All Forum Posts by: Anthony Angotti

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 

I am new to the Pittsburgh area and would love to connect with some seasoned investors to learn more about processes and the city of Pittsburgh when it comes to real estate. Would love to buy you a coffee and chat!

Hi Pittsburgh BP'ers!

I'm looking for a recommendation for demo and garbage removal for a flip I'm going to be starting in a few weeks.  The guy I was using is no longer in the business.  The property is in Carrick.  It is vacant and there is little to nothing in it.  That being said, the carpet, kitchen cabinets, etc. will need removed.

Does anyone have a good recommendation?

Thanks!

Chris

I have a SFH property here in Pittsburgh that will be finished with work and ready for rent in the next few weeks, and I'm wondering about the water bill (PGH2O to be specific). First off, I also own a duplex which doesn't have the water split between units, so it is in MY name as the landlord and I pay the water/sewage bill each month for both units, while the tenants each pay for their own gas/electric - this seems pretty standard around here. However, with the new single family rental, my initial thought was that the incoming tenant would pay for ALL utilities. While I've seen plenty of similar rentals with ALL utilities paid by the tenant, I also see a few that keep the water in the landlord's name (tenant is NOT responsible, barring excessive usage).

So I'm wondering what the reason for this is, whereas the electric and gas always seem to be paid by the tenant. Are there benefits to keeping the water in my name? Or should I let the tenant pay for it, along with gas/electric? That is how I'd prefer to do things, but there has to be a reason that so many rentals have water bills kept in the landlord's name.

Any and all input would be much appreciated!

The insane thing about the question “if they don’t have one full months rent and a deposit that is equal to that (and whatever other costs you decide to stick in there too) then how will they pay the rent?” Is that it doesn’t take into account that in a normal month they will be paying a lot less than you’re asking for.
example: rent is 800 a month. Landlord requires first and last month and a deposit of $800. That’s $2400 up front just to move in. Not counting the app fee which is usually between $50-$100. Or pet deposit/fees which could be $500. Or the fact that the person would have had to pay the last months rent at their previous home. In a normal month the person is paying $800 toward rent.
in a month where one moves, they’re now paying $800 +$1600 +$750( previous rent) +$75(app) + $500 (pet)

That’s asking a person to shell out almost $3700 at once. Most renters don’t make that much in a Month. Even if they do, they likely have other expenses.
I actually like ajs idea about changing an extra 10% per month. I wouldn’t have any problem with doing that and it’s so much better than having to shell out multiple thousands at once. 

Have you used Rhino or a similar service in lieu of collecting the full security deposit at start of lease?


Quoting from https://www.nbcnews.com/news/u...
With Rhino, the platform replaces the traditional security deposit to a landlord and instead provides renters with a monthly low-rate insurance policy, simultaneously providing protection to property owners. It frees up money for the renter and provides the coverage that landlords require. For renters, this means paying a monthly rate for insurance that's scaled to their rent. For property owners or landlords, Rhino covers excessive damages or the loss of rent.

Hi Everyone! We were looking to pull some marketing lists in PA but we noticed the normal data sources like Listsource and Propstream are pulling incorrect data. We were trying to pull the last 6 months of market sales that were absentee owned to see the top zip codes, but data seems off. We were pulling comps, and it seems to be missing sales that happened. Is there something in PA that's stopping us from getting data there? How are investors pulling data? 

I've had some success purchasing turnkey properties remotely and leveraging the local real estate agent / property management firm to get the properties freshened up and renting. 

Recently, I stumbled upon a local general contractor (GC) in my remote market that has been buying a flipping multi-family.  I am limitted in the supply of turnkey properties, and the GC is limited in the cash required to purchase a property and float the rehab cost.  Any advice on what works and/or doesn't in a business partnership like the following:

1) Investor (me) purchases a distressed property: $100K

2) Investor (me) or GC (partner) pays for rehab cost of property: $20K

3) GC (my partner) does the rehab of the property

4) Property is reappraised and refinanced: $150K

I want to give the GC incentive to perform the rehab quickly but also take pride in the workmanship.  I think I can do this by splitting the profit ($30K) equally between final appraisal and purchase + rehab cost.  Is this too generous to the GC?  Would you have the GC pay for the rehab and then split the profit? 

Thoughts?

Eric

I was just talking about this with my wife today. People are getting sold a bunch of lies and it's not to down the community in anyway, but the way this stuff is peddled is crazy. 

Yeah man.... you can totally "Make tons of cash tomorrow without using any of your own money and then get paid after the job is complete!". As someone who fell for it and sucked on the nipple I can say first hand that it couldn't be further from the case.

This takes work... has potential for serious fines and in some cases jail time.... potentially to have your property pooped on because uncle jims contracting didn't pull permits. Dude idk it's kind of sad....

To make a long story short... what kids need to do is save up and build a team over the course of 6 months... 2 of each that you can trust and save some bread... maybe 50-100k then JV a deal with a seasoned vet you can find at a local REIA after you vet them... 60/40 the profit in exchange for education and move on.....

This ain't a video game kids!