I am in contract to buy a property in Pittsburg PA ( zip code - PITTSBURGH, PA, 15205 ). Interested to talk to locals who can help me with insights into the area and also possibly drive by the property for me.
@Naveen Desai please feel free to send me a direct message with the address and I'd be happy to let you know my thoughts.
@Naveen Desai What are the details?
@Naveen Desai Curious what the details are on your property? I just bought my first REI in Pittsburgh and was wondering what others are doing? Are you planning to buy and hold? Flip? What kind of property is it? Etc. Best of luck to you!
I'm not familiar with that area but be aware of the property tax rate disparities in different areas of Allegheny Co.
Word is PA won't send enough tax revenue to support the schools around the city, and so some districts are forced to sting people with much higher municipal property tax rates by reassessment. They target new buyers because it's easier to prevail if the owner challenges the tax hike in court.
This calculator may help or search for other info to help you calculate what your taxes would be were this to happen to you: http://www.anytimeestimate.com...
I won't buy a property in a school district that wouldn't be at least cash-neutral were taxes to be raised. Etna, for example, is appealing to me except for the tax rate.
If I am misrepresenting any part of this, please correct me. I am not a local to Pittsburgh.
Thank you @Michael Tyler
Appreciate your insight. However this particular property I have to pass on as it would take about 6 months per the bank for its foreclosure. Points you mention is valuable to know about Pittsburgh. The property I was going to buy was really cheap, so at that purchase price, I should be OK with tax, if purchase had worked out. Will make that note for all future Pittsburgh ventures.
@Kevin Wilson , Hello, thanks for your reply. Wonder there are lots of CA folks looking everywhere else. :). Anyways, good luck for your Pittsburgh beginnings. Between how did you decide on Pittsburgh for investments? And whats your criteria?
As for me, I lived in PA before and have been to Pittsburgh more than couple of times. So I know properties are affordable and some selective properties can be sure cash flow. So I would do buy/holds there.
@Naveen Desai . I was looking at many markets initially outside CA that seemed affordable. I was on some turnkey sites like Roofstock, seeing where those types of sites had rentals/properties for sale. Pittsburgh was there and was a little lower on my radar initially but I did read some good stuff about the market. My wife lived in Erie ad said she had a friend who was a realtor in Pittsburgh so she made the connection. That made the process a lot more appealing then some of the other markets for me personally because of the personal connection and the fact that the realtor and her fiance were also investing in the area. That contact led to more contacts and it just kind of streamlined itself.
@Michael Tyler you may want to look into getting insurance for properties in Etna, as I believe that it is in a flood plain and hard to insure
This property that I was considering seems to be in eviction process by bank and they could not assure the timeline to deliver it vacant to me. So, I had to forego the deal. Thanks everyone for your inputs and joining the discussion.