I want to own investment property. Where do you all suggest?

[chao]

Originally Posted by sky329

https://www.redfin.com/PA/Pittsburgh...obile_app=true

Beautiful lil ranch perfect for professional... that's a. Easy rehab knock a wall down and update some bath and kitchen then boom 90-100k easy...

you'll be lucky to sell it for 83k, and that house is a bidding war that you'll be compete with cash offer over 42~45k, but it is good small project for professional flipper to make quick few thousand bucks, nothing big though.

we have a lot professional flipper in the city, and it's extremely competitive.

[sky329]

Originally Posted by chao

you'll be lucky to sell it for 83k, and that house is a bidding war that you'll be compete with cash offer over 42~45k, but it is good small project for professional flipper to make quick few thousand bucks, nothing big though.

we have a lot professional flipper in the city, and it's extremely competitive.

Yea possibly but it's better to get into the game with a live in flip and learn to do things yourself... I've learned the only thing that can beat a professional is a owner occupant flipper... takes them a little longer but on a hud home their offer gets accepted first over an investor.. Also with how the market is here and the price inflation in 2 years to Finish the live in flip to avoid capital gains tax he could make a killing.. can't make money by worrying about the pros.. just gotta be knowledgeable and do what you think is right

[painkillers]

Originally Posted by sky329

Yea possibly but it's better to get into the game with a live in flip and learn to do things yourself... I've learned the only thing that can beat a professional is a owner occupant flipper... takes them a little longer but on a hud home their offer gets accepted first over an investor.. Also with how the market is here and the price inflation in 2 years to Finish the live in flip to avoid capital gains tax he could make a killing.. can't make money by worrying about the pros.. just gotta be knowledgeable and do what you think is right

Unfortunately, I can only owner occupy for a year and a half as I'll be moving for the job.

I am looking at something in the Flats at a purchase near $50-60k... but it's a former hoarder house that's a SFR but the owner (who passed) had it as a top/down duplex with separate utilities. I was thinking this could be something to get HML or construction financing on, but it needs a lot of work. Everything inside and probably roof, furnace, electrical needs updating. But it'd appraise 200k easy. I'm wondering if the condition is bad, can I get any sort of owner occupancy financing on it.

[chao]

Originally Posted by painkillers

Unfortunately, I can only owner occupy for a year and a half as I'll be moving for the job.

I am looking at something in the Flats at a purchase near $50-60k... but it's a former hoarder house that's a SFR but the owner (who passed) had it as a top/down duplex with separate utilities. I was thinking this could be something to get HML or construction financing on, but it needs a lot of work. Everything inside and probably roof, furnace, electrical needs updating. But it'd appraise 200k easy. I'm wondering if the condition is bad, can I get any sort of owner occupancy financing on it.

unlikely to get any owner occupied mortgage, especially not fha. without any history and relationship or any assets, hml and construction loan are unlikely to happen, and even if by some miracle you get hml, you'll still at huge risk being first flipper without much experience and yet doing a huge project at short time frame part time.

I think you wanted too much too soon with too little resources and too little knowledge in the area to complete this task.

few years back I had flipper friend who bought a duplex in flat close to giant eagle for 30k and sell to another flipper the next day for 60k, because he is too busy to work on it. if you have cash and know people, you can try that.

[guy2073]

Buying for 60k, investing 120k in rehab and appraising for 200k doesn't sound like a good investment.

[jea6321]

there are most certainly loans that would work for that situation. FHA 203k is a good one. You can finance the cost of the renovation and get the loan based on the after rehab appraised value. You have to use contractors to do the work though, and ideally ones that are at least somewhat familiar with the program.

[svband76]

Ask me anything about Dormont. PM is fine. Lifelong resident (almost).