All Forum Posts by: Max Feinberg

Marky,

All 3 neighborhoods are a solid place to start your search here in Pittsburgh. Of the 3, I think most people would agree that Penn Hills is the least desirable, but there are certainly solid parts.

Brookline and Observatory Hill are both close to town and in what I would consider B type areas. Your ROI will most likely be higher in Penn Hills than these 2 neighborhoods, but there are definitely properties that make sense in all 3.

Some other neighborhoods to consider may be Carnegie, Bellevue, Brighton Heights, Coraopolis, among others.

I currently have clients having great success in some of the submarkets around Pittsburgh such as Greensburg and Washington, PA.

Pittsburgh has been, and will continue to be a great rental market for out of state investors. One of the many beautiful things about investing here in Pittsburgh is that you have options. You can go the cash flow route on a single family or small multi in a not so great area, or you can go with the "pay off the mortgage" play in A- to B+ areas that may even continue to appreciate. And of course there is the popular option of investing in B- to C+ areas that provide 2-300 dollars in cash flow a month and are in pretty stable markets. Lots of people are having great success here in western PA.

The only thing that is stopping buyers from purchasing wholesale deals are the actual deals themselves. Too often we see wholesalers bring deals that just make no sense. Maybe they need way too much work in an area where there is not enough ARV, or the wholesaler doesn't have it priced low enough for buyers to make enough money to be interested.

If the deal is good, and you have a large enough list of buyers, it will get sold (and fast).

Also, while you are still new to evaluating properties, try to find someone, maybe an agent or another experienced investor, who can help you properly evaluate rehab costs and ARV. When wholesalers bring deals that grossly undervalue rehab costs or overvalue ARV, they lose credibility and may lose interest of potential buyers. Honesty is key.

Hey Kris! I have a contractor who has done some work for me in Jeannette and other parts of Westmoreland county and he lives out that way. I sent you a message

Hey Crosby! Great name to have for someone looking to get involved in the Pittsburgh area!! I am a local realtor and I also invest in small multi units and fix and flips. Let me know if there is any way I can help!

Hello Dillon! I invest in New Kensington and Westmoreland County and would be happy to chat!

Hello Jerry! I am interested in learning more. Please send me a DM and we can connect

Hey Sarah! A couple of quick thoughts:

While I generally agree with you that SFH are less intimidating than starting in multifamily, your goal of cash flow and being in B areas lends itself to duplexes and maybe triplexes instead. The numbers to make SFH homes cash flow in B areas around town are just going to be tough to achieve...the rents may not match up with the costs.

You could consider BRRR but that is becoming tougher as lending institutions tighten up on accessing equity nowadays. My advice would be to start looking at multi family in C areas where you could move a little quicker and still achieve cash flow.

I'm happy to chat and answer any questions you may have!

Washington will provide you with the most opportunity but at a lower rent. Bridgeville and Canonsburg would be great if you can make the numbers work...I expect on the backend of this COVID shutdown that may be possible.