Rental Property Investor · Pittsburgh, PA · Member since 2020 · 26 posts · 6 votes
Hey all,
I'm a new RE investor here in PGH. I have an opportunity to get into an off market deal that needs a total gut rehab (e.g. still has knob/tube). Any good advice or things to avoid would be really appreciated.
Gibsonia, PA · Member since 2016 · 104 posts · 31 votes
6y
Personally, if this were my first flip, I'm not sure I'd want a total gut with a budget that high. If you have the capital, it might be worth it, but for a first project, this seems like a lot to handle, especially with no team in place. With that said, if you move forward, I'd recommend you do whatever you can to really plan your project. I would try and be very specific. I would use the BP Calculators. If you can't answer the questions for the flip calculator, that will help you go get answers.
Gibsonia, PA · Member since 2016 · 104 posts · 31 votes
6y
Hey @Jesse Goldstein! Welcome! What kind of advice are you looking for? General flipping advice? Something specific to the property? More information and context will allow the community to give you a decent response. I'd include some information on your experience, too.
Rental Property Investor · Pittsburgh, PA · Member since 2020 · 26 posts · 6 votes
6y
This is my first rodeo...brand new. Really looking for peals of wisdom, avoidable mistakes, general principles. Still putting together a team as well, so good recs for GCs, subs, inspectors, etc. would be helpful.
Gibsonia, PA · Member since 2016 · 104 posts · 31 votes
6y
Personally, if this were my first flip, I'm not sure I'd want a total gut with a budget that high. If you have the capital, it might be worth it, but for a first project, this seems like a lot to handle, especially with no team in place. With that said, if you move forward, I'd recommend you do whatever you can to really plan your project. I would try and be very specific. I would use the BP Calculators. If you can't answer the questions for the flip calculator, that will help you go get answers.
Flipper/Rehabber · Pittsburgh, PA · Member since 2020 · 29 posts · 17 votes
6y
I'm in the middle of two projects in Pgh right now- one in Bloomfield (relatively modest update, new roof, etc.). Planning to rent that one out. The other one is 2700 sq ft, and it's not quite "back to the studs, but darn close. Purchased for $260K, planning on $200-$225K into it. 4 BR, 3.5 ba, parking for 2 cars. ARV should be >$700K, but of course, I will be more certain of that later on...
What have I learned so far? I have a pretty good working knowledge of construction, but the cost of work in Pgh proper is higher than I expected. Coming from Calif., I was expecting a significant drop in pricing. However, a few of the big ticket items really surprised me.
DM me if you want to connect live/ come see it, share ideas.