All Forum Posts by: Miranda Micire

If you get the post gazette they have weekly real estate transfers on Sundays only.

Originally posted by @Matthew Jordan:

If you see that the property's taxes are unpaid for three years and you want to own the property Allegheny county also has a pretty simple abandoned property program where you can acquire lots that touch other lots you already own.

Only counts for certain municipalities. This property is in City of Pittsburgh so doesn't apply.  

If it is in the City of Pittsburgh, contact your council office. I work for a council office at the city. 

You can also visit

https://pittsburghpa.buildinge... 

 and click on the "enforcement" tab in the top right. It will take you to another page called civic central, type in the address, and that will show you any code enforcement that's occurred on the property. 

You can submit a 311 about this, but always following up with a council member gets a quicker response (unless it's in certain neighborhoods tbh). Feel free to message me if you want.

Where is it located? 

A general rule that I've heard from others more experienced than I am, never rely on rezoning for your first project to work financially. In the City of Pittsburgh we wanted to build a 6 ft fence and that required zoning variance and a zoning board hearing. We applied July 1, our hearing wasn't set til Sept 10, then we didn't' get the decision til mid October. For just a fence. 

Originally posted by @Anthony Angotti:

Originally posted by @Rae Mac:

Ahh this is very helpful. Thank you both!! The residential permit program seems so far reaching, it has me wondering if anything similar has been put into place in other rust belt towns, and how it panned out. I couldn’t imagine how some of these old buildings would fair.

I think plenty of areas have landlord registration. It's mostly for emergency services so that they have tenants contact information for emergency reasons. It's actually not a terrible thing. It's the financial aspect of it that's annoying. Because on that side it's basically a money grab. 

It also will help enforce overoccupancy. The city does not allow more than 3 unrelated people to live in a single family house, but there's basically no way to enforce it right now. I also think that it will hold bad landlords accountable in terms of building maintenance.  

Hi! I actually work for the city and I am a real estate investor. The rental registration legislation has been taken to court, so its not in effect at this point in time. If it does pass, you will have to a pay attention to what it would entail but it will definitely be talked about a lot in the news, etc. so I am sure you'll get info then. I don't see it happening for a while, especially since it would mean needing way more inspectors and the city is in a deficit due to COVID. No to the second. No to the third except for an inclusionary zoning overlay in Lawrenceville that requires new developments (apartments) to have a certain # of affordable units, which doesn't sound like it applies. 

Hello! My name is Miranda and I am a Co-Owner of a real estate development company. We are located in Pittsburgh, PA. We are very new! I have identified a property that I'd like to purchase and rent out. It is essentially 6 row houses on one lot, sold all together as one building. They are each 3 bedrooms, 1.5 baths. 5/6 are currently rented with the 6th needing renovated (new floors, windows, kitchen). The asking price is $270k and we have a construction budget of around $220k, including the reno, upgrades to the other units, roof repair, and brickwork to the exterior of the building. We are assuming that we could get an investor to provide us with a downpayment at $120k and then find a bank willing to loan us $360k. 

DSCR would be 1.65, Return on Project cost is 8.93%, cash on cash 14%. The numbers look great, even with current rents in place which are between $800-940 a mo.

We are new to this. What would our next step be? Approach a bank? Approach the investors? I would appreciate any and all advice. Thank you!