All Forum Posts by: David Coleman

I have a meeting with a RE Attorney on Monday.  I’m looking for myself and will get a recommendation from him. 

Merry Yuletide!

Dave

You lookin’ for cash flow or appreciation?

Hahaha! Yes! I'll live a little, if you live a little with me! 50/50 equity split with a negative CoC return for the next several years?

@Jim K., this house isn’t worth it. Not even close. Major structural damage/footer issues. It looks like years of run-off from this hill above scoured the left side of the rear duplex footer. Major lean and separation from the main structure. Unless you have a good contractor that knows how fix major issues for pennies on the dollar, the level of work that would go into this property wouldn’t be supported by the comps…or the neighborhood.

Dave

@Liron Burrack,

I think you need to identify a consumer for your product before you start trying to isolate neighborhoods.  What are you selling and who are you selling it to?  Families?  Single people?

If you're looking for appreciation, Lincoln-Larimer, Garfield, and The Hill aren't my top picks.  They're solid cash-flowing neighborhoods, but not the "best"for appreciation.

You're looking for appreciation and cash flow, SFH to 4-units, different incomes and socio-economic backgrounds. Too broad, IMHO. As Jim K. told me before, you need to drill down and really identify what you want to pursue first. REALLY identify your criteria. With this being said, as I mentioned above, you need to drill down on a specific product and a specific consumer. What are you selling and who are you selling it to?

To your further questions

1. What are the better and worse streets in the neighborhood?  Proximity to Bakery Square would be better for Lincoln-Larimer.

2. Would anyone that is not under section 8 agree to rent there at the moment?  If you're looking for families, some.  I'm sure single younger people would.  

3. Any recommendation for a property management company that is working in that area?  There have been a few recommended in the past.  A few queries should bring em' up.  

Good luck going forward!

Dave

@Shai Flax 

Good point.

I’ve seen some boarding home style residences in the Rocks and Bottoms.  It might be a good deal if you get in to short-term corporate housing with some local businesses, but I’d stay away from the Rocks and Bottoms.  Just me though.

@Jim K.,

That dining room to kitchen transition looks very familiar.

Sorry you’re going through all that.  Also sorry I can’t recommend a plasterer for you.  Is it all plaster and lathe, or 3/8” plasterboard with 3/8” plaster top coat?  Either way, it’ll make it harder to patch with drywall.  

How much larger is the waterlogged damage area?  Would it be possible (or even make sense) to rip down the entire ceiling and replace all of the plaster with drywall?

Best of luck going forward.

Please update the thread and let us know how you ended up handling it all.

Dave

@Shayne Williams, you should go to the next meetup that @Matt Dingus puts together!

It’s a very individualized question, but, as a general rule, I think many Pittsburgh buy and hold investors who don’t want the hassle of dealing with Pittsburgh City gov’t stay out of the city limits.  Flippers can do very well in the right neighborhoods.  Troy Hill, LarryTown, Manchester, etc.

If I were you, I’d stay away with areas that have little appreciation potential.  East End  (Homewood, Point Breeze) neighborhoods, Marshall-Shadeland, Mt. Oliver, Carrick.

What types of investing do you do?  Or what types of investing are you looking to get into?

Best of luck!

@Bethani Decroo,

Did anyone ever PM you a CPA?

Dave