Hello BiggerPockets Land!
My partner Cody and I have always believed that we should invest in real estate but after a disheartening search for affordable options in the Denver area last year we back burner'ed the idea. After going to a Rich Dad Poor Dad seminar it renewed our energy and we decided we should look outside of Colorado. Cody is from Pittsburgh and we have a "rental" there which used to be his condo home. It is positively cash flowing (a little!) but was never bought originally to be a rental and is more or less self-managed as it is being rented by a friend.
So here we are with some family/friend contacts in the area that could help out with some minor things but we could use some guidance on the bigger items.
We need to start "building our team" as it were and would be grateful for any suggestions for a realtor, broker or banks, and inspectors. Eventually we will need property manager referrals as well but we aren't quite there yet I think. We want to make sure we have our pre-approval in order and realtor who is willing to work with out-of-state investors which means we might be a bit more high maintenance. We are also keen on just connecting with people in the area who are investors, contractors, knowledgeable, etc., just to make some friends and hopefully someday be able to help out others in the same way! We would be happy to do a virtual coffee date with folks willing to share their knowledge... I'll Venmo you for the Starbucks! ;)
We have been doing a ton of reading, going to a few local meetups and will likely be attending the Rich Dad Real Estate Investing weekend program. We are super open to any other book recommendations or educational opportunities. I am the scaredy cat in the partnership and am honestly terrified of making the jump to action so I'm working very hard to get over that. So any moral support would also be appreciated! :)
I look forward to meeting you all and hopefully making some real connections. Any tips or suggestions are most appreciated and we hope to be able to reciprocate someday!
Adrienne & Cody
I'd love to help and point you in the right direction where I can!
@Adrienne Grolbert First one's the hardest and most nerve wracking but it gets easier after that. Just try to not overthink it and properly educate yourself prior to pulling the trigger. Once you are knowledgeable on how to run the numbers and the different intricacies of the market then you will feel much more confident making that first purchase. Not to mention we are in a great market to get started with the good cash flow and opportunity to take advantage of the gentrification happening all over the place here.
@Jeremy Taggart thanks for the moral support! We try and look at Realtor.com/zillow.com at least a few times per week and "run numbers" to the best of our ability just to see what is out there and test ourselves. Additionally, we are saving every extra penny to improve our down payment fund. Hopefully with the help of this website we can get some connections and actually take some real action!
@Rob Sulava and @Jeremy Taggart would either of you have suggestions for local Pittsburgh banks/credit unions or brokers that tend to lean toward helping investors? Seems like probably step one in this process is getting pre-approved so we can potentially move when we find something worth moving on. Of course, if that isn't the direction either of you would recommend I'm all ears!
I just started reading "What Every Real Estate Investor Needs To Know About Cash Flow... and 36 Other Key Financial Measures" so hopefully that will increase our knowledge! Are there any books/resources you guys recommend?
Hope you guys are having a great Tuesday! It's overcast here in Denver...which is weird... :(
@Adrienne Grolbert Yeah definitely want to make sure your finances are squared away first and find out what you can borrow. S&T Bank is an investor friendly community bank here.
Any of the BP books really will be helpful. They have a ton of them. In your specific situation I would definitely read David Green's long distance real estate investing book.