Most of this web site is dedicated to what we do at Pittsburgh Circle Properties, but here is the story that started it all, and why we do what we do and love doing it. Yes, we do it to make money. But that is not quite the entirety of the story. After all, there are many ways to make money, some objectively better, and easier, in at least one measure or another. Options trading can be faster. Index funds are a viable option with limited effort, and so forth.
So why do we work to make money the old fashioned, ground-up way? Our story began in 2017, with my first investment property purchase at a tax auction. Admittedly I have always had a taste for real property, and residential assets rather than numbers in a brokerage account, though those have their place. Still in the beginning of my investment, I was thinking mainly in terms of the potential cash return, profit margins and all that. But over the next several years, that mindset disappeared through the literal collective shedding of blood, sweat, and tears, as I saw a derelict trash-bin transform into a welcoming home. Over this time I very nearly went broke and did go far into debt. My nephews and I carried out over forty cubic yards of trash. Dad and I hacked down man-high weeds. My cousins ran wire, braced ancient framing, rebuilt walls, placed pipes and amidst all that, at some point a small miracle happened. One day, and I don’t remember exactly when, I walked in the door, looked around and thought “Hey I could handle living here!”. Apparently I wasn’t the only person to think this. The property sold for fifty percent more than I had anticipated at that first auction. Not only that, but through that one rehab, the entire block changed. Gone was the eyesore in its bed of weeds and the rodent colony. In its place, a new happy family arrived, with cheery decorations and as much enthusiasm for their new home and neighborhood as I felt when seeing our efforts make a tangible difference.
Even with the higher than planned sale price, I unfortunately did lose money on that first rehab, but I gained invaluable experience, and a front row seat to witness the end goal and impact of the business. I know first hand how increasing my property value also increases that of my neighbors. Through consecutive rehabs, I have learned, reduced our timetable, and improved our rate of return, all without sacrificing our quality craft. I now know what is possible and that is why I am passionate so about it. Our small business can actually assist struggling blocks, salvage neglected or abandoned homes, and provide attractive living spaces that enrich the character of the whole neighborhood, all at the same time. These everyday benefits and so many others, have convinced me this is the single most rewarding, worthwhile business model there is in property investment management in the area. We hope you can come to Ellwood City and check out what we do!