TF8482, Other/Just Looking in Pittsburgh, PA

What's market like for buying, redoing/ flipping house? ~200 K price, and what neighborhoods best for that?

Asked by TF8482, Pittsburgh, PA Mon Aug 20, 2007

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My recommendation would be to buy & hold (not flip) at this time. This will allow some time for the inflated the number of months worth of housing inventory to come down thereby reducing competiton for your sale at some future date. In the meantime, why not have someone else making the mortgage payement and add to your equity and net worth? I believe that every good long-term real estate investment strategy should include a portion of rental properties to build exponential wealth. Speak with an experienced & trusted Realtor in your local market to find out more about conditions in your specific market as well as to determine which neighborhood areas hold the most promise for growth and return. Best of luck - Ted
2 votes Thank Flag Link Mon Aug 20, 2007
Vicki Masell…, Real Estate Pro in Duluth, GA
OK - I am going to be the unpopular one here - but I see your question originates from Pittsburgh, and the important thing to remember is that the market is local, not national. Here is Pittsburgh we still see a lot of investors buying for the purposes of flipping. Remember that Forbes magazine recently ranked Pittsburgh in the top 10 of the most stable markets in the country. The important thing is to be sure to price it right after your renovations are done! Right now, from my personal experience, the most popular areas to renovate and flip are the South Side Slopes and Lawrenceville. Although there are several other areas in the city that are seeing a renaissance of sorts. Great question though and I hope my answer helps!
1 vote Thank Flag Link Fri Dec 14, 2007
Personally, I think Brighton Heights is a great neighborhood that is seeing quite a bit of activity. Morningside is great too! Of course there are always the Squirrel Hill, and Shadyside neighborhoods, but they are, as you know, the upper tier neiborhoods, so you will pay more. Look at estates, and REO properties on the buy side. You will get your best bang for the buck there. Lawrenceville, and Bloomfield are rocking right now too... If you can find something good. Hope that helps. Pittsburgh is a great place to be flipping right now!
0 votes Thank Flag Link Sun Jun 12, 2011
Erin is right, plus, she the only agent on here that's actually from Pittsburgh.

It's all about finding the right deal (the numbers must make sense) and how good you are at marketing your property.

While I agree that Pittsburgh is more of a buy and then rent out part of the country, there are a number of properties you can find here that are worth your time for flipping, but they are definitely not in the 200K range but much, much lower.

Good Areas for a Flip:
South Oakland
Point Breeze
0 votes Thank Flag Link Fri Jan 4, 2008
Ted has it nailed. Buy it and hold it if you can. In my area things are sitting an average of 8 months. The upside is there are a lot of great deals out there.
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0 votes Thank Flag Link Tue Aug 21, 2007
I agree with Ted. This is not the best time to try to flip. It would be better to buy a lease for a period of time. When the market is stronger, then would be the right time to sell. I hope this helps. If you have a more specific question please repost.
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0 votes Thank Flag Link Tue Aug 21, 2007
The current economic market is not best for flipping with the increase in inventory and interest rates the holding time could be a killer. Always consider the worst when flipping. Personally I am a strong believer in acquiring vs flipping.
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0 votes Thank Flag Link Mon Aug 20, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
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