All Forum Posts by: Ryan Fennick

Is this property still available?

Don't invest in New Castle.  You will never get any real value there.  The economy is horrendous and the city is littered with drugs.  It is one of the more hopeless areas in western PA.  You would be much better served to look further south into Pittsburgh or even a college rental around SRU.  I'd steer clear of New Castle.  

Thanks for your response. I invest mainly for cash flow. This building is just outside of Pittsburgh. These are all 1 bedroom units. Tenants may be a little rough but I won't self manage and several of them have been there for years. I'll be sure to review the financials in detail.

Thanks for your reply.  207k is the bottom line price.  They were asking 229k.  I will have it thoroughly inspected.  

8 Units C class Purchase price 207k Rents range from 425/mo to 525/mo Market rent 525/mo NOI $26,186 Pre tax cash flow $13,186 Good deal?? Thanks Let me know if you need more details.

I recently had my offer accepted on an 8-Unit apartment building in Pittsburgh, PA.  Can this be financed personally or do I have to do a commercial loan since it is (more than 4-units) zoned as a commercial property?  Every blog I read talks about commercial properties as commercial, not residential in terms of the purpose of the building.  

I am new at this - I have several single family homes that I have financed personally but this is my first time purchasing a multi-unit property. The financing is more desirable if I could finance as a personal investment property however, I did recently open an LLC in the even I would need to seek financing through a business. Any advice would be greatly appreciated!

Those were pretty much my thoughts as well.  It's hard to say what the land is worth probably at least 5 to 10k per acre.  It's a nice area.  They are offering it all together.  I agree with all your points it's an interesting piece of property tho so I thought I'd share. 

Thanks 

What would you offer?

GOI:  $61,500

Insurance:  $3,244

Taxes:  $6,489

Utilities: $4,992

8 unit with 19 acres. Currently listed at $495,000. 

3 year lease in store (small hair salon).  The other apartments are leased yearly (both with about 10 months left).  The 2 bedroom is leased by 2 students and the 3 bedroom is leased by an older single guy.

NOI= $20,300