Hello! Looking to do my first flip in Pittsburgh, PA

[Sasha Josephs]

Hi there - title says it all! Looking for agents/wholesalers/GC's in Pittsburgh. What has been your experience fix and flipping in this market?

[Steven Goldman]

Quote from @Sasha Josephs:

Hi there - title says it all! Looking for agents/wholesalers/GC's in Pittsburgh. What has been your experience fix and flipping in this market?

 Hi Sosha, we have experience financing investor properties in Pittsburgh. The purchase price is one of the major challenges in Pittsburgh. Most of the rehab lenders have a 100k minimum total loan size. Many properties in Pittsburgh will not fit that requirement. In addition, HMLs have a minimum permanent loan size. Value must exceed 75k and loan may not be less than 50k. If you are using cash make sure that your finished product will fit into the lending guidelines. Good luck.

[Jeremy Taggart]

@Sasha Josephs Plenty of run down homes with margins to flip. You can buy homes as cheap as $20k depending on the neighborhood. Most flip deals will have purchase prices of $50-$150k, and rehabs running $40k-$150k depending on the scope of work. I tend to prefer to stay close to the median price point of about $225-$250k so you have enough margin for error on the rehab and greatest number of end buyers.

[Celia Lumbroso]

Hi @Sasha Josephs

Steven and Jeremy provided valuable insight for Pittsburgh. 

Good news- you're in a good market for flipping. 

I have contacts in Pittsburgh that could provide additional insight. 

Please let me know if you're interested and I can connect them with you. Thanks! 

[Gary Swank]

Hi Sasha, I've worked extensively with those flipping in the Pittsburgh area who have had varying levels of success. Feel free to reach out if you want to hear about their specific challenges and wins. 

[Bob Stevens]

Quote from @Sasha Josephs:

Hi there - title says it all! Looking for agents/wholesalers/GC's in Pittsburgh. What has been your experience fix and flipping in this market?

how much cash you have ? NOT HM, 

[Jamie Dietz]

As a prior Californian, real estate looks super cheap here in Pittsburgh compared to the Bay Area.  When I first arrived I wanted to buy EVERYTHING!   Take you time to understand the market before jumping in.   Most often the "real cheap" houses are not the best options.   

[Kevin Walton]

Quote from @Jamie Dietz:

As a prior Californian, real estate looks super cheap here in Pittsburgh compared to the Bay Area.  When I first arrived I wanted to buy EVERYTHING!   Take you time to understand the market before jumping in.   Most often the "real cheap" houses are not the best options.   

 This is a big one. Figure out what works for you, research the market, connect with an investor friendly agent that is familiar with the market, and get a clear idea as to how much you are working with. The market looks fruitful for investors on the west coast, but the market is vastly different. Definitely go through a couple of Pittsburgh Forums to get a good idea, check the comp tools and calculators provided by Bigger Pockets. Once you are ready to make a move, reach out to a local agent (preferably one with good reviews) and see if they can provide you guidance with your budget, and exit strategy to determine the best area to jump in. 

[Alex Hujdus]

Hi @Sasha Josephs, I am an investor friendly agent in the Pittsburgh area and I'd love to connect!

For local wholesalers, check out New Western and City Life. They're all licensed agents and put out inventory regularly. There's also a ton of Pittsburgh REI Facebook groups where wholesalers post their deals.

[Joseph Beatty]

Hey Sasha, I'm an agent here in Pittsburgh, and if you're looking for connections to other professionals in the area, don't hesitate to reach out! I work with a lot of investors who have moved from renting to flipping due to the high volume of opportunities all over the city! Being out of state though, I'd definitely recommend establishing relationships with contractors in the area who would be able to walk properties for you and make sure that the deals you are looking at are right for you. 

[James A.]

@Alex Hujdus I saw you said your an investor friendly agent in Pittsburgh, I know it is an old post but do you have any insight into Real Estate investor friendly banks?

[Alex Hujdus]

Hi @James A., there are a handful of lenders that I have had positive experiences with and that actually closed on time without any delays or surprises.

Most big banks are not very motivated to close because mortgages are just a small portion of their business, whereas mortgage brokers only make money when they close. I've learned that mortgage lenders tend to provide better service and communication because their business and livelihood survives on referrals.

One thing I've learned is that a lower interest rate means nothing if the lender bails before the transaction closes. With that being said, here is a list of lenders that my clients and I have had positive experiences with:

Conventional, FHA, VA:

Tom Hanft with Movement Mortgage

Todd Stainbrook with AJM Mortgage

Shannon White with Keller Home Loans 

Hard Money and Rehab Loans:

Kyleigh Haynes with Spring Garden Lending

All Types of Loans:

Wyatt Wolff with Motto Mortgage

Refinance and DSCR but I'm sure he does more:

Mark Hilderhoff with Loan Lion

I see @Jamie Dietz on here and he has helped out some of my investors too!

I've also heard great things about local credit unions. They tend to have great interest rates but require a little more paperwork from the borrower up front.

BP won't let us post contact info in the forums, but feel free to DM me for the contact info to any of these lenders.

Last tid bit of advice: Each lender has different programs or incentives that they offer, but make sure you ask how to qualify for those programs. Some have income limits, some require a minimum purchase price, etc.