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Investors in Handyman Specials Can Be Inspired in Pittsburgh

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By : John Cutts    99 or more times read
Investors in handyman specials anywhere can get inspiration from the people who turned a deteriorating townhome community in Pittsburgh into a sparkling group of residential units.

Handyman specials might appear broken-down to many people, but to persons who have experiences or knowledge in construction, these properties are diamond in the rough waiting to be polished.

One enterprise successful in Pittsburgh foreclosure investing and in turning distressed properties into desirable dwellings is New Jersey-based Tryko Partners. In 2007, it acquired the foreclosed 436-unit townhome development Westgate Village and turned it into a sparkling community now called Emerald Gardens.

Indeed, buying foreclosure homes for sale, fixing them and renovating them properly worked well for Tryko. The townhome complex went into foreclosure in 2006, was acquired in 2007 and now boasts an occupancy rate of 90 percent.

Officials of the Pittsburgh Urban Redevelopment Authority said they are pleased Tryko was able to carry out what it planned to do and was able to attract young professional renters to a location that previously had a negative image.

Similar to and even much more than what professionals or experienced enthusiasts do with handyman specials, Tryko completely tore out and replaced the interiors of the townhome units with strong financial backing from an investment firm. It installed stainless-steel kitchen appliances, granite counter tops, ceramic and porcelain tiles in the bathrooms and kitchens, new fixtures and new carpets throughout the units.

With a high occupancy rate and great image, the developers were able to secure financing to pay off the loan they used to make repairs. They are also able to offer the units at affordable housing rates with no units subsidized.

Investors targeting cheap houses in Pennsylvania can do what Tryko has done even in a smaller scale. With determination, planning and financing, they can turn handyman specials into homes that can be resold at a profit or rented out for regular income.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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