is it good idea invest in Pittsburg, Pa

Contractor · Fairfax, VA · Member since 2021 · 4 posts · 0 votes

Hello I am new to real estate investing. I am trying to invest outside of the state i live in. I was searching around and came cross pretty decent price for multifamily around Pittsburgh, Pa. Does anybody has any experience investing in that city?

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Anthony Angotti

Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes

Originally posted by @Tony Cvengros:

Hi Tony,

I own over 100 units in Greater Pittsburgh Area and it's gone well for me.

Im local and have a staff to manage my properties.

The caveat here though is that you have to have realistic expectations. You're going to be paying a property manager (should pay a good one not a cheap one), you're going to need to pay a contractor to do everything, and you won't be here to oversee them closely so you'll need to pay more for more reliable people.

You can find success out of state but expecting the returns that people sell will lead you astray. $50-100 per door cash flow in solid B/C class neighborhoods after financing and all other costs is a healthy expectation. I underwrite deals conservatively so you might see other people say more than that, but I'd rather be pleasantly surprised than disappointed.

Also keep in mind that when you read something on the internet people always talk about their best deals, not the average ones. The average ones still build long term wealth. It's a marathon, not a sprint.

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Travis Sterner
Rental Property Investor · Pittsburgh, PA · Member since 2018 · 39 posts · 18 votes
5y
My portfolio is all in the Pittsburgh sub markets. its been good to me so far. Shoot me a massage if you have questions on specific areas.
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Anthony Angotti
Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
5y
Originally posted by @Tony Cvengros:
Hello I am new to real estate investing. I am trying to invest outside of the state i live in. I was searching around and came cross pretty decent price for multifamily around Pittsburgh, Pa. Does anybody has any experience investing in that city?

Hi Tony,

I own over 100 units in Greater Pittsburgh Area and it's gone well for me.

Im local and have a staff to manage my properties.

The caveat here though is that you have to have realistic expectations. You're going to be paying a property manager (should pay a good one not a cheap one), you're going to need to pay a contractor to do everything, and you won't be here to oversee them closely so you'll need to pay more for more reliable people.

You can find success out of state but expecting the returns that people sell will lead you astray. $50-100 per door cash flow in solid B/C class neighborhoods after financing and all other costs is a healthy expectation. I underwrite deals conservatively so you might see other people say more than that, but I'd rather be pleasantly surprised than disappointed.

Also keep in mind that when you read something on the internet people always talk about their best deals, not the average ones. The average ones still build long term wealth. It's a marathon, not a sprint.

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Jeremy TaggartBusiness Member
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 646 votes
5y
@Tony Cvengros Still pretty good for cash flow comparatively speaking compared to a lot of the country. We've been seeing some above average appreciation for the area too but I think everywhere in the country has been. 1-1.5% rent to price ratios are doable here in halfway decent areas, especially as you get further away from city center.
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Account Closed
Real Estate Agent · Pittsburgh, PA · Member since 2020 · 111 posts · 51 votes
5y
Coming from a management perspective with over 500 units in the PGH Metro, you can absolutely find deals. While you are sure to find 'deals' everywhere, every investment strategy needs to be tailored to you and your financials personally.
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