Out-of-state investor interested in Pittsburgh!!

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Out-of-state investor interested in Pittsburgh!!

Yang Zhang
Investor · Pittsburgh · Member since 2015 · 16 posts · 4 votes

Hello folks,

I currently live in San Francisco and started investing in Pittsburgh since last year. I have been mostly using the BRRR strategies (just like many folks here), and it seem to work well here for the first property I bought in the Brighton Heights area (15212).

As an out-of-state investor, it's always difficult to get good knowledge about the local market. Love to hear about opinions on:

1. How is the neighborhood of Brighton Heights, is that an area worth investing?

2. Any advice on what other neighborhoods BRRR could work well?

I'm flying in early November for another visit to Pittsburgh, and love to meet some like-minded folks for coffee :)

Thank you!

Yang

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Bill ExeterBusiness Member
1031 Exchange Qualified Intermediary · San Diego, CA · Member since 2008 · 1k+ posts · 1k+ votes
9y

Hi @Glenn Theobald,

You probably already know this, but just to make sure, Pennsylvania is the one state that does not recognize 1031 Exchanges.  You can 1031 Exchange and defer your Federal taxes, but would pay any state taxes that might be due. 

Exeter 1031 Exchange Services, LLC and Exeter Trust Company4.726 Reviews
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  • Anthony Angotti
    Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
    9y
    Hi Yang, Great to meet you and let me know when you get into town! I'd be happy to meet up and I'll send you a direct message. I don't invest in Brighton Heights but it's situated well for commute to the city and very close. There are good rents there maybe $800-1000 for a well maintained 2 BR. As to BRRRR in Pittsburgh I think it depends more on the deal than on the neighborhood. We can talk more if you like. Feel free to call. Best Regards, Tony
    1Reply
  • Jennifer Lee
    Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes
    9y

    Hi Zhang, I have sent you a PM ;p

    In regards to Pittsburgh, it depends on what kind tenants you are looking at.  Brighton Heights imo is Grade C/B.  

    I also think that Pittsburgh is different from most other area is we don't really have the appreciation. So I'm always looking at more Value Add Strategies. My portfolio is more mostly consist of multi units. and flip SFR.

    In my opinion, Brighton Heights is C/B- area.  There are pockets of bad parts. 

    0Reply
  • Gary Swank
    Real Estate Agent · Pittsburgh, PA · Member since 2014 · 822 posts · 255 votes
    9y

    @Yang Zhang Thanks for the colleague request. Let's chat about your requirements. As a matter of fact I live in Brighton Heights....Talk soon......Gary

    0Reply
  • Bill ExeterBusiness Member
    1031 Exchange Qualified Intermediary · San Diego, CA · Member since 2008 · 1k+ posts · 1k+ votes
    9y

    Hi @Glenn Theobald,

    You probably already know this, but just to make sure, Pennsylvania is the one state that does not recognize 1031 Exchanges.  You can 1031 Exchange and defer your Federal taxes, but would pay any state taxes that might be due. 

    Exeter 1031 Exchange Services, LLC and Exeter Trust Company4.726 Reviews
    WebsiteView Page
    3Reply
  • Dillon Loomis
    Fitness Sales Director · Erie, PA · Member since 2015 · 59 posts · 29 votes
    9y

    Hey @Yang Zhang! I live in Erie, PA which is about two hours from Pittsburgh, but I'm wondering how you decided on Pittsburgh as your target market for BRRR. I'm not questioning it at all as I don't know the area, I'm just curious as to how you landed there living across the country!

    0Reply
  • Yang Zhang
    OP
    Investor · Pittsburgh · Member since 2015 · 16 posts · 4 votes
    9y

    @Dillon Loomis I actually pass by Erie the other when I drove from Pittsburgh -> Toronto! Stop by for a coffee at a local coffee shop. 

    To answer your question, I first picked the market of Pittsburgh, then decide strategy on each property. Some work better with conventional loans, some can do BRRRR. It depends on what you are getting I guess.

    0Reply
  • Jamie DietzBusiness Member
    Lender · Pittsburgh, PA · Member since 2015 · 175 posts · 90 votes
    9y

    I live and invest in Pittsburgh and curious what areas of town you are considering? If you are not familiar with the neighborhoods, school districts and sometimes individual streets you can burned. BRRRR works well in some areas but can be very difficult in lower value neighborhoods.

    Next Door Capital514 Reviews
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    0Reply
  • Anthony Angotti
    Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
    9y
    Jamie Dietz There is a site called niche that has a pretty good guide of school districts if you aren't familiar. That would be a good start.
    0Reply
  • Jamie DietzBusiness Member
    Lender · Pittsburgh, PA · Member since 2015 · 175 posts · 90 votes
    9y

    I live and invest in Pittsburgh and curious what areas of town you are considering? If you are not familiar with the neighborhoods, school districts and sometimes individual streets you can burned. BRRRR works well in some areas but can be very difficult in lower value neighborhoods.

    Next Door Capital514 Reviews
    WebsiteView Page
    0Reply
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