BRRRR strategy in Pittsburgh

7 Replies

Hey All! 

I've been wholesaling properties in the Greater Pittsburgh area since the start of 2019 and just started tackling a few projects of my own. Just completed my first flip which is now up on the market in the East Liberty neighborhood of Pittsburgh. The wholesaling business has opened me up to a variety of discounted properties and opportunities. Up next on the to do/learn list is the BRRRR strategy. I'd like to keep a few of these properties I have as rentals using this blueprint. Is anyone currently BRRRRing in the Pittsburgh area? If so - please share any stories, tips, suggestions, referrals that relate! Thanks

@James Dolan working on refinancing my first property that I bought in Canonsburg (suburb SW of Pittsburgh) now.

I have since bought two other duplexes, one rented, and one under construction.

I’m in the preliminary phases of the refinance process myself.

The only “advice” I have (not specific to Pittsburgh) that I have and have to follow myself (in case you don’t already know) is to try to establish a relationship with a “portfolio lender” typically found in smaller banks and/credit unions.

I’m completing the application from one smaller bank now but can keep you posted on where I find success if the refinance part is an issue for you.

Thanks @Daniel Frey yea please keep me posted. I'm shopping around right now looking for lenders that will refinance my cash buys. So far everyone I've talked to will only refinance based on the purchase price and cost of improvements. Then after a seasoning period of 6 months they'll refi based on appraisal value. Trying to find someone who can get it done without the seasoning 

@James Dolan I've had a lot of success so far BRRRR'ing in Pittsburgh. Talk to S&T Bank they've been great to me. No seasoning period & no limit on the number of mortgage's they'll give. I've done my last 5 deals without keeping any of my own money into the project.

Hey! @Steve Bronder That’s who I’m working on applying with now and was going to recommend because I asked about seasoning etc prior to applying and they said no. The initial stages seemed straight forward aside from the cumbersome process of gathering all of your financial information but once you have it all together, I’m sure it’s much easier to repeat that process with them.

What kind of rates are they offering you if you don’t mind me asking?

@Daniel Frey I just closed on one last week at 4.95% for a 15 year. I think they have a promotional rate going on right now you should ask them about and see if you can lock it in before you close. It's been much easier since I closed my first one. I send them my tax return every year and that's about it. Usually I can refinance within 2 weeks of starting the process, assuming the appraisal gets done quickly.