Hello Bigger Pockets Community,
I am Derrick Lumsden, and I am a new investor. I purchased my first single family in Northern Allegheny County (Tarentum, PA) in October and am running it as a buy and hold rental. I have a local mentor who is helping me along the way (at one point he owned 25 rental units), and I purchased the unit by financing through him. I am in real estate as an investment and side business as I have a full time job and a rather large family with 5 boys all under 10 years old.
My long term goal is financial independence by having a passive income that could replace my current income. I think I could achieve that with 12-18 units after I paid off their mortgages. I have no intention of quitting my day job, but I like the idea of being able to have the back stop and freedom. So I am here to play the long game.
I am looking to expand my rental business with more purchases in the new year. I am interested in small multifamily as my next purchase. I like the idea of the economies of scale and there seems to be a fair amount of that stock in the area.
I am looking to participate in the bigger pockets community for networking, advice, and mutual support.
Welcome to BP and congrats on the new property. How did you find it?
Good to meet you Derrick! Glad to hear you’ve already acquired your first rental!
@Daniel Hyman , thanks. Glad to be able to be a part of such a great community. I found the house through my mentor/friend. He had owned the house and sold it. The person who bought it was looking to sell; decided Landlording was not for him.
@Jonathan McGee , thanks. Me too. I am a jump in and learn as I go kinda guy, so I really am a bit over my head. But I prefer to err on the side of action. But even then pulling the trigger has been very nerve wracking.
Welcome to the area, Derrick! I’m a local Realtor and would be happy to help you with your investing needs. Let me know how I can help and let’s grow that business!
To your success,
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you