All Forum Posts by: Andy Madden

Hello Sky, 

What area of Pittsburgh is your duplex in?

@Timothy Lon I would take a look at the Bellvue and Avalon neighborhoods. I've seen a lot of members talk about these neighborhoods on the forum, and I've analyzed a few MU properties there that cash flow pretty well. These areas could be a good place to find a MU with one unit vacant that you can live in and fix up, then repeat the process with other units in the building.

Hi Timothy,

I'm a personal fan of house hacking with a multi unit for the reason you alluded to: cash flow. That said, it depends on what your goals are. Are you trying to expand and buy additional properties in the near future? If so, you could house hack a multi unit that needs some rehab, fix it up, increase cash flow, and have it reappraised in order to get a LOC. This is a strategy I've had a lot of success with in Pittsburgh, and I like more than the single family idea because you reduce risk by having cash flow coming in from other units while you're living there. I agree appreciation is somewhat of a gamble. In Pittsburgh particularly, while some neighborhoods have seen rapid appreciation, in general our market appreciates relatively modestly year over year.

In terms of an area to live in, it sounds like your commute is an important factor to you. What area do you work in? That will help to narrow it down a bit.

@Matt Pickell - nice to virtually meet you. I'm also an investor living on the lower north side (Allegheny West). I have 5 units in the north side and 4 units in East Liberty. Would be great to connect sometime.

Hi Austin,

Congratulations on the new position in Pittsburgh. It's a great city to live in and a terrific city to invest in. Between your two options, I would recommend house hacking. This is something I've had a lot of success with in the city. I started by living in a triplex and renting out the other two units. Since then, I've been able to rehab them, take out equity, and I now have 9 units. For me, this has been the preferred approach since I have a full-time job that requires much more the 40 hours per week.

If you're concerned about finding agents, contractors, etc. in the area, please feel free to private message me. I'm happy to share the contacts in my network.

Sign me up!

@JoshuaHankle - There is a group like Jeff is referring to in our area, and it's called the Southwest Pennsylvania Commission. They have a great deal of data that you might find helpful. I would check there as a first step.

Hi Lindsay,

Sounds like we have some things in common! I'm also 27 and have 9 units in Pittsburgh. I've had HELOCS with a few different banks in the area. Feel free to send me a private message and I'd be glad to give you and your husband the names of the individuals at the local banks I've worked with.

Hi Tony,

I'm not sure that this will have everything you're looking for, but the Western PA Regional Data Center has some interesting house and property data. I'd check that out: http://www.wprdc.org/.

Andy

Thanks all; I appreciate the feedback!