All Forum Posts by: Alex Deacon

@Stefan D. Make sure the property is well insulated otherwise the tenants electric may be very high and its possible that in the very cold months the property wont get warm enough. I have seen countless investors in the Pittsburgh market do this and they pay the price with high turnover and tenant complaints.

@Brian Larson Pittsburgh is a great market to buy and hold. As I always preach "Investing is a marathon and not a sprint"

Take you time especially for the first deal. Once you get a feel for the market then you make make quicker decisions. You have to be quick because it is a sellers market. On top of that there are investors from all over the globe flocking here to buy. Its inexpensive. But if you are not careful you can also lose money here just like any other area. @Anthony Angotti is a great resource for information and help.

@Marky Suazo these are all good areas for rental aquisitions. Some better than others. You really need to know the Pittsburgh market. Rental values can vary from street to street and depending on the size of the homes etc.. So many variables. I would have to completely agree with @Anthony Angotti. 

@Matt Hindt I would side with @Doug Smith. You are going to cut your profit and its hard to find a good GC. If you PM me I can give you a recommendation but just be ready for some sticker shock. Finding a good reputable contractor who will show up and get the work done on time is nearly impossible. One that wont run off with your initial deposit and you never hear from them again. I have a few good crews but they basically only do work for me and a few other investors here in the Pittsburgh Market. If they have any time I am sure they will at least talk with you and get your scope of work. 

@Christina Colon a bank will generally lend for a HELOC but you will need to have a lot of equity. Typically you can borrow up to 80% LTV. If your first mortgage is $60k and the value of the building is 100k then you will able to borrow 20k.

I hope that makes sense. Yes its possible to do this. I have 3-4 Helocs right now. 

@Joshua Smith Owner financing is only good when 1. You dont have the credit to get a loan from a conventional lender. 2. The terms and interest rate are better than a traditional bank. 3. The down payment is less than a traditional bank. There are other pros and cons but those the the top three in my opinion. 

@Nico Savoia we manage 700 units in the Pittsburgh market and quite a few in Mount Oliver. The borough is hard to deal with, the taxes are high, the property values are not increasing in value in any significance. The neighborhood in general is a c minus. Does that help.

@John Mano being an investor you know this is the best sellers market in forever and a day in most markets across the US.  Along with your son not knowing how long he will be there it may be best to rent. With that being said I am still buying properties in Pittsburgh but I live here and know the market. Its very hard to find a good deal and I look at hundreds of properties a month. If you find a great deal of course buy it. Its just right now may not be the best time to get a good deal.

It may be best to wait for the market to adjust and for your son to settle in to see if Pittsburgh is the right place for him long term.

@Stephen Dominick its not uncommon at all. Main thing is how is the neighborhood? What is the other side like? If its trashed then you may want to stay away from buying the other side. Most likley there is not an HOA but find out? If there is an HOA then what are the fees. Do you share a sewer line with the other side? What are recent sales similar to this and does this property cash flow.

@Megan Callahan I have been told this is the norm all over the country. Actually in other countries also. Stick to your guns. I would agree with @Nicholas L. . Keep making offers and eventually you will strike another deal. You cant buy real estate just to buy it. The numbers must make sense.