All Forum Posts by: Anthony Angotti
Anthony Angotti has started 64 posts and replied 1482 times.
Post: Need advice on hassle free rental investment
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Nawab I.:
Hi there
While I have lived on the Westcoast for a good part of my life, I am out of US for past few years. Recently I discovered cheaper houses in Pittsburgh (compared to the west coast cities), and I am thinking to put my cash toward a hassle free rental investment either in sfh or a duplex, in that area .
Hassle free means a turnkey property which will likely not require any maintenance for next few years.
In a good neighborhood, where I wont have a challenge in finding good renters as I won't have time to evict anyone or chase someone if they damage the property.
With the above two constraints , what are my options? My budget is ~ 225k (including downpayment and financing).
Does anyone think it is a bad idea to remotely do this? I am ok to visit for a couple of weeks while doing the transaction.
Thank you in advance.
Houses in Pittsburgh are almost all old.
Especially in that price range. They will all have maintenance from time to time unless you get lucky.
For under 300k I’d be skeptical of anyone who sells you a house that they say will have none of these problems in any market.
Post: How to find a gator lender to fund my EMD?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Karl Washington:
Has anyone had experience with this? Where did you find your gator lender?
A gator lender.
that’s a new one
Post: Yes or No to ceiling fans in rentals?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Vincent Donato:
I have a rental duplex in Lakewood, Ohio. This older home has older ceiling fans in the bedrooms.
I'm planning to replace all the fans with LED light but wanted to hear peoples experiences on this.
My thoughts are, ceiling fans are another object in a rental that break a lot, they get dusty and gross, and these don't provide much light to the rooms. Tenants never change the lightbulbs on them, and not sure if they even get used. An LED lights up the room so much better and does not get dusty.
No, the house does not have central air, but this is Ohio so A/C window units are commonly used for the couple months of the year they are needed.
Ceiling fans aren’t that expensive to replace so I usually install them. Kind of depends on the room though. Smaller rooms I usually do lights larger ones I usually do fans.
Post: LLCs: The big 3 or your home state?
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Michael Oliver:
I have purchased a primary residence that I will turn into a rental in Michigan. I plan to do deals throughout the country though.
Should I register my LLC in the famous 3 of Delaware, Wyoming or Nevada? Or stay in m y home state?
Thanks!
Post: 15221 Area Code
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Imtiaz Koujalgi:
Thanks Anthony. This is an example of the unit I was looking at in the 15221 area code. Looks like it will rent for ~$1500 and will cover the costs. I agree that the taxes seem a bit high, but the math still works out for me if I can get a rent of $1500 for this.
7553 Penn Bridge Ct, Pittsburgh, PA 15221 - For Sale (homes.com)
My price range is not more than $175K. If I can get a condo or townhome that can attract a g
What is Forest Hills zipcode? I would rather not do Section 8 tenants. I know the rent is secured by the vouchers, but I have heard that there are other multiple issues that one needs to deal with in those cases.
Thx
Forest Hills is a neighborhood in that zip code.
As other mentioned going off of zip-codes is problematic because it encompasses so many different areas.
If you don't want to do section 8 you'll want to consider the median income of the neighborhood. The niche website makes this kind of easy (also a Pittsburgh company). If you don't want to do section 8 you'll have more success in areas at or above the median income for Allegheny County.
That's a broad generalization about people, because you can find all types of people in all types of areas, but that's also the problem with a really broad/general question.
Post: Bank Loan Quotes: Closing the Deal Challenges
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Gerardo Waisbaum:
Hi fellow investors,
I recently listened to a thought-provoking On The Market podcast episode featuring Ben Miller from Fundrise, who raised an interesting concern. He mentioned that while many banks provide loan quotes, they often fail to follow through and close the deal. Has anyone else experienced this issue lately?
Ben's observations suggest a potential trend where banks are becoming more cautious and selective in approving loans, potentially due to market uncertainty and the looming possibility of a liquidity crisis.
Have you encountered similar situations where you received loan quotes but faced difficulties finalizing the loan and securing financing for your real estate investments? If so, how did you navigate these challenges? What strategies did you employ to overcome them?
How do you move forward and submit offers in such an environment when your reputation is on the line? Are you including a financing contingency clause in your LOI's?
Looking forward to your valuable input!
We don't always include the financing contingency, but are just prepared to lose hand money if that goes south. Depends on how competitive the deal is.
That being said I think if you don't have a relationship with a lender it's hard. It's a bad time for people who like to bounce around from bank to bank compared to people with well established relationships.
They also like to see deposits. If you have money in a deposit account with the lender they generally will be more receptive to your situation.
Ask you lenders what they want to do deals before you have a deal and things will go smoothly. The bigger presence that a specific lender has in the area of the property the better also.
Post: 15221 Area Code
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Are you local? Taxes in Wilkinsburg can be a killer. It's also fairly street by street so you'd want some advice on specific places when buying.
Forest Hills has some decent pockets. I'd say target places with a lot of owner occupants when looking because those streets will tend to be a bit more stable.
It's close to the highway so you can get tenants with decent jobs. That being said tenant quality is more to do with screening than area. It's not a high income area for the city though so a lot of your applicants may apply with vouchers and you might need to make exceptions on credit reports. If you can get good at this part of the business with your screening and working with voucher programs it's not a bad area to be as far as cash flow. A
As far as other zip codes, what are you looking for, and what's your price range?
Post: New member... wanting to get my first (by myself) investment property in this year.
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Adam Kavulic:
Good afternoon, y'all!
Realtor in San Antonio here, but I am originally from the Pittsburgh area and looking to invest there.
Huge BiggerPockets fan for years :)
My wife and I are interested in purchasing our first investment property by ourselves (currently we're part owners of one property with about 15 other agents) by the end of the year.
I figured now is a good time to start building a "team" to help with this.
Looking for a real estate agent, a contractor, and a property management company/team/person.
I am also looking forward to learning a whole bunch of what I didn't even know I should know :)
Welcome to the community and Pittsburgh is a good rental market. Where in Pittsburgh are you from? That's probably a good place to start with because even though it's been a while you'll be more familiar with the area.
Post: Real Estate Experience in Pittsburgh, Pennsylvania
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Alec Jacobs:
Good morning everyone.
I am just getting started into real estate and I am looking to find places in Pennsylvania's market, specifically the Beaver County area. I am wondering if there is anyone who has invested there that has some insight into the market and what their deals usually look like or if there are any pitfalls or things to look out for when investing in that are.
Thank you!
There are more resources for someone investing out of state closer to the city as far as property managers, contractors, etc.
What has you looking at Beaver County specifically?
Edit: I noticed our comment about being local. I think generally if you focus on neighborhoods that are more owner occupied than tenant occupied you generally will have a smoother experience. What neighborhoods are you targeting?
Post: Ready To Roll
- Real Estate Agent
- Pittsburgh, PA
- Posts 1,538
- Votes 845
Quote from @Kenny Augenstein:
Hey everyone,
My first post on BP, I have been looking at dozens of neighborhoods in so many states to try and find a rental property. I feel like all I am doing is dragging the map on Zillow all over the place. I am new and ready to jump in to any opportunity, which is big because a lot of my other friends are very hesitant. Does anyone have any recommendations on areas to look for. I've been doing hours of research in to Florida, and now that insurance costs may multiply there aren't any deals I am finding. I am ready to dive in the deep end, just looking for a bit of guidance.
Thanks
Best place to start is where you live. Best way to start is by house hacking.
If looking out of state your team is more important than the market, but what are you looking for as far as properties. Appreciation, cash flow, etc. That would help dictate what markets to focus on. Also your purchase price that you can afford.