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Updated over 3 years ago on . Most recent reply
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First MFH in Mt. Lebanon, Dormont, Castle Shannon.
Hi everyone - I'm looking to purchase my first MFH in Pittsburgh. I currently live in Mount Lebanon - Not only are the schools great here, but it has a really cool "small town, family oriented" vibe. I'm interested in investing in properties in the area, but wanted some insight.
About Me:
- Software Engineer, lots of experience in data collection / analysis. (happy to help anyone here if they need help collecting aggregate data, SEO improvements, website improvements)
- Business experience (have founded my own tech company before, done a bit of fundraising).
- Very handy - I renovated my 1930s cape cod. While I don't know everything, I can rewire a house up to code, install a kitchen, windows, know how to get wholesale material prices, etc... The goal is to use this knowledge in working with contractors, acquiring materials, etc... (happy to walk a property with anyone and give rehab insight)
- Have a modest (around 50k) to invest in my first property. I have a high household income, so while my initial investment may be low, I will probably be able to invest an additional 100k/year in the following years.
- Desire is to buy and hold MFHs.
- Would like to partner on deals (I understand finding the right partner is difficult, so I'll let this come over time).
Questions:
- How is the rental market in Mount Lebanon? Upon researching, I actually don't see many things for rent here. In fact, that's why we bought a house here (couldn't find anything to rent). Is this actually a very bullish signal? Or is it a sign that people may intend to "put down roots and buy" rather than rent.
- What about Dormont / Castle Shannon?
- What is the customer avatar (for a lack of better words) of a MFH tenant? Do they typically have children? College students? I'm not sure how to ascertain the economic / familial profile of MFH tenants.
- I have already found some properties by scraping the city real estate records and collecting properties with unpaid taxes. Is this data actionable? They are all off-market. Considering door-knocking...
Most Popular Reply
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Hey Phillip. It's great that you outlined your strengths. You'll do well. Keep plugging away brother!