For $100k in your city... (HOA fees, housing, property)

[smpliving]

Cedar Rapids, Iowa has many small condos and older SFH under $100,000. Below is a home a few miles from a major engineering company of 7100 employees. The neighborhood is surrounded by nice retail and higher end homes.

http://www.realtor.com/realestateand...27-52006?row=4

[projectmaximus]

Originally Posted by eschaton

So you're looking to be a long-distance investor? Seems a risky thing to me. Pittsburgh is one of the best markets for flipping if you put equity into fixing up the property right now, but working out the logistics of working with contractors from many states away just isn't worth it IMHO.

The bus system is fine. Locals trash it, since it's been subject to rounds of cuts over the years, and is nowhere near as comprehensive as it used to be. But Pittsburgh's in-city transit utilization (as a percentage of the city population who uses transit to get to work) is within the top ten for a core city in the country. You can get from nearly any part of the city proper to Downtown on the buses. In most of the East End you can also get to Oakland, the main university hub. One reason why Bloomfield is a better neighborhood for car-free living is not only does it have a plethora of buses traveling to both places, but also has a bus (the 54) which goes to the North Side and South Side Flats, making it easy to get to virtually every part of the city with a business district without a bus transfer. In addition the city has several BRT lines which offer very fast service, with the East Busway the most heavily used.

As for expanding the rail system, there are a few plans going around now, but nothing confirmed. The most fleshed out idea is to run a daytime transit line along a heavy rail freight line which runs along the Allegheny River from Downtown out to at least Oakmont. The railroad is not only behind it, but spearheading the idea. It needs capital to move forward though. Other ideas being mulled semi-publicly are a Lawrenceville to Hazelwood line (which our mayor is championing) and a Downtown to Lawrenceville streetcar line (mostly to go through the Strip District. There's also proposals to extend the existing "T" light rail system either to the airport or into the northern suburbs. But really all of these are in such early planning I don't expect much in the next five years.

All the info is great. I have always liked Pittsburgh and am really enjoying its resurgence from the Rust Belt days.

As for your question about long-distance investing, I'll try to keep it simple by saying:
1) I'm not planning to invest in Pittsburgh RE, but I might consider it (among many other markets) in a few years. If I do invest, I don't know whether that means I'll move there or not.
2) I (and my team) do actually invest long distance already.

But you're right, it is risky. Gotta find people you can trust. More than anything though, I've been asking cause I'm curious. I love urban planning. I love real estate. I like having some idea of what's going in other cities and seeing them change over time.

[ckhthankgod]

Originally Posted by projectmaximus

All the info is great. I have always liked Pittsburgh and am really enjoying its resurgence from the Rust Belt days.

As for your question about long-distance investing, I'll try to keep it simple by saying:
1) I'm not planning to invest in Pittsburgh RE, but I might consider it (among many other markets) in a few years. If I do invest, I don't know whether that means I'll move there or not.
2) I (and my team) do actually invest long distance already.

But you're right, it is risky. Gotta find people you can trust. More than anything though, I've been asking cause I'm curious. I love urban planning. I love real estate. I like having some idea of what's going in other cities and seeing them change over time.

Does the location within a city/area in terms of potential become a factor?

[projectmaximus]

Originally Posted by ckhthankgod

Does the location within a city/area in terms of potential become a factor?

Depends. Some of my investors care only about numbers (CMAs, rehab costs, rent) so that's what we deliver. For me and my family's personal investments, we are almost exclusively in walkable areas and urban core areas, where there is a premium on the limited supply of land. I believe in riding that urban revitalization wave, and believe that it's less of a crapshoot than cheap suburban property that cycles onto the next new and shiny development.

[projectmaximus]

So I guess to answer your question, I do care more about the potential for an area to be dense, vibrant and walkable. So proximity to schools/colleges/employers, existing infrastructure (mixed-use development, proper zoning, transit), and relation to downtown and other urban nodes, is important to me.

[ckhthankgod]

Originally Posted by projectmaximus

So I guess to answer your question, I do care more about the potential for an area to be dense, vibrant and walkable. So proximity to schools/colleges/employers, existing infrastructure (mixed-use development, proper zoning, transit), and relation to downtown and other urban nodes, is important to me.

So, would you look within a Downtown, especially given that many are adding housing units around the country?

[ccm123]

In live in the SF Bay Area. That should tell you enough...

[projectmaximus]

Originally Posted by ckhthankgod

So, would you look within a Downtown, especially given that many are adding housing units around the country?

for sure! nothing wrong with downtowns. Although we do shy away from Condo and HOA fees generally, we do own property in some big cities where the only thing you're gonna find are condos.