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Old 10-04-2019, 08:01 PM
 
Location: Pittsburgh, PA (Morningside)
14,086 posts, read 15,519,578 times
Reputation: 12063

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Quote:
Originally Posted by 28CarsLater View Post
"got some of those bike lanes in there" he thought that could change things. First and only time I have ever heard something like that said about Overbrook/Carrick etc.
Brookline doesn't have real bike lanes either. I mean, in general I don't think they're that useful of an idea for the southern city neighborhoods, because the topography is too rugged, and the only direct ways into town are in the old valleys like Saw Mill Run that would be a death trap to ride on.

Quote:
Originally Posted by 28CarsLater View Post
I don't know how you're saving money vs most of the boroughs out here, but kudos. Incidentally I started working in Shadyside recently, if I leave at 6:20 I can be in the parking lot over there in 35 minutes on avg via the Liberty Tunnels to Bigelow Blvd and Centre Ave. Home is a bit more around 45. If I wanted a close commute or walked, I could buy one of these two $300K properties the second of which looks very nice for what it is:

https://www.realtor.com/realestatean...-43190?view=qv

https://www.realtor.com/realestatean...-06482?view=qv

But then my costs go up vs here. I'm going to have a car regardless of where I live so I can't save there by ditching it, my taxes will definitely go up, so even with gas/wear and tear I'm coming out ahead in terms of savings.
I'd strongly prefer the first to the second. First, the front hasn't been remuddled - it still has wood siding instead of aluminum, the wood trim is still intact, that looks like the original porch, etc.

Secondly, it's a bit further away from the railroad tracks (which is why that part of Shadyside is so cheap) meaning less noise issues at odd hours.

Quote:
Originally Posted by 28CarsLater View Post
Sure Real Estate is a lot more expensive and you have the monthly costs factor, but even in Scott if you had the opportunity to obtain a half decent property for 80-100K would you do it?
To live in? No. As an investment? Maybe. But I know myself and I have a tendency towards being distracted and lazy I have to actively fight against (legacy of being an ADHD kid). If I was going to buy an investment house to fix up and flip (or rent out for a few years to ride the market) I would want something that was as close by as possible.
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Old 10-04-2019, 08:10 PM
 
Location: Ben Avon/Kilbuck
1,700 posts, read 852,333 times
Reputation: 642
Quote:
Originally Posted by eschaton View Post

To live in? No. As an investment? Maybe. But I know myself and I have a tendency towards being distracted and lazy I have to actively fight against (legacy of being an ADHD kid). If I was going to buy an investment house to fix up and flip (or rent out for a few years to ride the market) I would want something that was as close by as possible.

See and that is why I have not flipped a house yet. I would have no issues with the work, I've renovated my own homes outside of structural or major electrical. I just would want something close, most people can not just go into flipping full time right away so likely have another job. I will do it but like everything I do I want to do it right, not 1/2 arsed. My wife started her Salsa side business this year but I made her get professional signage and labeling.
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Old 10-07-2019, 03:08 PM
 
233 posts, read 116,632 times
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just to clarify that you dont have to do the repairs yourself to do flip business

it is a lot more convenient to do flip if you can do it yourself, and maybe save a little, but a lot time getting professional to make repairs could be cheaper consider your time spent

let's say

example A. you buy $100k (include closing, tax...etc), materials $20k + 9k labors and sell for 150k, you are making 21k profit minus closing cost

example B. you buy $100k (include closing, tax...etc), materials $20k, fix everything yourself, spent 300 hours on the project, your profit is not 30k minus closing cost, your profit from flip is still 21k minus closing, but you got a part time job at $30/hr and worked 300 hours on it.

so if your full time job pays you $40/hr, then you are working for less ($30/hr), or got a lesser part time job, in another word, your time that's worth $40/hr got a 25% discount.

however, getting a good estimate on repairs requires knowledge or experience or assistant from 3rd party (contractor), and it's rather difficult to get fair price skilled contractor, and even if you know any, they are probably booked up for few month.

flipping business is not as easy as few years ago, a lot flipper is doing flip just so they dont run out of jobs, not necessary for profit.
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Old 10-07-2019, 05:32 PM
 
3,425 posts, read 2,948,951 times
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Quote:
Originally Posted by eschaton View Post

I'd strongly prefer the first to the second. First, the front hasn't been remuddled - it still has wood siding instead of aluminum, the wood trim is still intact, that looks like the original porch, etc.

Secondly, it's a bit further away from the railroad tracks (which is why that part of Shadyside is so cheap) meaning less noise issues at odd hours.



The second has a new porch on it. The roof is original but the porch posts and lower are new. The stairs and railings were supposed to be temporary when i built them but the homeowner couldn't get approval on a driveway so i guess they kept them.
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Old 10-08-2019, 07:54 AM
 
Location: Pittsburgh
170 posts, read 77,281 times
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Quote:
Originally Posted by Knepper3 View Post
See and that is why I have not flipped a house yet. I would have no issues with the work, I've renovated my own homes outside of structural or major electrical. I just would want something close, most people can not just go into flipping full time right away so likely have another job. I will do it but like everything I do I want to do it right, not 1/2 arsed. My wife started her Salsa side business this year but I made her get professional signage and labeling.
From everything I've read, buy to hold is less risky with the major caveat being you get to play landlord which I realize isn't for everybody.
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Old 10-08-2019, 08:07 AM
 
Location: Pittsburgh
170 posts, read 77,281 times
Reputation: 62
Quote:
Originally Posted by eschaton View Post
Secondly, it's a bit further away from the railroad tracks (which is why that part of Shadyside is so cheap) meaning less noise issues at odd hours.
I did not know this, thank you.


Quote:
Originally Posted by eschaton View Post
To live in? No. As an investment? Maybe. But I know myself and I have a tendency towards being distracted and lazy I have to actively fight against (legacy of being an ADHD kid). If I was going to buy an investment house to fix up and flip (or rent out for a few years to ride the market) I would want something that was as close by as possible.
Makes sense.
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Old 10-08-2019, 08:19 AM
 
3,425 posts, read 2,948,951 times
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Quote:
Originally Posted by 28CarsLater View Post
I did not know this, thank you.




Makes sense.
I built the front porch and trimmed out that house. It is right on the train tracks but not really loud. The view from the front is absolutely horrible and the parking is nonexistent. The finishes in that house are low quality, the carpet was the cheapest she could find, the kitchen was an ikea extra and the bathroom vanities were bought on ebay cheaply with low quality faucets.
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Old 10-08-2019, 08:27 AM
 
Location: Brookline
3,065 posts, read 2,670,642 times
Reputation: 3696
I have not been able to find the article in Pgh Business Times of the 50 best SWPA zip codes for return on investment, but a local realty group posted a pic of it on their Instagram, and it had 15226 (Brookline) as the 8th best with a 10 year home value change of 60% and a 10 year ROI of 503%.
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Old 10-08-2019, 09:13 AM
 
Location: Ben Avon/Kilbuck
1,700 posts, read 852,333 times
Reputation: 642
Quote:
Originally Posted by 28CarsLater View Post
From everything I've read, buy to hold is less risky with the major caveat being you get to play landlord which I realize isn't for everybody.

I would agree with that to a degree, you still have the risk of finding renters. If you price right I am sure that would be a lower risk but if you ended up with renters who did not renew then you would lose 1 month rent and you better do your homework because you could get a renter from hell who bankrupts you. We had a neighbor who moved away then rented their home, they ended up renting to a family that was kinda horders. They stopped paying rent then it took 2 years to get them evicted and out. After that all they could do was let the bank take the home. My wife showed it to an investor once it was up for sale, couldnt walk into the basement and the place was just horrible.
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Old 10-08-2019, 09:18 AM
 
Location: Brookline
3,065 posts, read 2,670,642 times
Reputation: 3696
Quote:
Originally Posted by Knepper3 View Post
I would agree with that to a degree, you still have the risk of finding renters. If you price right I am sure that would be a lower risk but if you ended up with renters who did not renew then you would lose 1 month rent and you better do your homework because you could get a renter from hell who bankrupts you. We had a neighbor who moved away then rented their home, they ended up renting to a family that was kinda horders. They stopped paying rent then it took 2 years to get them evicted and out. After that all they could do was let the bank take the home. My wife showed it to an investor once it was up for sale, couldnt walk into the basement and the place was just horrible.
Two doors up from me has been cleaning up his rental house for well over two weeks now after the renters left in the middle of the night. Usually gets great renters in that house too, longer term, very meticulous but this family was just lazy/messy in regards to everything.
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