Any other Monessen Investors out there?

Any other Monessen Investors out there?

Member since 2020 · 8 posts · 1 vote

When I search on Monessen, PA on this site, I don't find much and what I do find tends to be on the negative side. I am from Loudoun County VA and early this year, my wife and I were looking for a "project". I have a job in IT and, due to COVID, can now work from anywhere. After some research, we bought our "COVID" project in Monessen, PA. We have lived 50% of the time between our Monessen house and our Loudoun VA condo for the past 5 months. The demographic comparison between the locations of our two homes is as extreme as they come! Our condo is very comfortable but our Monessen house was left empty for 8 years and found it's way on to the town's blighted property list so, yes, it needs work. Though I do work in IT and have for 25 years, I have a construction background from my younger years and have kept my hands in it so I am well versed in carpentry, plumbing and electrical. We are thoroughly enjoying bringing our house in Monessen back to life and love it there! The town is unique and there are sections I would think twice about investing in but 2/3s of it is great and we will seriously consider purchasing another property or two, or three to bring back to life and hold as rental properties. The decline of areas like Monessen, like so many of the towns along the Monongahela, has been due the area's dependency on an industry that drastically declined. The world is quickly changing and people are not as bound to specific areas for specific industries as they once were! Too many people are stuck in the past. People need to open their minds, places like Monessen have more homes than needed for it's current population, the country has a housing shortage that will persist for years so the potential is there. I'll admit, to do what what we're doing isn't for everyone but I'm loving this little hobby and see the potential for it to be profitable if handled well. Anyone else out there see things this way?

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  • Contractor · Pittsburgh, PA · Member since 2017 · 22 posts · 7 votes
    5y

    I've caught myself thinking the same about several old mill towns - I just wonder what the catalyst will be for gentrification in some of these areas. Some of them would be absolute goldmines if you could get in early at the right time. I'd assume talking to a lot of local politicians about their plans for the area would be a pretty good indication.

  • Member since 2020 · 8 posts · 1 vote
    5y

    That’s a very good point. I am hopeful that there are some forward thinking politicians in office at the local level. I’ve read a bit about some of the local politics and that will definitely be a factor when deciding which town(s) I make any future investment in. 

  • Contractor · Pittsburgh, PA · Member since 2017 · 22 posts · 7 votes
    5y

    I almost wish there was a website, a type of central database for investors, where small towns could pitch what their plans are to revitalize themselves.

  • Member since 2020 · 8 posts · 1 vote
    5y

    That would be very valuable for both the towns and investors! I researched towns in VA, MD, WV and PA because I wanted my project to be within a 3-4 hour drive. I looked at demographics, property values and trends. It would have been very helpful in my decision making if I had a better feel for local politics and the vision/plans for the town's future.

  • Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes
    5y

    @Greg Kimball - If you PM your requirements, I will be more than happy to offer and throw Monesson deals your way. I could have bought one that was livable (as in someone was living in it) for $1500 last fall, but just isn't my cup of tea. We don't get a ton of deal flow out of there but I always feel back telling people we won't touch their place due to the neighborhood. 

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