This will probably be a long one so buckle up. A little about me, I'm 29 years old, a former Marine(Sergeant, Linguist and Signals Analyst), currently live in NYC but consider Pittsburgh, PA home. I have 5 siblings and a niece(and another on the way). I recently came into a windfall which I am looking to turn into generational wealth for my family as well as pay for my Mothers living expenses and younger siblings college.
I've been interested in RE investing for a long time but never got too serious with it. I think Rich Dad, Poor Dad is the book that got me started on it back when I was about 19 or 20, so it's been a long time coming. My current work also has me in close contact with a lot of developers and property managers in NYC so I've been able to glean a lot of wisdom that way. If you're a property manager in NYC we may have exchanged emails or talked on the phone before!
I have a lot of family and resources in Pittsburgh already and the lower prices there are a lot less intimidating to me than here in NYC. I already travel back and forth there at least once a month so it seems like a good jumping off point for my RE career. I mainly looking to get into BRRRR properties or just buy and hold rentals for now but definitely would like to get into flipping once I'm able to move back to Pittsburgh. I've also considered looking into becoming a private lender but I feel I should experience the RE game myself before I start lending money out to others.
I've been researching heavily, pounding through 1-2 podcasts a day and am in the process of finding a lawyer, accountant, agent and any other people I may need in my RE journey. I'm looking to purchase my first property by the end of January and would like to have a minimum of 6 homes by the end of 2018 but I'm really aiming for 10 in my first year.
If anyone is in NYC or Pittsburgh and would like to chat I'm always happy to have a coffee(or beer or whiskey). Otherwise, I'm always open to adding more colleagues and chatting here on BP, even if it's not RE related, connections are connections!
Hey man! Go Steelers! I grew up in center country rooting for the Steelers, and feel at home when my travels take me to the steel city. If you want to stop by Allentown on your way back to Pittsburg hit me up! Beers on me! Sounds like a great plan. Friends of mine are just about done with a live in flip their in Pittsburgh and the prices are really nice. Good luck and thanks for your service to our country and sharing your story! Cheers @Ryan Kunzmann
Welcome to the RE investing world! It might help to get a good bookkeeper separate from your CPA. Your CPA will handle the taxes and advise on use of various financing avenues. A good bookkeeper/financial advisor can get you setup with automated processes to make sure you know exactly where you stand for each property and show where every dime is spent. Plus, they can provide you with monthly information and project (rehab) tracking information as you need it. They can also help you with cash flow forecasting. Getting setup right to begin with makes a big difference! Once you get those 10 properties... you certainly don't want to be spending a bunch of time keeping track of expenses and paying bills.
Just a recommendation. Good luck this year!
Welcome Ryan! I am in between Pittsburgh and NYC as well! I believe in the Pittsburgh market and want to see it do well over the long haul. Are you only looking at SFR?
@Justin Brown I wish I was still in Pittsburgh so I could do a live-in flip, working from a distance is such a hindrance. I'll definitely take you up on that offer next time in the Allentown area.
@Kevin Schulz Thanks Kevin, that's definitely something I will consider. My older sister is already wants to get involved and she's a stay at home mom, so this was a section of the business I was considering having her learn. I already have exposure to a few different accounting programs for property managers so I have a little knowledge to get started on for that part.
@Rob Beardsley Hey Rob, I see you go to CMU, my girlfriend actually graduated from there a couple years ago and I went to Pitt myself. I also have a good friend working on his MS in Machine Learning there so we may have some mutual friends, I'll shoot you a message. I also believe in the Pittsburgh market,
I was fortunate enough in my last year at Pitt to interface with the Mayor, Chief of Staff and some councilmen in a small class setting. I also interviewed the CEO of the Pittsburgh Cultural Trust(One of the largest RE holders in Pittsburgh) one on one. Those experiences gave me a lot of insight into Pittsburgh behind the curtains and what it's future may hold.
I'm not looking just at SFR but it definitely peaks my interest more than other sources I've found so far, mainly because I can find and research everything remotely. I scour for MLS listings each day to see if any good opportunities pop up and I'm also slowly training my mother and sister to drive for dollars. I'd like to find a few good wholesalers in the area but I'm still pretty new on how to track them down. I'm pretty much just going through the motions right now to learn and prepare myself. I look for properties than I research them through country sites, maybe make a few phone calls. Really just trying to figure out all the due diligence I need to execute on each property before a purchase.
Hi Ryan, come to the Salanik meet up in Lehigh Valley! I have a great agent contact who is also going into the Pittsburg area and will be a great resource for you.
@Stephen Kunen I looked through the events section but couldn't find any info on the Salanik meet up, do you a url or some info on it? Lehigh valley would definitely be doable on a weekend.
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