Where in Pittsburgh to Invest?
I currently live in Beaver County in a single family home. A recent empty nester, my husband and I are considering a move closer to the city ( not much going on out here). Own a rental in Mount Washington that our college age daughter lives in and rents rooms out. Our son ( who temporarily lives with us just got a job in Fox Chapel). Considering ditching the single family home for a multi-family that we can live in and rent out any additional space. Looking for ideas of what areas of Pittsburgh would suit best a 45+ yo professional couple. We are rehab and hold type investors so we don't mind a challenge. No warzones but it doesn't have to be Shadyside either. Any ideas or deals welcome.
Avalon/Bellevue, Dormont, Castle Shannon, Coraopolis, Crafton, Ingram
If you want to live in the city: Brighton Heights, Brookline, Beechview, and the neighborhoods south of the Liberty Tunnel, west of Brownsville Road (of which Brookline is part of).
Glad to hear you want to take the plunge and move closer to the city. Many of my neighbors here on the Northside have chosen to do the exact same thing. All the neighborhoods @Jeremy T. mentioned are great choices to start looking. However, I know that there are hundred of underutilized duplexes/triplexes on the Northside along with a dozens of larger multifamily properties waiting for a little TLC and good management.
If at all interested, I would be glad to chat with a fellow investor about the market in the city and especially on the Northside. Shoot me a PM if you would like to chat.
Regards,
Duncan
Welcome!
You are in a great place to find ideas about where to live. Definitely set up key words for you areas. I would recommend going to a real estate meeting. We did well buy renting out our previous personals for the cash flow. While you lose out on the capital gains now you can always turn the house into a 1031 exchange for a better investment later.
Another great place is to look around the blogs, forums and listen to the podcasts. If you see a post you enjoy check out the persons signature. Many of us including myself talk about our strategies, styles, niches and business model on our website. So definitely check that out as it is an amazing additional resource. For example, my blog is about while working full time, buy and hold investing, 0% Down Rentals, Personal Properties turned rentals, Long distancing investing, self-managing 3,000+ miles away. Definitely list your blog or company website in your signature. Its a great additional networking source and to find areas that you are looking for by check out local blogs.
Look forward to seeing you around!
Hello Dawn ,
If you are looking for good rehabs profits in good neighborhoods and school districts, look at Mt . Lebanon , Bethel Park , South Park , Pleasant Hills , Upper St. Clair which are about
30 mintues or less away from downtown Pittsburgh . Hopefully , this helps a bit and if you like to connect here on BP that will be great as well .
Francisco
Thanks for the input. Don't know alot about those areas but looking on the map they seem somewhat suburban which is what I already have in Center Twp. Looking for areas that have a city center, walkability, ...urban feel. Do any of these areas have areas like this?
@Dawn Wilkins Hey Dawn,
Have you considered neighborhoods like Lawrenceville, Oakland, East Liberty, Point breeze, Manchester, etc.
Even neighborhoods just a little outside the "city" like Penn Hills, Oakmont, Verona, or Monroeville are good areas.
Of the neighborhoods listed by @Francisco Ycaza only Mt. Lebanon has walkability. I grew up in Bethel Park and Upper St. Clair has (no joke) one restaurant. The neighborhoods I listed, specifically Dormont and Bellevue, are very walkable. Dormont, Beechview, and Castle Shannon are all right on the light rail (the "T"). and are far more affordable than Mt. Lebo or USC. Yes the schools aren't as good, but you don't have to worry about that (and you shouldn't pay the egregious taxes if you aren't sending your kids to those schools...I live in Mt Lebo for the schools). Brookline has a large commercial district along Brookline Blvd which is what it seems like you are looking for. Just some thoughts.
Edit: another poster just mentioned it, but Oakmont also is very walkable with a distinct business district.
I look at the neighborhoods and how fast Inventory is selling . If it is all about convenience them everyone has their own opinion and Ideas .....its all good ! . I am looking for 5-8 months holding period on rehabs deals in these areas that I mention .
Thanks for all the great feedback. It gives me some ideas as to where I should start my drivebys.
Interesting article about Mt. Lebanon this past week.
"Income-producing buildings in the district may be eligible for federal tax incentives for renovation projects that will complement their original design."
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Hey @Dawn Wilkins thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.
Oh - and be sure to set up some Keyword Alerts- especially for "Aliquippa" so you'll be notified when people mention it here in the forums.
Thanks again for introducing yourself!
Hi Dawn,
There are many great areas to invest in Pittsburgh, it really depends on your budget and wants/needs as to what area(s) you should look.
Feel free to call or email me sometime I would love to help you.
Also another quick tip is look at the areas people are mentioning and first do some research on what are in those areas, then do a drive by of the top 5 areas you like on paper that will help you in deciding.
Good luck!
PS @Brandon Turner is totally correct the BP podcast is a must listen each week, I learn something new with each one.
I honestly don't know enough on the area but I did purchase 2 properties right near you in Beaver County (Hopewell right on Center border). Good luck with whatever area you decide to purchase in and a few of the recommendations look good