Rent to Own Multifamily

[Eric Swope]

Pittsburgh Investors,

My name is Eric Swope and I hope you are all having a great start to the new year. I am currently a 21 yr old civil engineering student who is graduating in May. I have recently accepted a full-time position working in the commercial construction industry and will be looking for housing in the Pittsburgh area starting June 1st. I have been fortunate enough over my college career to pay off all my student loans and put away some capital (10k) for my first investment property. My initial plan was to rent for a year, continue to live frugally, save up an additional (25k), and purchase a small multi-family property in June of 2018 to start the BRRR strategy. As I continue to shop around for apartments, I am starting to see that dropping (700-1000 per month) on something I will not own does not align with my long term goals. However, if there was a way to acquire a small multifamily after renting for one year..... it would provide me time to increase my rehab capital and become more lender friendly (stable employment, credit score, etc).

As a result, I am interested in the "rent-to-own" strategy to acquire my first deal. Since my future fiance has already a stable job east of the city, an ideal property would be within Westmoreland County and/or the eastern edge of Allegheny County. Some neighborhoods include: Irwin, Greensburg, Youngwood, Murrysville, Delmont, and Monroeville. If anyone has a small-multifamily property within the listed vicinity and they are looking to sell within the next 12-18 months.. please let me know.

Thank you,

Eric

[Mike Pastor]

Hi Eric,

I may have something you might be interested in.  Shoot me a message.  

Also, we have an investor group (part of Pittsburgh REIA) that meets the first Tuesday of the month and focuses on Westmoreland County. It so happens that tonight is the first meeting of 2017. You're welcome to come out and join us and network with other investors. We meet at the Kings on Rt. 30, Hempfield Township (just off the Rt. 66 exit), at 7pm.