Pittsburgh anyone?

11 Replies

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. 

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. 

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

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.

Ian Hoover, Real Estate Agent in PA (#RM423721)
724-492-8312

Me and my wife lived in Pittsburgh for years before we moved to D.C. for work. We fell in love with it. Lots and lots of different neighborhoods with distinct character and history. So there is a lot to sink your teeth into depending on your style and what properties you are looking for. I know its been a long time so I hope you have been having good luck!

Hi BP! I totally agree with @Andrew Lacy , I went out in December to buy one property and ended up buying 2. One house is in Observatory Hill and the other in Arlington. They both got rehabbed and a family just moved in this weekend in the Arlington house for $1100 a month ! Fast turnaround. And the house on Observatory Hill has at least 20 potential tenants that are interested in moving in for $950 a month. Cant wait to refi them and buy another ! 

Richard Moreno, Real Estate Agent in MA (#9555810)

@Richard Moreno What was the price of the houses? If you don't mind me asking. And also, how did you find them? I live in Houston bu I am seriously considering start investing a little in Pittsburgh.
Thanks!

@Ian Hoover hi Ian, I recently connected with a turnkey outlet based in Pitt-seemed like a decent opportunity for an out of state investor. What are your general thoughts on that kind of arrangement?

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. 

Ian Hoover, Real Estate Agent in PA (#RM423721)
724-492-8312

Anyone looked into or have experience with the Penn Hills or White Oak area?

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

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