Good Investment Areas (Mt. Oliver, Pittsburgh, PA)

Good Investment Areas (Mt. Oliver, Pittsburgh, PA)

Aliquippa, PA · Member since 2015 · 15 posts · 4 votes

Im currently working a full time job (50+ hrs a week). I'm 24 years old. I'm also looking to buy my first investment property. I am looking to buy a multi-family property that i can live in free but also rent out with with good cash flow. I know the cash flow will improve will once i move out but being that this will be my first property and I do not have a large savings for 20% down right now i would like to get a property for 3.5% down with a FHA loan. My Purchase Price budget is about 150k-. That being said, I am wondering if Mount Oliver in the Pittsburgh Area is a good place to invest. I have driven through a few times now and get mixed vibes. I know Mt. Washington, Pittsburgh, PA is a good place. Is mt Oliver too? If not, are any others close to the area good neighborhoods to invest in? Ideally I would like to be located somewhere around the city. Let me know your thoughts.

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Investor · Pittsburgh, PA · Member since 2014 · 266 posts · 240 votes
10y

@Brian Foy the .gif above sums up my feelings about Mt. Oliver.  It's not horrible, it's not great.  Most of Mt. Washington falls under that umbrella, IMO.  Some parts you probably want to avoid as a beginner (Beltzhoover comes to mind), but you can certainly make it work in Mt. Oliver. 

Also, interesting to note that Mt. Oliver is it's own Borough surrounded on all sides by the City of Pittsburgh...that may or may not work to your advantage.

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  • Investor · Pittsburgh, PA · Member since 2014 · 266 posts · 240 votes
    10y

    @Brian Foy the .gif above sums up my feelings about Mt. Oliver.  It's not horrible, it's not great.  Most of Mt. Washington falls under that umbrella, IMO.  Some parts you probably want to avoid as a beginner (Beltzhoover comes to mind), but you can certainly make it work in Mt. Oliver. 

    Also, interesting to note that Mt. Oliver is it's own Borough surrounded on all sides by the City of Pittsburgh...that may or may not work to your advantage.

  • Real Estate Agent · Pittsburgh, PA · Member since 2014 · 102 posts · 24 votes
    10y
    Personally, I would not invest in Mt. Oliver, but I'm sure plenty of people do. For $150k, you should be able to buy about 6 duplexes in that area.
  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Brian Foy

    Welcome. 

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Aliquippa, PA · Member since 2015 · 15 posts · 4 votes
    10y

    thanks for the input everyone. I will def. look into the club meetings.  Also, I look forward to reading the book @Paul Timmins. 

    @Devin Woods Is there an area close to the city that you would recommend looking into? It would be nice to get 6 duplexes  that all cash flowed lol. I'll be there soon enough hopefully

    @Jeremy T. What would be some of the advantages and disadvantages of it being its own borough surrended by the city.

  • Real Estate Agent · Pittsburgh, PA · Member since 2014 · 822 posts · 255 votes
    10y

    @Brian Foy Hi Brian, You may want to also considering getting with a Realtor that knows each of these areas very well. There are good and bad parts of communities as well as good and bad investments in them. A Realtor who has access to the MLS, experience in commercial real estate, and knowledge in helping you run numbers is your best bet.

  • Moses HandlerPro Member
    Investor · Wayne, New Jersey 07470 · Member since 2021 · 13 posts · 4 votes
    4y
    Quote from @Brian Foy:

     Hi Brian, 

    did you end up buying in mount oliver?

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