Locator map with the Mount Washington neighborhood in Pittsburgh, Pennsylvania highlighted. (Photo credit: Wikipedia)
Joe Calloway has bought 39 homes this year in the city of Pittsburgh, mostly in south Pittsburgh communities such as South Side Flats, South Side Slopes, Arlington, Allentown, Beltzhoover and Mount Washington.
His Allentown company, RE 360, finds properties selling for below-market value, either by word of mouth, industry sources or courthouse auctions. He renovates about 20 percent of them for resale and rents the other 80 percent to city residents.
“The city of Pittsburgh is attractive to me because I grew up here,” he said. “I know the area, and it’s important to invest in what you know.”
While Mr. Calloway — who has purchased more than $1 million in single-family homes this year — is the largest buyer of investment real estate in the city, he is hardly alone. According to RealStats, a South Side-based real estate information service, real estate investors have bought 1,111 homes within the city limits so far this year for a total of $85.4 million.
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