“PITTSBURGH, Dec. 1, 2014 /PRNewswire/ — Last Wednesday, local real estate investor Jason Cohen closed on a historic 47-unit property in Squirrel Hill for more than $3 million. Though the multi-family property is currently in a state of total disrepair, its location in a prime neighborhood makes it an ideal acquisition for the repositioning specialists at Jason Cohen Pittsburgh.
“We saw an opportunity where a large property was deteriorating and being mismanaged in a superb location. These chances don’t come often, so we jumped on it,” said Jason Cohen.”
Within two years of acquiring an entire community in foreclosure, Cohen bought, renovated, and sold all twenty-two individual units at what most in the industry would consider neck-breaking speed. “While past experience flipping houses is a must, a tough skin is probably the key ingredient,” he explains. “What we did in Bethel Park [in Pittsburgh], I hadn’t seen before. We took a dilapidated street in an otherwise beautiful neighborhood, an obvious eyesore, and transformed it completely in a matter of months. Each one of the 22 units presented unique problems, but the experience of having flipped houses several times prior allowed us to be well prepared for all that came our way.”
Jason Cohen, Chief Consultant at Jason Cohen Pittsburgh, has completed the reinvestment of proceeds, obtained from a sale on March 28, 2013 in the South Oakland area of Pittsburgh, back into the Pittsburgh economy, with the closing of an 18-unit apartment building on Friday, August 30, 2013 in Regent Square. At a time when the Pittsburgh real estate market is finally being noticed by the masses, having experienced its first population increase in over three years, this reinvestment only adds fuel to Pittsburgh’s fire. By utilizing the services of a 1031 exchange qualified intermediary and by choosing to reinvest the proceeds from the sale back into like-kind property (selling multi-family property then buying multi-family property with those funds), Mr. Cohen was able to maximize the amount that he could reinvest back into the local economy.