Im looking to invest in the pittsburgh area as well. I hear it is a depressed market but there is tons of money to be made. I heard of one guy buying like 20 houses per month. Plus the rentals are pretty good in that area?
I live about 2 hours east of Pittsburgh, YES it is depressed I think it was about bankrucpt a few years ago, not sure how it is doing now. Rental prices do seem good, I am 2 hours away I'm not a big fan of buying there. Yes you can buy 20 homes premonth but were are they at? I would strongly sudgest calling the sheriffs department and ask about the criminal activity near the house you buy. The taxes are high also. I don't have any rentals in Pittsbugh. just my thoughts. ALL OF PA IS DEPRESSED!!!!! maybe eastern PA is not as bad. In western PA our state symbol is the "Pot Hole"
The Pittsburgh metro area is a gold mine waiting to be discovered. The area is a bit depressed, but the economy has grown and diversified substantially over the past decade or so. Although RE prices may seem depressed, it isn't impossible to find solid rentals cashflowing at a 20% cap rate. Check out this article featured in The Economist about its gradual economic growth: http://www.economist.com/world/unitedstates/displaystory.cfm?STORY_ID=7914950. In addition, The Economist recently ranked the Steel City as the 29th most livable in the world.
Currently I am making a killing in the Pittsburgh market. My company and I are experiencing a high degree of success investing in the area. We also provide easy to qualify seller financed rentals that easily cashflow after all expenses and mortgage payments. We can help those interested retire in a few years with just a handful of these cash cows.
Anyhow, I hope this information is helpful in realizing the abundant opportunities available in Pittsburgh, PA.
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