All Forum Posts by: Zach Snyder

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $265,000
Cash invested: $73,000

This Property is a 9 Unit row home style property, being mostly government subsidised housing it a very secure and cash flowing property.

What made you interested in investing in this type of deal?

I have always geared my investing towards MFR with a buy and hold approach. This property put a huge dent in my goal of purchasing 10 doors this year.

How did you find this deal and how did you negotiate it?

This was an MLS deal that went south and was put back on the market for a second time. I felt the asking price was very fair and knowing the interest this property would gather I chose to offer asking price.

How did you finance this deal?

This deal was financed through a 20 year commercial loan.

How did you add value to the deal?

This property is rather turn key, Knowing there will be future renovations as many long term tenants move out. I plan to renovate at that time in order to increase property values.

Lessons learned? Challenges?

Purchasing this property during the covid pandemic created many problems. However this put me out of my comfort zone and made me realise you can achieve many things if you are forced to and don't give up.

@Jadon Oneal

First and foremost welcome to biggerpockets and the world of real estate investing. Its always nice to see people starting early and getting started in what most people will probably agree as the right place (BiggerPockets).

I don't wholesale properties personally, but i know there is a lot of blogs, posts, and podcast to be found here that will help you learn a lot!

If you haven't started on an email list for selling your properties i would suggest you get after that.

@Tim Andy Just before The whole covid thing I found quite a few banks that would refinance with a 6 month seasoning period. I will tell you right now that is pretty rare, but even worse the rates are through the roof. I did find a small local bank that would do a heloc, but they are very area specific unfortunately. In my opinion right now I would weather the storm and get ready to go for it in a few months.

@Peter Giammanco To be honest there is a large number of places in Pittsburgh you could invest. Mt Washington is a great area and will likely yield great income. However this will probably come at a larger expense, but thats not to lead you away. Pittsburgh has many areas to live, i would start by finding places you would personally like to live and then narrow down properties that would let you live for free or make you some income.

@Ryan Vail, I wouldn't say I am a seasoned Vet, but if your looking to chat with and bounce ideas of another local investor with some experience, feel free to reach out. Also If i could add any advice keep up the learning, but definitely get into a deal, Pittsburgh is a pretty forgiving market and there are a multitude of good deals. Now i'm not saying buy just any deals, but you'll do your best learning when you are uncomfortable. Run the numbers, find something that works, and get after it!

@Paul Herrmann Send me a private message!!

Congrats on the new purchase @Paul Herrmann, I wish the best of luck with everything. Just a little note from my experience, a lot of lenders will tell you that you can't get a loan without the 6 month seasoning. Just keep digging you'll eventually find a few. it will likely cost you a few points, but considering the time it could save you it might be worth it!

Once again congrats and best of luck!

Hi @Marie Diomi,

Welcome to Bigger Pockets and to pittsburgh's real estate market. I'm not a flipper persay, however I renovate all my properties when I purchase them. There are lots of Pro's and Con's to flipping, however most are based on personal preferences and risk tolerance. First things first, you can make money and a pile of it if you buy right and do quality flips. And unfortunately the opposite can happen and if done incorrectly, this could cost you dearly. That being said I think it is very important to do your research on a lot of things, starting with the market, contractors, agents, and especially the MARKET!!! Pittsburgh is ever changing and you need to be on top of that for sure! Obviously the "hot" areas are gonna be the best areas to flips, but the hardest to find good properties at a good price. I could go on and on, but feel free to reach out if you have questions!

Best of luck to you in future efforts!

I personally believe you are never to late, But more importantly pittsburgh is a growing city and there will be plenty of opportunity for investors for some time to come. Many of the surrounding cities and boroughs have lots of opportunities as long as you buy right!

Good luck with your goals for 2020!

Hey @Dante Campbell im a local Pittsburgh investor myself. like everyone has pretty much already said education, meet up, and a life style are the most important things at your stage. Finding a niche you want to be in or at least start in will come in handy and help narrow down the education part. Also start saving, w2, side gigs, house hacking, whatever it takes. Yes you can do real estate with no money, but having a nice little pot of cash will give you less headaches while you are new and dont have the reputation or experience to use at your advantage.

Keep it up and dont let people get you down because they will try for sure! And lastly good luck!