Hi, I'm Rachel from Rockville, MD. Husband and I recently purchased two single family rentals in FWB, Florida and are now looking for multi family properties closer to home. We are targeting Pittsburgh but are open to other areas of southern PA, boarding close to Maryland. Looking for tips, areas to keep an eye on, and any other nuggets that may be useful.
@Rachel Clark Pittsburgh is good for the smaller multi units mainly the 2-4 space. We don't have a ton of bigger stuff so depending on what you are looking for could be good for you. Prices are going up and getting more competitive but still deals to be had that cash flow nonetheless. 1% rule is still doable in decent neighborhoods and closer to 1.5% in the suburbs further out or lower income city neighborhoods.
Thanks @Jeremy Taggart. We are new to this and it's a tad intimidating entering a new market. At this point we are exploring Pittsburgh (I have family there and it helps in that i'm more likely to visit the area) However, we are certainly open to other areas. We would like to get a few good performing multi families going then can start thinking bigger. We are interested in tri and quadplexes but would entertain duplexes at the right price.
Do you feel Pittsburgh will have better appreciation over the next few years? And those property management fees, yikes! Is it usual to charge a whole month of rent just to get a tenant in, as well as 10% monthly fees?
I’m from Baltimore and have family from Pittsburgh. Haven’t been there in 20 years so don’t know much about it. We just thought they were nuns growing up cause of Steelers. Jk
I have heard Pittsburgh is an awesome up and coming city with a focus on tech and eco-friendly ness. Is the crime and poverty anywhere close to Baltimore?
Also check out Hanover. I see screaming deals there but hear the taxes are bad and rents are low. Keep me posted. I have my eyes out there too and don’t overlook Baltimore - close and cheap.
@Chris Mcdonald Definitely not overlooking Baltimore, but man, some areas there are scary. I think I'm intimidated by all the crime. Do you know any good agents there that I could get on their radar?
I’m an agent. DM me
@Rachel Clark Hi Rachel, You've picked a good market in Pittsburgh. The growth here has been phenomenal and many Investors, both local and remote, are finding our market to be very enticing to them. Not only is the buy-in attractive and the returns on investment strong currently, but the amenities this city offers to both Investors and their tenants is plentiful. There are also some very exciting plans for Pittsburgh's continued growth. I have lived here my whole life. Feel free to reach out.....Gary
@Rachel Clark A lot of neighborhoods are seeing some real good appreciation here the past 5 years or so especially. Some more than others but basically all of the neighborhoods around here have seen growth. It's still pretty early on in the cycle here locally too in my opinion there's a lot of room to continue to grow as more development continues to happen.
Yup that's about the going rate for management/leasing
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