All Forum Posts by: Mike Calabrese

@Ned Carey thanks for reaching out I actually just ordered it on Amazon. I look forward to reading it!

Does anyone have any good resources for an initial screening list of things to check for structurally or other issues a home inspector should find?

The reason I ask is I have had 2 separate offers accepted only to fail during an inspection. These were catastrophic failures where the cost to fix it was worth more than the house. This caused me to back out of the offers. Every time I see these failures I learn more about what to look for but I still lack experience. Some type of checklist or resource with what to look for would be tremendously helpful.  

One was due to foundation issues. The other was due to a plethora of critical issues.

I would always use a home inspector but I feel like I need to be a better first filter as to not waste mine or other people's time chasing after properties that are in disrepair. 

The price range for properties I am looking at is 80,000 - 120,000. I understand a lot of these homes are 100 years old in Pittsburgh and there are going to be something wrong with them. However, I am looking to be able to identify the catastrophic issues and avoid them.  

 So does anyone know of any good resources? 

I think a lot of this depends on the market and how long you are going to live there.  If you plan on living there for less then 5 years and you get a 30-year mortgage your just going to pay a lot of interest if you just make minimum payments. In addition, if its an older home your one major repair or upgrade away from losing that money you made in paying down the principle in those five years. Now if you plan on keeping it for 20 years or maybe keeping it as a primary residence for a couple of years and then renting it out once you move then it makes sense if it is a cash flowing deal. I also don't like the idea of counting on appreciation.  

As Dan said I would look into Airbnb depending on how short short-term is. Also It doesn't hurt to just call on some of the ads and ask. If you pay enough money and pass background checks I am sure you can find someone who is sitting with a vacant property right now that they can't find a tenant for. You are probably not going to get away with not signing a lease though even if it is a short-term one. That would put the landlord in a bad position. 

So I ended up driving brighton heights over the long weekend to get a better feel for the area. I also made a drive by of certain properties that i was following on the MLS. I wanted to document what I thought so others could see if they came across this thread I found that as metonied earlier in this thread the areas in the southern part of the neighboorhood seemed a little more run down. By no means were these places unliveable but i was hoping for a little more. There is the chance that I had not ventured far enough east in the neighboorhood and that it may have changed if i had. I hoping that the area would be a little closer to the entertainment areas downtown which would atract the younger professional crowd but that was not the case. After driving brighton heights I actually checked out Bellevue which is the next neighboorhood. Even though this was a little farther away I do have to say I found this neighboorhood to be more appealing. The area seemed a little better kept and had resonably priced houses and from at least my inital analysis had the potental to cash flow correctly. I am thinking about focusing my search there due to it seeming a little more stable of a market. I would take that stability over the chance of apperciation in a place like brighton heights especially with my first property. Anyone elses opinons would be much apperciated

@Hadi Alajmi none that I know of sorry!

Pittsburgh investors what is your opinion on Brighton Heights. It's an area right outside of the north shore. This would be for buy and hold investing particular of the house hacking type. Seems to have a great location with out a particularly high cost.  Which makes me think I am missing something. 

Let me know what you guys think of the area? Is the crime rate too high? I know the north side used to have that reputation but things are changing.

Any input would be appreciated!

Hey BP! Long time reader first time poster.  

 Let me start by introducing myself. My name is Mike Calabrese. I am currently a senior in college studying Finance graduating in December 2016. Over the past year to a year and half I have been taking in all I can learn about real estate. So far, I have found most of what I learned to be really interesting and could see myself being part of the Industry in the near future specifically buy and hold and the flipping of properties. I have a few questions I would like you guys to take a look at and see if you guys have any insight.         

First - I am currently applying for a summer internship. I was wondering what kinda companies I should be targeting with my applications. Are there a certain companies that would the best to look at for my situation? I would love to do something were I was around people buying and selling properties with a focus more on the financial side. I am from Pittsburgh but I have no problems leaving for the summer if there are better cities to get involved in. I believe I have something to offer these companies so hopefully I can find something! I guess I just don't know where to look. Career Services at my school wasn't to helpful....   

Second - I currently am working on the weekends doing computer type work. I would love to switch it out and find a part-time job that I could get involved in real estate with somehow. I was wondering if it was at all possible to become an agent and try my hand at that while finishing my last year and half at school. I would see if I could get my license over my winter break if at all possible. I guess my question is would this be worth it in the long run or would this simply be a waste of time? I know being an agent can be real competitive. The competition isn't what scares me rather it is the opportunity cost of not spending my time wisely.  

Third - I guess is there anything any of you wish would have done at my age in my situation that would have given you a leg up in your career???? 

I also wanted to say how helpful and awesome the BP community is. It is truly something special. Can't wait to here back!!!!

Mike