All Forum Posts by: Jeremy Pace

Welcome, Michael.

There's plenty of great opportunities to meet people on BP, and lots of multis to buy in Pittsburgh. I'm sure you'll be on your way to owning in no time.

@Aaron Gorum what kind of countertop did you have installed over these completely unsecured base cabinets that it didn't come up that they weren't attached to anything?  Or for that matter, what sink?  I'm pretty sure my wife could hear the sound of my brain trying to understand what happened in your kitchen from across the house.

@Brian Yoo

I have so much input on this topic.  Rest assured there are deals for all types of investors all over the place, the city of Pittsburgh included.

Please feel free to reach out to me at your leisure.

@Norm Macleod in Pittsburgh, the only thing that matters is the price.  If you're trying to sell it for too much money, no one will buy it (unless by some magic you luck out and run into one of those unicorn morons who still has money and doesn't know any better).

You know how much it should cost to repair, it's right there in your claim paperwork.  So look at what your estimation of the pre-fire value, reduce that number 30%, and then subtract the repair amount from what's left.  If that number is above zero, you might get some $$ B-)

If not, @Josh Caldwell of the Pittsburgh REIA, can help you find someone to buy it for $1, dream deal right there.

@Jeremy Lee the core of the flipper interest is going to revolve around price.

Fun notes and exceptions: 

If you only have stated value coverage, and not replacement cost coverage, this could very easily blow up in your face, particularly if you owe a lot of money on the property.  If you have a bank mortgage, your bank is likely listed as an additionally insured, and if you're just gonna let the house sit, they are DEFINITELY going to want/get their owed money (but the good news is that they usually insist on better coverage, so you won't get hosed on the payout).

It's a little difficult to explain in written text, but if you have stated value coverage you won't get the $$ you think you will, your coverage is essentially adjusted as a ratio of your stated value and the replacement cost, which ends up dramatically reduces claim payouts in these cases.

@Calvin Conners

Flip? Rental? House hack?

What kind of deal?  Rental? House hack? Flip?

@Calvin Conners

When you say transactional. Are you talking about funding the deal, or dropping money in to close the loop in a wholesaling scenario?

In the city of Pittsburgh:

15210 - Carrick

15227 - Carrick 2, the Sequel

15226 - Brookline

15211 - Mt Washington

15216 - Beechview

HARD NO (unless you want to pay mad taxes for no reason without any of the intangibles that people usually expect in that scenario):

15104 - Braddock

15140 - Pitcairn

15221 - Wilkinsburg

15218 - Swissvale

15235 - Penn Hills

In fact, I would just avoid Woodland Hills School District as a whole.

@Jordan Noel

Please know that if you get your RE salesperson license, you're going to have to make sure that your broker is OK with you wholesaling on the side.  Brokers and salespeople, by and large, consider wholesaling to be equivalent to 'Net Listing' which is least ethical of listing types ... as it's taught in the REALTOR literature.

@David Lee Hall, III

I see, I see.  If you don't mind me being nebby, what neighborhood is this in?