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Updated almost 10 years ago on . Most recent reply

User Stats

8
Posts
1
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Dayna J.
  • Investor
  • Pittsburgh, PA
1
Votes |
8
Posts

New(ish) Fix-and-Flip Investor - Taking Our Equity to Pittsburgh

Dayna J.
  • Investor
  • Pittsburgh, PA
Posted

Hello everyone! I'm Dayna, and I'm currently in South Florida. My husband and I have our home on the market, and we're taking our equity and moving to Pittsburgh as soon as we sell. 

I've been an accidental flipper in the past. I bought an ugly condo on Comm Ave in Boston, and lived in and remodeled it for seven months while learning every lesson learnable and making every mistake makable. I put down slate tile with cheap pre-mixed thin-set and then had to get friendly with a pry bar and start all over when I realized my error. I pulled off a toilet with no plumbing skills or idea how to reset it. I probably spent 50% more than I needed to had I known what I was doing but in the end my net profit was just under $40,000 in a down market. 

We'd like to make a serious, more informed go of fix-and-flipping in the Pittsburgh market. There are some nice investor opportunities there and their home prices have remained stable through the boom and bust. 

I've been a long time BP podcast listener and decided that it was time to come here to learn and engage. Good to meet you all! 

Most Popular Reply

User Stats

3
Posts
3
Votes
Duncan Henricks
  • Real Estate Investor
  • Pittsburgh, PA
3
Votes |
3
Posts
Duncan Henricks
  • Real Estate Investor
  • Pittsburgh, PA
Replied

An early welcome back to Pittsburgh, @Dayna Jung!

No offense meant to @Jeremy T. but I must respectfully disagree about the usefulness of that City Data, Allegheny County Crime Map. I have personally spent time in almost every one of those outlined areas over past couple months and more times than I can count over the years. I happen to live about a quarter mile from one of the black shaded areas on the map. Yesterday my girlfriend and I even dared to bike across the entire length of the hill district (black shaded, outlined in red = Worst of the worst according to the City data folks) on our way to Oakland from Downtown, even stopped to quench our thirst at Grandma B's haha. The other night we were up there for a party and had an amazing time. We bike through Homewood to Wilkinsburg often to visit some of favorite spots in those neighborhoods such as Biddle's Escape. Shot the **** with some dudes on the corner of N. Charles and Perrysville just a few weeks back and biked through every street in Manchester this morning enjoying the beautiful weather and gorgeous architecture. I have not felt unsafe in any of these "areas to avoid", though even if it should go without saying, I use basic street smarts when rolling through any familiar or unfamiliar area. 

 At best this map is incredibly dated and lacking in any sort nuance that would show an actual intimate knowledge of the areas presented and perhaps provide some relevant & useful analysis. At worst it unfairly targets communities of color, uses insensitive language and will ensure that, if followed, you are cut off from many of the areas that currently represent some of the best investment opportunities in the city. And I'll tell you from first hand experience, it is this type of perspective taken by those who invest in communities but do not deign to live there nor participate & engage with the populace that creates so much anger towards investors & landlords in many of these communities. 

If you want to live and/or invest in the burbs then City Data will be the right source of information for you. But if you know the value of our legacy communities and that we are in the upswing of a new urban paradigm, then avoid City Data like a plague. Those who love and know this city intimately and who respect our communities and the struggles they face have moved on to greener pastures to discuss real estate development in Pittsburgh and the surrounding legacy communities. If you ever have any interest in chatting about Allegheny CIty (what I prefer to call the Northside) feel free to hit me up. 

Again, nothing personal against anyone who uses City Data, but i felt another perspective was called for in this case. 

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