Benefits or Words of Advice

15 Replies

A duplex is a great way to start, congratulations!  

Start executing your plan to get it fixed up and rented / flipped / whatever your strategy is.  Make a plan.  Keep the pressure on yourself to keep moving.

@Kendrick Smith take it slow and get this property under control and stabilized. Give it a year before jumping in and buying another one. Get your Pittsburgh team in place and then start to grow your portfolio one at a time and at a controlled pace. its easy to buy. its not easy to buy right and know your limitations. Good luck and congrats on your first purchase. I wish you all the best.

@Brendon Woirhaye thanks a bunch! It’s already with tenants. I’ve gotta put work into it slowly but surely. I’m thinking about using the money made to accelerate the payoff. I’ve only gotten $41k left to finance. Either that or save up to purchase another. What do you think?
@Alex Deacon thank you! It’s my first time so I’m a bit on the fence about it! However, I figured I’ll roll with the punches as I go. I told myself maybe a property a year would be good. What do you think? How many have you managed at once? I have a pretty good team in Pittsburgh. I’d like to invest more there.

Congrats!! Would love to know what area of Pittsburgh you purchased in. I agree with what Alex said about building your Pittsburgh team. Also, start to really network with other agents, investors, etc. to both learn more about your business as well as being in the loop for future purchases!!

@Kendrick Smith Well done! What are your goals? Do you know what you want to do next? If so, then go do it! if you don't sit down and figure it out first. Your goals are your goals. IMO, I would keep the cash on the side and build it up. You might need to use the cash or you might find a partnership to do a larger deal and they need your cash. So many things you can do with cash, so few you can do without cash. 

Listen to the @Gino Barbaro podcasts, they say go for it "Lean into" deals, but you gotta have cash to get the wheels moving with the bank, then once you have the "relationship", you can do lots of things. I wish you the best! 

@Jack Bobeck thanks a bunch! I’m actually trying to purchase as many units over the next 5 years as possible! I’d like to get my passive income to about $3k/month within the next 3yrs. My recent property took my capital down quite a bit though, so I’ve gotta come up with a plan to rebuild that capital. If you have any suggestions I’m open to them.

Congrats. Fix up the place if it needs any work. Post on Facebook or any other place to find a good tenant. Make sure you have strict guidelines and stick to them. Run a background check and have a income minimum. Run this as a business. Don't rush into finding a tenant as you may find a bad one, take your time but make sure you are really working to find a good one. Pay yourself rent into your account for you can save that for maintenance or potentially your next property. Always have reserves as things need fixing. Best of Luck.