers last week and have seen 5 duplexes, run about 10 numbers/reports things to see how good of an investment it would be, and submitted one offer. (Which got outbid by 25% in cash)
Looking for a side by side duplex around or under 200k, over 600 Sqft with yard, needing updates okay just not a major rehab. I want it to be rentable immediately as I work full-time plus overtime and don’t have time for major reno. It will be owner occupied. Plan to update the side I live on and then switch when finished.
I have the opportunity to stay where I am at really good rental price thru September.
This market is INSANE and homes here are going more than 20% above asking and the average is rising every month. I’m quickly getting pushed out of good deal territory.
Opinions wanted: would you wait out the summer and meanwhile do more education/numbers and try again in the fall? Or is no downturn in sight and I’ll be out of a deal by fall?
or is that a newbie perspective and there are always deals to be found 🤔
In my opinion there is never a bad time to buy a house hack. You're setting yourself up financially so well by doing it that even if the market is hot it's still a wise financial decision. Additionally rates are lower than they will ever be (barring some very weird event) and you'll get in that locked for 30 years. House hacking is a no brainer if your life circumstance allows for it.
Waiting for a crash is just trying to time the market. If you time it right, you just got lucky, people get paid a lot of money to time these things and even they can't do it with a very narrow date. We are close to a peak yes, however I don't see this happening in November. It will likely happen sometime in the next 1-3 years, however with the capital gains tax potentially going up I feel that investors will move even more towards real estate where they can 1031 exchange. If that happens prices will go up even more than they already have. Additionally unless interest rates spike the prices will likely remain where they are.
Inventory is wayyyyyy down, people just haven't been selling. It also doesn't look like the market is going to get flooded with supply either.
So combine cheap financing, lack of supply, way more demand and what do you get? Increasing prices. And it doesn't appear that this is going away any time in the near term without some major unforeseen event. It's coming, but even when it does, being in a house where your tenants pay your mortgage for you is going to be a lot nicer than literally any alternative. So who cares.
Post: Buying from a family member after settling a lien.
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Charles Bradley:
Hi BP Family,
I am a newbie looking to invest is real estate in the Pittsburgh, Pa market. My first project that I want to buy is a home from my grandfather who is 90 years old that I will turn into a rental. He no longer lives in the house but he wants to keep it in the family. After we settled the lien he has title in his name. It needs about $15k in work and the ARV is about $100k. Is there any laws, restrictions, tips or tricks to make this first property great deal or are there unforeseen challenges that we may run into?
Graciously,
Chuck
I would transfer the property before you start paying for any renovations. If you don't and your grandfather passes away it will go to his estate. Then you have to squabble with your family members over it which won't be a fun time.
Even if you are doing the work and managing with family members then transfer it to whoever will actually be working on the house and actively participating in the project.
Other than that myself and the rest of the community would probably need a lot more detail on the actual house to let you know if there were any specific things to help you make this a good deal. Area, market rental rate, what all your 15k project encompasses, etc.
Post: Tenant got charged $3000 water bill! What would you do/recommend?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Quan Chau:
Hi guys!
My tenant of a year is having an issue with the city. The tenant recently got a $3000 water bill, and their normal usage is $300-$400. I called a local plumbing company to inspect and do a leak detection test and found no leaks. The city came out to the property and checked the meter and determined there was no leaks. So after a water bill adjustment, the city is still charging the tenant $2200 for the water bill. Is there anything I need to do? What should I recommend to my tenant? Any help, suggestions are greatly appreciated!
This often takes fighting. Did the water company come out to check their meter and connections?
Post: Pittsburgh, PA | How Do You Pierce the Corporate Shroud??
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Originally posted by @Jim K.:
Originally posted by @David Coleman:
All,
I've identified plenty of distressed properties "Driving for Dollars", but am hitting dead ends when trying to "skip trace" corporate owners. Has anyone identified an easy way to identify individual owners of an LLC? In many cases, it appears (in the Allegheny County Real Estate Assessment website at least) that the taxes haven't been paid for at least 4 years.
Any tips, tricks would be greatly appreciated,
Dave
All right, Dave, as I said in my friend request, looking forward to meeting up with you after this pandemic crap is over.
And when we meet, I expect a Primanti-Bros-or-equivalent sammich outta this...any of you Pittsburgh BP lurkers see this and use it, I expect the same. Coffee ain't gonna cut it.
So the first thing you have to do is search for the LLC here: Pennsylvania Business Entity Records Search
An LLC that does business in PA has to be listed here. By and large, as a real estate business, the LLC will be registered at a residential address. With luck you'll find a name attached as an officer. If you have that name, do an internet search on the individual. If you don't, but the address is in Allegheny County, do a search on the residential address and see if you can find an individual listed as the owner of that home.
Should have read first and saw that you had already posted this.