All Forum Posts by: Miranda Micire

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KH Home Photos

I don't think it's crazy. It depends on a lot of different factors! 

Quote from @Justin Brin:

What do you think of Pittsburgh, PA?

I'm trying to analyze this deal:

Address: 61 Pointview Rd Pittsburgh, PA 15227

Price heatmap:

Crime map:

What do you think? Do you recommend Pittsburgh, PA?

 I'm not sure that a property that's cashflowing -$77 is worth it. Is this a multi-family or single family? What are your goals? Cash flow/ Appreciation? I know you can find something else that at least has some cash flow. It's too risky in my opinion to take on a negative cashflow from out of state and with the older housing stock in Pittsburgh. When a new tenant moves in, it seems something always goes awry - the HVAC needs serviced, the roofs leak, something goes wrong in those first few months/ year and if you've just spent a huge chunk of cash on a down payment and aren't getting any cash flow, you're in the hole from day 1 and that will sour people away from investing real quick.

Do you have a contract with the seller? You'll want to talk to a closing company or real estate attorney if you're not using an agent.

Yes, I think for a house-hack its very reasonable to break even or to be paying a small portion of the mortgage since you are living there. 

We bought our first property as a house hack and broke even on day one. Now, the property is fully rented and cash flow is around $800 a month. Definitely worth it! 

Getting comparables for mfh seems more difficult than sfh are they comparable to each other? Not necessarily comparable, I'd typically charge more for single family house versus an apartment unit because people will pay more to have a whole house to themselves.

What questions should I be asking the current landlord and/or real estate agent? Do you have an agent that can ask these questions for you and help you determine the questions to ask? I would ask them for the current rent rolls to ensure the tenants are paying on time monthly, as well as the leases to see when they are up and the terms.

Is it rude to offer below asking and then ask for seller finance? No, not rude. They can always counteroffer and the worst that can happen is for them to say no.

When running numbers should I be running each unit individually or the whole complex as 1? Whole complex

Am I going in to RE too fast by trying to buy a 4plex as my first deal and out of state? No it sounds like you're being thoughtful and not just jumping in head first! I think it's a great idea.

Hello! In Pittsburgh, PA, the section 8 deparment has this really useful map where you can type in an address and see what the maximum rental price they would allow per area. Sometimes, I have found it's higher than market rent, not always. It helps me run the numbers because there's a firm number that they're willing to pay. I'm not sure all cities have this, but it's really helpful for me here.

As with any type of neighborhood, you can find quality tenants anywhere. Screen section 8 just as you would for any other tenants. Tenants pay 30% of their income of the rent so my tenants rent is $1650 and they pay like $418 a month so I just made sure their income was 3x that $418 number.

Hi Katlynn, I'm an agent here in Pittsburgh. Our market has been heating up quickly. I've seen a ton more multi-offer situations than I was for the past few months. Buyers are still cautious, it's not the same scenario where basically any house at any price will go quickly, however for the right location/right price things are going quickly. I sent my client the other day an awesome investment property and by mid-day it was already contingent. Prepping myself for a busy spring! 

Try to find a lender that will do a DSCR loan. They care more about the property than you. Where are you located?