My first post, but certainly not my last!

[Cody Williams]

Intro: My name is Cody and I am looking to make my first purchase in the Pittsburgh, PA area. I currently work in the Anti-Money Laundering industry with a Bachelor’s Degree in Finance. In my spare time, I study for actuarial exams in hopes to receive a position in the field to have an increase in income. If you know anything about actuary, we like to minimize risk and that’s what I’m trying to do with my first real estate investment. My girlfriend is currently a resident at the UPMC Hospital with her residency ending in June 2021. My idea is to live there for two years while renting out the other half to someone to keep my living expenses low. Come 2021, her job could land us anywhere with little chance that it will be Pittsburgh. If all goes well, I hope to rent out my portion to a new tenant and keep the building for at least 5 years to one day sell tax free.

What am I doing today to make this work?

1. I have signed up for bigger pockets and listen to podcasts everyday on my drives to work.

2. I cut back all feasible expenses allowing me to put away ~$1,000/month.

3. Planning ahead. I believe starting now will give me a great advantage come next year when making my purchase.

4. I am currently trying to increase my income to help with my amount down on a house by next year.

5. I bought & read “Rich Dad, Poor Dad”.

What my plan is:

If all goes well, I should have at least $15,000 to put down on a house. Through my research, browsing the forum, and listening to podcasts, I have gathered this advice:

1. Purchase a multifamily property for my first investment.

a. Likely a duplex or triplex and live in a door.

2. Go to a local bank or credit union for a 10% owner occupy loan.

a. These allow for better rates or loan options rather than going to a large bank.

3. Be a landlord.

a. Since I will be owning only one property, it isn't worth the price tag of a property management company.

4. Use a corporation or LLC:

a. Deposit the rental checks into a business account and pay for all expenses through this account to save on taxes.

5. Contact a local agent.

a. Use an agent to that knows the area and can assess what is a profitable deal.

6. Make your own deals:

a. I think as a first time buyer, I should purchase a 'ready-to-go' house. I don't think I have the knowledge or expertise to find a hidden gem in the market. I think if I find a home with no major issues and can fix up the cosmetics, I will be able to make my profit in a long term scenario.

What questions do I have? 

1. Do you or know someone with knowledge of the Pittsburg Area?

 a. Would they be willing to give advice?

2. Any realtor suggestions? 

3. What are your thoughts on doing an FHA loan for my first purchase?

a. I understand the expenses of PMI, is it worth it?

4. Book Suggestions? Podcast Suggestions? 

a. For beginners/newbies.

5. What can I do better today?

So as a new member, I would love to hear your advice/criticism. 

Tell me about your first deals! How'd they go? What'd you learn? What did you wish you would have done differently? 

Thanks everyone, I look forward to hearing from you!