Pittsburgh, PA · Member since 2016 · 1 post · 0 votes
Hello Pittsburgh BiggerPocketers!
My name is Chase and I am a long-time BiggerPockets lurker looking to get my feet wet in the Pittsburgh RE market. My fiancée and I are lifelong Western PA residents, currently living and working in the Pittsburgh area. We are looking to purchase either a single-family home or a multi-unit property to move into at the conclusion of our current lease.
One of the routes that we have been seriously investigating is an FHA 203K loan. Can anyone recommend a 203K consultant and/or contractor in the Pittsburgh area?
As a first time homebuyer, I would love to connect with others in the Pittsburgh market. I could use (and would greatly appreciate) general advice on how to get started.
I look forward to being an active member of this community! Cheers!
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
8y
@Chase M. reach out to a seasoned loan specialist to help you navigate through the 203k Maze. I would use a local Pittsburgh Mortgage specialist and not an online company that may not know the fine differences here in this market. I would be happy to recommend a few when you get closer to your target date. Just send me a PM when you are ready.
Pittsburgh, PA · Member since 2016 · 140 posts · 119 votes
8y
Hi Chase,
Welcome to BP! House-hacking is a great way to get started, I've been trying to talk my fiancé into it too, but we already have a SFR that we live in so it's hard to go back lol. There are plenty of multi-family gems around here depending on how much work you are willing to do and your price point.
Gibsonia, PA · Member since 2016 · 104 posts · 31 votes
8y
Hey @Chase M.! Welcome to BP and congrats on your desire to start you REI career! What areas of Pittsburgh are you considering? It sounds like you are going to house-hack, right? I wish I would have started there!!
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 821 posts · 255 votes
8y
@Chase M. Glad to see you are taking that step to invest in the Pittsburgh market. House Hacking a multi-family is certainly an option that many first time investors like to choose if in fact you want to live in one side and rent out the other apartments. With a typical FHA the other stipulation is that you have to live in it for a year before moving on. Using an FHA 203k loan for a rehab project requires additional steps including having a full proposal of the work to be done including cost estimates. If you want to discuss this further, feel free to reach out to me. I wish you the best as you start your REI journey. Thanks, Gary
Charlotte, NC · Member since 2017 · 54 posts · 28 votes
8y
@Chase M. Welcome to the BP community! Through my research on the 203K loan I have found that there are a lot of pros, but also many cons if you are not prepared. As I started to get more serious about doing a 203K loan, I started a discussion on the topic, which you can find here: The 203K Loan: Open Discussion. Lot's of great posts from people with experience on the good, bad, and ugly of this type of financing.
Monroeville, PA · Member since 2018 · 6 posts · 0 votes
8y
Hello Chase. My wife and I house hacked a duplex in 2006 using a 203k loan. We also used a 203k loan on our current home. It is a rough process. The most important thing is to make sure you have a contractor you can trust that has lots of references. The bank will have strict requirements on the contractors qualifications and payment schedule. If you have any questions please feel free to contact me
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
8y
@Chase M. reach out to a seasoned loan specialist to help you navigate through the 203k Maze. I would use a local Pittsburgh Mortgage specialist and not an online company that may not know the fine differences here in this market. I would be happy to recommend a few when you get closer to your target date. Just send me a PM when you are ready.
Pittsburgh, PA · Member since 2015 · 22 posts · 2 votes
8y
Chase,
The first time I heard about 203k was from a Pittsburgh broker. His name is Dennis Natale. Google his website, or call him up, he will be a great help if you're serious.
If I were you I would start looking at properties. Try to visit 5-10 a week, even if you're not 100% sure you're ready to buy. You gotta get familiar with the market.. So you know where and what you want to buy.