All Forum Posts by: Cahla Downs

Hello! I am a real estate agent in the Pittsburgh PA/surrounding area, and inventory here is low as well. We have lots of listings come up, but they are literally gone in a day with multiple offer sales. It's been great for sellers, but really frustrating for buyers....the escalation's are taking home upward of 20,000 the listing price, and buyers are just making multiple offers, often on several properties before getting one accepted. My thought is that in PA when they shut Real Estate down for three months, people panicked...and as soon as we opened up, they were desperate to move asap, in fear that it will be shut down again. Also, I have many many clients who after being quarantine in their home for such long time, have realized how impractical (either too small or too large) their current home was. In reference to how they can afford to buy, the jobs around here that have been shut down or mainly service industry. And besides the owners, most of those people were not in the position to purchase real estate before cover, and they are in the renter pool....not great for landlords...however we have had really few issues with that from our tenants so far. Most of the buyers I have are in unions, teachers and law enforcement, car sales, bankers, lots of retirees, and several the medical field (nurses and admin and sales, and they are very busy). Im anxious to see what happens going forward into the winter, and after the schools reopen. This is such a strange time, and I don't think anybody predicted the real estate market to boom so quickly! 

Hello! Thanks so much! It’s about 800 square feet. 2 bedrooms, 2 baths, open living room and kitchen space! https://homebirdproperties.com... 

We turned a closet into a bathroom, a study into a bedroom, added a brand new kitchen, refined flooring, opened top the space by cutting out a wall and adding an eating space, handmade radiator covers, restored historic stained glass windows and an epic fireplace! 

Investment Info:

Large multi-family (5+ units) buy & hold investment in Greensburg.

Purchase price: $155,000

Cash invested: $40

Sale price: $179,000

Occupancy permit has been secured for the property from the City of Greensburg. Former mansion of its day with all original woodwork, fireplaces with modern conveniences, great location and rental history. Over time the building was turned into an apartment house with 4 units and a 5th unit under development. Also has a 2-bedroom single family home (SFH) with 2 bay integral garage as additional rental. Zoned commercial so you could have a business on the ground floor and collect rent from other units and SFH to pay all expenses. Over-sized lot for green space with off-street parking. Current owners has added new heating systems, windows, doors, electrical, security system and remodeled all units. The exterior of the building has been a work in progress. Apartment house breakdown ~ 1st floor: has 1-bedroom unit and a 2-bedroom unit under development, 2nd floor: big 2-bedroom unit, 3rd floor: 2-bedroom unit, ground floor at rear: 1-bedroom plus den unit.

What made you interested in investing in this type of deal?

Great character, location and opportunity for equity growth.

How did you find this deal and how did you negotiate it?

Verbal negotiation with realtor.

How did you finance this deal?

HELOC.

How did you add value to the deal?

Offering no sellers assist and waiving inspection contingency.

What was the outcome?

Offer accepted, currently in financing.

Lessons learned? Challenges?

The uncertain is the most difficult!