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Old 07-18-2017, 10:02 AM
 
2,277 posts, read 3,941,994 times
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Quote:
Originally Posted by Hal Roach View Post
If you think it is better to have poorly maintained units with cheap rent, you are part of the problem, not the solution. If people that got almost no money down mortgages weren't such worthless pigs, you wouldn't have such a large inventory of REO. I suppose the Bernie Sanders is going to put in new copper plumbing, get rid of the energy wasting fixtures, and remove the asbestos?
There is a difference between flipping and home improving, flipping is often known to put lipstick on pigs, driving up prices without structurally improving properties for a quick buck (often the underlying deficiencies are still there, just hidden now by shiny new finishes). Someone willing to do the grunt work to replumb, rewrite, insulate and truly improve a structure would be not considered a typical flipper.
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Old 07-18-2017, 10:06 AM
 
Location: Pittsburgh's North Side
1,701 posts, read 1,587,748 times
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Quote:
Originally Posted by mbw5100 View Post
To throw another neighborhood into the mix -- you might look into East Deutschtown. Pretty walkable (a mile to the Strip, or the ball field) and there's quite a bit of development going on. The good deals tend to get snatched up before they hit Zillow, but there is a development company, Marc Anthony Construction, that owns a number of houses in the area and they are pretty good at selling their inventory for the tax appraised value. They bought a bunch of them to put in the Dialysis center along the highway, and were just sitting on them. Might be worth giving them a call.

They just sold these two houses for around 35K each; the one on the left is being turned into a house, and the Milwaukee brick house on the right is getting a kitchen showroom downstairs, and an apartment upstairs. The white building to the right is still for sale (by a different seller), but it is listed at 110K. Considering it hit the market at 400K a couple years ago, they might entertain a lower offer. But, it would be a big project.

Edit to include Google Maps link: https://www.google.com/maps/@40.4558...7i13312!8i6656
Wow, this is really good information -- I really didn't think East Deutschtown had anything left under $50k, but it makes sense that a few developers are sitting on good stuff and selling directly to buyers.
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Old 07-18-2017, 10:22 AM
 
110 posts, read 95,208 times
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Quote:
Originally Posted by RogersParkTransplant View Post
Wow, this is really good information -- I really didn't think East Deutschtown had anything left under $50k, but it makes sense that a few developers are sitting on good stuff and selling directly to buyers.
It really just depends on how you're finding out about it. I don't think we will see anything hit Zillow for that low again. But, recently a guy told me he would sell his big, brick Victorian house with a side lot for 50K. But, it had to be a cash-only deal (not like, wiring him the money, it had to be a bag full of cash), because he didn't want the gubberment getting any of the money.

I see that Mr. Renovation owns the property now, but I don't know how he got it or how much he paid.
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Old 07-18-2017, 10:56 AM
 
3,110 posts, read 2,936,830 times
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Quote:
Originally Posted by Lost_In_Translation View Post
There is a difference between flipping and home improving, flipping is often known to put lipstick on pigs, driving up prices without structurally improving properties for a quick buck (often the underlying deficiencies are still there, just hidden now by shiny new finishes). Someone willing to do the grunt work to replumb, rewrite, insulate and truly improve a structure would be not considered a typical flipper.
No matter what the house would need an appraisal to be mortgaged, and a cash buyer would still have home inspection and appraisal options....supposedly the appraisers were suppose to start doing more than smoke a cigarette in front of the subject property. Maybe they should make home staging illegal...if the sheep need their nanny that much. But, thanks for the suggestions. I looked at 15212 and there are indeed some cheapies...but that is an oddball shaped zipcode. It almost looks like it was made by the Congress. I still like Success St...that style of townhouse...more walkable would be nice. I was also doing perimeter searches around the Trader Joes on Penn Ave..I like their site search parameters, but I think they have even put a few in bad areas.
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Old 07-18-2017, 11:08 AM
 
Location: Pittsburgh's North Side
1,701 posts, read 1,587,748 times
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Quote:
Originally Posted by Hal Roach View Post
I looked at 15212 and there are indeed some cheapies...but that is an oddball shaped zipcode. It almost looks like it was made by the Congress.
That shape, and the weird shapes of a lot of Pittsburgh neighborhoods, makes much more sense when you're here -- it has a lot to do with the shape of the hills, as the neighborhoods grew into the topography and then the lines were drawn around that. That's something else to think about, by the way, as the hills also affect development. The flat land will always be more walkable and thus more desirable.
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Old 07-18-2017, 11:11 AM
 
Location: Pittsburgh's North Side
1,701 posts, read 1,587,748 times
Reputation: 1849
Quote:
Originally Posted by mbw5100 View Post
It really just depends on how you're finding out about it. I don't think we will see anything hit Zillow for that low again. But, recently a guy told me he would sell his big, brick Victorian house with a side lot for 50K. But, it had to be a cash-only deal (not like, wiring him the money, it had to be a bag full of cash), because he didn't want the gubberment getting any of the money.

I see that Mr. Renovation owns the property now, but I don't know how he got it or how much he paid.
That's hilarious about the Victorian, but I can totally see it.

Mr Renovation does great work, so I am glad he's picked up another good project. He's local, as are his investors (at least the ones I have met all live within walking distance of these properties...), so I imagine some of this happens through personal connections.
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Old 07-18-2017, 02:28 PM
 
Location: Marshall-Shadeland, Pittsburgh, PA
32,606 posts, read 77,287,663 times
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Quote:
Originally Posted by Hal Roach View Post
If you think it is better to have poorly maintained units with cheap rent, you are part of the problem, not the solution. If people that got almost no money down mortgages weren't such worthless pigs, you wouldn't have such a large inventory of REO. I suppose that Bernie Sanders is going to put in new copper plumbing, get rid of the energy wasting fixtures, and remove the asbestos?
Mighty big brush you're painting with there, aren't you? I'm a Millennial, and I still rent (for almost $1,000/month, which is about average now for the city) because I can't afford to save up enough money for a down payment and closing costs on a home of my own while also paying for student loans and many other bills. I'd gladly buy a cheap fixer with 0% down and lovingly restore it to contribute to the neighborhood. Not all of us looking to buy with a minimal down payment are "worthless pigs", and I'd appreciate you dropping that condescending 1%-er attitude before coming to the East End.

If you're looking to "Make America Great Again", judging by your unprovoked dig at Bernie Sanders, then please do me a favor and stay put in NoVA. I moved up here from NoVA in 2010 precisely to get away from attitudes like yours.
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Old 07-18-2017, 03:03 PM
 
3,110 posts, read 2,936,830 times
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But downpayment is the biggest predictor of foreclosure. You work for the Federal Government (or did), must be making 50K...and after 7 years you can't save up enough to buy a house in one of the cheapest markets in the world? Yet, you will gladly report on the number of same sex couples holding hands? I seriously doubt you are the voice of Pittsburgh. 1%? Are you serious? Just how many Michael Moore movies have you watched?

Here is a good one...used to live in an apartment next door. 1910 built, 4500 sf lot, they dug out the crawl space and now it is 3200 SF of living area, doubling the living space. A car jacking in front of the house, two Dollar crack rocks down the street (that was 20 years ago), car break ins galore, and pretty bad K-12. Any educated guesses?
Attached Thumbnails
East Liberty, Garfield??? Good for fixers?-mrsrobinson.jpg  
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Old 07-18-2017, 03:25 PM
 
2,277 posts, read 3,941,994 times
Reputation: 1920
Quote:
Originally Posted by Hal Roach View Post
No matter what the house would need an appraisal to be mortgaged, and a cash buyer would still have home inspection and appraisal options....supposedly the appraisers were suppose to start doing more than smoke a cigarette in front of the subject property. Maybe they should make home staging illegal...if the sheep need their nanny that much. But, thanks for the suggestions. I looked at 15212 and there are indeed some cheapies...but that is an oddball shaped zipcode. It almost looks like it was made by the Congress. I still like Success St...that style of townhouse...more walkable would be nice. I was also doing perimeter searches around the Trader Joes on Penn Ave..I like their site search parameters, but I think they have even put a few in bad areas.
Home inspections are good, but inspectors are not always the best. For example, being from the South where water freezes only in artificial conditions, I had no idea about the necessity of pointing from mortar loss. (A brick facade home in Houston can go 100 years before pointing would be necessary). Up in PA it's a way of life. Something I now know to look for, but my inspector never pointed (pun not intended) that out in his report. Big expense, missed by the inspector. Flippers often specifically hide these obvious flaws from the inspector because of the huge expense it would be. Same with electrical (knob and tube splicing anyone) and plumbing (plastic to the drywall, galvanized/clay behind). If you plan to patch and hide and sell, you're a flipper and not going to be well liked. If you actually believe in making solid livable homes for yourself and future owners, welcome!
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Old 07-18-2017, 05:02 PM
 
3,110 posts, read 2,936,830 times
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One reason I like smaller homes...easier to do it right. Unfortunately, real estate is filled with compromises. I would also be concerned about over improving for certain neighborhoods....great chefs fail all the time, when they open restaurants. I have seen way too many broken builders. Cash management is so critical on big projects. A doctor was looking at my condo and asked if I was an engineer. He noticed everything was in order and running smoothly. No, business graduate. But I live in the tropics and have a large louvered window that is thirty years old....I could spend 1600 USD and get an imported German dual pane replacement.....If it cut my energy bill by 33%, (more like 3%), it would take 14 years for me to get my money back. The big money comes with the bulldozer, not someone with 3% down looking for granite countertops. Someone is paying 200,000,000 for the Australian Embassy in Bangkok built in 1979, on 3 acres....would be worth more without the building on it. Same with the British Embassy on 9 acres....500,000,0000. Location, etc., etc.... it's true, but yeah, I don't want to start a house fire, and also consider what the national builders get away with...PEX plumbing? 2x4s in the attic? 15/32 wherever they can? But they can show you an appraisal before it is constructed.

BTW, the house in the above picture sold for 1.6 million in 2015 and now Zillow says 1.85.
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