Offering rent in Pittsburgh

Asked by KD, Pittsburgh, PA Thu Jan 17, 2013

What price range houses are popular for rent in Pittsburgh? and how hard is it to find tenants? I don't have a house to rent yet, but I'm planning to buy a foreclosure, fix it, and then maybe rent it.
Do all FHA's 203K loans have a 1 year period where can you can't rent the house?
If i can't get FHA, what percentage of houses around 25k can I find that don't need more than $1000 to fix before I can rent them?

And do you think it is better to buy a cheaper house 30k and rent? or buy a 60k house and rent? and is it really harder to get a mortgage under 50k? (whether normal mortgage or FHA 203k)

Thanks a lot,

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Benny Smith’s answer
Benny Smith, Agent, Pittsburgh, PA
Thu Jan 17, 2013
The higher the rent does not ensure reliable tenets but the more they are required to put down in security deposit the better. So in answer to your last question. The $60K will have higher rents, less turn and less of your time getting paid. It cost the same to evict a person paying $1000 a month as it does someone paying $100.00. There is always exceptions but the closer you are to the average city rents the better.
1 vote
Blair W. Coh…, Agent, Monroeville, PA
Thu Jan 17, 2013
I believe FHA 203k is (initially) only for owner occupied. The FHA 203k was possible for investmant properties but that ended many years ago (in the 1980's I think) due to abuse of the program and fraud.

You should get a good real estate agent and a good lender that is well experienced with the FHA 203k program and other methods of financing that might help you with your plans.
1 vote
Brian Teyssi…, Agent, Pittsburgh, PA
Thu Jan 17, 2013
Thanks for posting your question on Trulia.com!

The answer you seek will depend on the area of Pittsburgh you choose to start your rental portfolio.

My office has a property management division that can answer them and help you start your portfolio prior to any purchase.

Same goes with the FHA203k question, I have a lender or two that I can refer you to for the correct answer since that is their specialty and things change in the lending world.

Feel free to reach out to me if you need further assistance.
Web Reference:  http://www.brianteyssier.com
1 vote
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