Pittsburgh anyone?

Question

Hi BP friends,

Does anyone have anything to say about pittsburgh? Its the home of Andy Warhol and has beautiful old building. I wonder if anyone found an neighborhood that can generate decent cap rate of 9 to 12 % ? Does anyone know any good agents there? Any information would be greatly appreciated.

Ian Hoover · Answer

I have lived in Pittsburgh since 2007 and I have planted my family here, a great area to live and invest in real property.

Those returns are definitely possible in Pittsburgh, if you would like to learn more about investing in Pittsburgh I would be happy to have a call with you.

Chris Pasternak · Answer

Hi guys, I'm a born and raised Pittsburgh boy. I've been involved with investing for 2 years and I have my license with Keller Williams. I think Pittsburgh has great opportunities for rehab and sell and buy and hold. I myself am a buy and hold investor in the south in Homestead and Munhall.

There are lots of older buildings (and people) here which makes it great for both finding deals and rehabbing.

Let me know if you have further questions.

Cheers

There are lots of older buildings (and people) here which makes it great for both finding deals and rehabbing.

Let me know if you have further questions.

Cheers

Andrew Lacy · Answer

Pittsburgh is an awesome place. I'm am still new to REI, but I do know the area well. There are numerous areas where the 2% is still in effect. Also, these areas are not necessarily bad areas. Some are, but some are very working class. I believe that there are numerous areas on each side of the river that can produce a cap rate of 9 to 12%. I really like brookline, dormont, and beechview on the Southside of the side. Various areas on the Northside of the city will do well cash flow wise, but there seems to be some crime in those parts.

Shadyside, East Liberty, and Bloomfield all seem to be appreciation areas.

Christopher Purnell · Answer

Hi Karen F.,

I see your response to Eric.  I too saw a few Penn Hill properties that I was looking at to buy and rent.  Single family homes that I can get cheaply and have low rehab costs.  Do you think there other areas I should be looking at.  I used to live in Pittsburgh as a kid but that was eons ago, so I'm out of touch with the market.  I'd appreciate any insight you'd be willing to give.

Karen F. · Answer

Hi Eric,

Pittsburgh born and bred. What I see in Penn Hills is that it is a strong rental area but the schools are not so great, and values are not appreciating.  I'd say at a low acquisition price and modest rehab you're fine on a flip or rental, but don't look for this area to take off like a rocket, or for a property you list to fly off the shelf in days. Happy to offer more insight if you want ... feel free to PM me.

Karen

Ian Hoover · Answer

Just be cautious, I have seen many out of state/country investors get takin advantage of.

If you want me to analyze a deal for you as an outsider I would be happy to help.

Pittsburgh anyone?

Most Popular Reply