All Forum Posts by: Anthony Angotti

Rent Control hasn't been discussed much as far as I know and is not in effect anywhere unless you do subsidized housing and then it's really only based on how much someone's waiver is good for because sometimes you can't increase and keep them. 

No permits really in city limits other than following occupancy requirements (number of people in a living unit). 

The registration is being challenged in court. And even if it passes it will likely end up just being a yearly registration with a fee within the city more than it will be a physical inspection like it is in many of the suburbs. Simply because there are so many rentals in the city and buildings that it would take an army of inspectors to enforce that. 

In Pennsylvania net price listings are prohibited, and wholesaling is basically a net price listing without having a license. So if they are required to get their license (as they should if they are actually marketing the property and have no intent to purchase the property like 95% of them do) then they won't be able to make the same amount of money on a cheap property because they'd have to disclose that they are making $20,000 when the seller makes $30,000. 

It's not really a question of jealousy from agents or anything. As an agent I make enough money selling properties legitimately I have no ill will towards wholesalers. It's just a question of integrity and ethics. Making $60,000 when the seller makes $40,000 just shouldn't be allowed unless it was disclosed fully that the wholesaler/agent could and likely would make that much money on it. Because if the seller knew that information then there's no way they would agree to that. It's not fair to the public at large when they sell this way. . . .and it was only a matter of time and a matter of the thousands of Instagram posts of wholesalers posting pictures of their checks online for the practice to catch up to them. 

Again, personally I really don't care what people do and I have bought deals from wholesalers before, however the non-disclosure of how much they are making on a deal really tarnishes the whole investor community in the eyes of the public for a number of reasons. I know there are some legitimate wholesalers out there, and some that I respect because they have integrity, but as it has become the most prevalent "get rich quick" idea in real estate, and so many people have started doing it, regulation was in order eventually. 

If you want some sort of legal advice then you'd need to contact a lawyer obviously. I don't know how what I'll say below would actually stand up in court if it because an issue, but that's up to you and your lawyer. 

I agree with what you said. Tell them the new fridge is their property now, if they don't want to take it with them when they eventually move out then you will pay them for a used equivalent that you would have bought ($300 in my area). Tell them that you will waive the replacement fee since you believe it to be a miscommunication and that any issues with the property should be directed to you before the tenant acts to do anything. You must approve all repairs and changes as is written in your lease (this is in almost every lease I've seen, but check yours). 

Welcome to the market! I tell everyone looking to get started to go to some meetups (when COVID starts to cool off and they come back in larger amounts) and find an investor doing what you want to do. Offer to help them with their business for free with whatever they need and then learn the business that way. 

Before doing that keep doing what you're doing by educating yourself. Once you can speak the language (it's not really that complicated, but some people like to make it seem that way), it will be much easier to connect with others to get more help/guidance. That being said don't be afraid to ask questions. Doing that and just getting started by actually doing deals is the easiest way to learn. 

@Latierra Dewberry this is such a loaded question based on your own set of circumstances. Perhaps describe a bit about why you are considering investing out of state. I assume it's because you live in California and you are looking to invest in areas that have lower entry prices/higher potential cash flow, but giving an answer based on this is impossible because all decisions on how to invest, where to invest, what to invest in, and when to invest are based on so many different factors from your own personal situation. 

See if the seller will remedy or terminate. It's likely that things are hidden behind the walls as well since an inspection is visual in nature only. Before making decisions on what to accept I would have most of the major systems in question reviewed by a qualified professional (contractor) since inspectors are good at bringing things up that may or may not be issues, but they often understate and/or overstate issues since they are not an expert on any one system. 

Before wasting any more time though let them know that you will be seeking concessions based on repair recommendations from professionals. Ask if they are willing to discuss after further evaluation. If they aren't even willing to discuss you move on, take the $2000 loss as a cost of doing business/learning experience, and you are much better off for considering your next property. 

@Alex Ciuca your agent should be helping you with this if you offered with an agent. 

However you will need to go the commercial route for this if you want it to be in your LLC. These are adjustable as the broker mentioned to you. On a smaller size property there aren't fixed rate commercial products (though something may exist that I don't know of because speaking in absolutes is not often correct, but will likely come with higher points/interest). You should be able to pay for a 10 year adjustable rate and a 20 year amortization, but the 5 year adjust is pretty standard for all local commercial lenders, and 20 years is typically going to be the longest term you will get until you build a relationship with the bank, at which point you can possibly get 25 years based on the relationship, but is unlikely until you've built a longer term relationship and present them with a competing product.

@Akilah Clark you should be interviewing agents to be your main agent. And then go through that one agent for the properties you are interested in after selecting someone. As an agent with a good bit of business under my belt I won't work with buyers if I am "one of many" I do exclusive agency only. 

And yes, you should be telling them that you are preapproved. They should be asking if they aren't already and if they aren't even asking then I'd view that as a fairly inexperienced Realtor. 

 To piggy back on this, are there many management companies for self storage? Also, how do they typically charge?

I figure an on site employee or two may be more common, but if it's a smaller facility I didn't know if there were resources for smaller facilities.

 I went to school at Allegheny so am pretty familiar with Meadville. The advantage to you is that there should be some opportunity to buy houses fairly inexpensively when you are ready. To get started I would seek out a local real estate investor and start working for them for free. That's the best way to learn the business. Before doing that though read a few books and start listening to podcasts. The bigger pockets books are great starter material.