What should I work on before my move?

Question

Hey guys, I'm about 6.5 months away from my move to Pittsburgh and I just can't wait to get started on my real estate portfolio! Unfortunately I need to wait until the new year for my loan pre-approval so I can get an FHA loan on my first multi-unit property. Any advice on what I can work on in the meantime? Feel free to hit me up with a colleague request if you're in that market!

Gary Swank · Answer

@Joshua Potter Hi Josh, I agree with @Jered Sturm in that you want to now focus on Pittsburgh and what areas you are interested in. You responded to my email and that's great. Further to that I am here for you when you are ready to talk about Pittsburgh neighborhoods. I have lived here my whole life and know the area very well. Thanks, Gary

Jered Sturm · Answer

Congrats on deciding to make the jump in!

I would focus on learning the market you plan on buying in. Learn the streets, the average rents, the typical purchase price, and demographics.

Meet with other local investors to hear about market specifics, and learn from their experiences.

Also build a team of experts that you will need as you begin. Are you going to be fixing everything yourself? if not find out who is a good handyman in the area.

Do you plan on using some sort of accounting software to keep track of income and expenses? Now is an awesome to line all that up.

I am like you. Once you get the itch you wanna just jump all in. However I think you have a great opportunity for planning. 6 months will allow you to be much more strategic, and prepared once you do buy.

Best of luck on your new journey.

Let me know if I can be of help!

Dominic Lucarelli · Answer

Work on improving your credit score and building your cash reserves.

Do you intend to house hack upon arrival?

Brandon Simmons · Answer

Since it seems like you are not quite in the area yet I would suggest following the Pittsburgh forum and setting up keywords for areas you are interested in. There are plenty of Realtors, investors, sometimes both, on BP with plenty of knowledge they can share.

Best of luck! Feel free to contact me with any questions.

Brandon

Michael Wentzel · Answer

@Joshua Potter

Way to plan ahead. You can do a lot while you wait. Read the Ultimate Beginners Guide in the education tab up above. That doesn't take that long and gives you a great overview of Real Estate investing strategies. I also recommend the BP podcast. Those have been a great free source of education for me.

When I entered a new market, I interviewed three Realtors and three property managers to try to learn more about the market. It was a great start. If you have time now, maybe you could get referrals on BP and do phone interviews. Local knowledge is great. You could do the same thing with local investors in Pittsburgh if you can find a few on BP.

Mike

What should I work on before my move?

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