New aspiring RE investor in Pittsburgh PA!

[Eric Wood]

Hello BP!

I'm Eric - my wife and I are exploring purchasing our first rental property, ideally in the Pittsburgh area (especially the South Hills). We have our own personal home, but are interested in the idea of having some rental properties to generate additional income and build wealth. We have a lot to learn and I'd heard about Bigger Pockets for years on various FIRE podcasts, so I finally joined. Hoping to network with others in the area, learn, and start building a portfolio! Any recommendations for resources (calculators, spreadsheets - I'm a huge data guy), contractors, and any other related professionals in the Pittsburgh area would be so appreciated!

[Matthew Morrow]

Hey Eric,

Welcome to Bigger Pockets and the exciting world of real estate investing! It's fantastic to hear that you're considering adding rental properties to your investment strategy. The Pittsburgh area, especially the South Hills, can indeed offer some great opportunities.

As you embark on this journey, here are a few tips and resources to help you get started:

1. Education is Key: Since you're a data guy, you're in luck! Bigger Pockets has an abundance of resources, from articles to podcasts and forums, all designed to help you learn the ins and outs of real estate investing. The "Ultimate Beginner's Guide" is a must-read to grasp the fundamentals.
2. Market Research: Before diving in, thoroughly research the Pittsburgh real estate market. Understand the trends, property values, and rental rates in the South Hills area. This will help you identify neighborhoods with potential for good returns.
3. Calculators and Spreadsheets: As someone who appreciates data, you'll find Bigger Pockets' Rental Property Calculator extremely valuable. It can help you analyze potential properties, estimate cash flow, and evaluate your returns. There are also various Excel templates available that can help you track expenses, income, and more.
4. Networking: You're already on the right track by seeking connections within the Bigger Pockets community. Networking with local investors can provide insights into the Pittsburgh market, recommended contractors, property managers, and other professionals. Consider attending local real estate meetups or events to expand your network further.
5. Local Real Estate Agents: A knowledgeable local real estate agent can be a great asset. They can help you find suitable properties, provide market insights, and guide you through the buying process.
   Our good friend @Richard Clark is a fantastic agent in the local market there- and he is an investor himself. Best around.
6. Contractors and Professionals: Reach out to other investors in the Pittsburgh area to get recommendations for contractors, property managers, accountants, and attorneys who are familiar with real estate investing.
7. Property Management: As you grow your portfolio, property management might become a consideration. Look into property management companies in the area to see if their services align with your needs.

Remember, patience and due diligence are crucial in real estate investing. Take your time to thoroughly analyze properties, understand your financing options, and build a solid team of professionals around you. Best of luck on your journey to building wealth through real estate!

Feel free to ask any more questions as you delve deeper into the world of real estate investing!

[Eric Wood]

Thanks Matthew - I appreciate the thorough response! I'm reading through the Ultimate Beginner's Guide now - this is a great starting point. Once I finish that, I will look into the rest of your tips/resources. Thank you!

[Sloane Kraftsow]

Welcome to BP!

[Matthew Morrow]

Quote from @Eric Wood:

Thanks Matthew - I appreciate the thorough response! I'm reading through the Ultimate Beginner's Guide now - this is a great starting point. Once I finish that, I will look into the rest of your tips/resources. Thank you!

 Sure thing, glad to help! 
Lots of other books and info out there too. Cant go wrong with any of the BP publications. 

[Michael Smythe]

Use search feature to find & connect with other local investors:)

[Alex Hujdus]

Welcome Eric! You're in the right market. Pittsburgh is still affordable and there is an abundance of distressed properties ready for investors to restore and add value.

Check out AirDNA and Rentometer for up to date rental data.

Our local ACRE chapter has monthly meetups and classes that are great for learning and networking. My company hosts a free real estate meetup quarterly and it's a great way for investors to network with locals in the industry. I can also recommend some local contractors that our investors have had positive experiences with. 

Feel free to reach out to me if you'd like some additional resources or connections, and happy investing!

[Hope Harmotto]

hi Eric!

I'm a local real estate agent who works with a number of investors with a variety of different portfolios.  If you're ever looking for insight on the local market, recommendations on contractors, lenders, etc. feel free to reach out.  Happy to be a resource!

[Zach Edelman]

Welcome to BP! Lots of good value add opportunities in Pittsburgh. 

[Andrew Syrios]

Welcome aboard Eric!

[Max Feinberg]

Hi Eric! Welcome go the world of RE investing!

One bit of advice I like to give “data guys” like yourself is to be cautious of over analyzing the numbers. Paralysis by analysis is a real thing! I have seen many people miss out on good deals because they are so caught up on making numbers work to their liking…when at the end of the day, they are just projections and estimate and will never be exact. It’s more important sometimes to just jump in and learn that way.

Please reach out if there’s anything I can do to help!

[Dmitriy Fomichenko]

Welcome to the BP family @Eric Wood , you came to the right place to learn all about real estate investing!

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Wishing you the best!

[Eric Wood]

Quote from @Alex Hujdus:

Welcome Eric! You're in the right market. Pittsburgh is still affordable and there is an abundance of distressed properties ready for investors to restore and add value.

Check out AirDNA and Rentometer for up to date rental data.

Our local ACRE chapter has monthly meetups and classes that are great for learning and networking. My company hosts a free real estate meetup quarterly and it's a great way for investors to network with locals in the industry. I can also recommend some local contractors that our investors have had positive experiences with. 

Feel free to reach out to me if you'd like some additional resources or connections, and happy investing!

Thank you! I saw your comment in another post about the quarterly meetup and was going to ask you about the next one. Thanks for the link - I'll try to make it! And thanks for all of the other resources, I'm checking them out and they are going to be very helpful.

[Eric Wood]

Quote from @Hope Harmotto:

hi Eric!

I'm a local real estate agent who works with a number of investors with a variety of different portfolios.  If you're ever looking for insight on the local market, recommendations on contractors, lenders, etc. feel free to reach out.  Happy to be a resource!

Thanks Hope - will do!

[Eric Wood]

Quote from @Max Feinberg:

Hi Eric! Welcome go the world of RE investing!

One bit of advice I like to give “data guys” like yourself is to be cautious of over analyzing the numbers. Paralysis by analysis is a real thing! I have seen many people miss out on good deals because they are so caught up on making numbers work to their liking…when at the end of the day, they are just projections and estimate and will never be exact. It’s more important sometimes to just jump in and learn that way.

Please reach out if there’s anything I can do to help!

Thanks Max - that is a very good point and something that definitely does happen to me. So, I appreciate the reminder on that!

[Kendric Moore]

I support all of the market analysis recommendations. Pittsburgh is very diverse and the markets are no exception; before investing in the many and varying markets make sure to properly analyze them. Good luck with your search!

[Suchin Mundkur]

Hey Eric, welcome to the world of real estate investing. Hopefully by now, you have had some good luck with Pittsburgh as its a great market and I am an out of state investor there. Folks here have given you a lot of great information and tips. They key is to build relationships with people in the area. I have driven to the quarterly events mentioned by Alex and they are a great way to meet a lot of amazing people. In addition, I have spent weekends up there to learn about the different neighborhoods, etc. I am more than happy to connect and have a conversation to talk about my journey and share things I have learnt over the past couple of years. 

[Joseph Beatty]

Hey Eric! Hopefully by now you've locked in your first property and are cash flowing nicely on it. Best advice I can give as a new investor is to go to networking events and try to meet like-minded investors to keep gaining knowledge on the industry/market! If you need help making connections with other professionals, I'm happy to connect and point you in the right direction.