Old timer from Pittsburgh finally checking in

[Peter Bussey]

After reading and researching on BP for past year and a half, finally checking in with an intro! During that time, I've bought and rehabbed 4 SFRs in the Pittsburgh area, and rented 3 of them out. The reason why i put "old timer" in the subject is that I'm in my 50s, which seems a fairly ripe old age to get started in REI. (Actually bought a duplex in my 20s and lived in half, but sold it about 20 years ago, and am just jumping back in after all this time).

Our (wife's and my) objective is cash flow to supplement retirement income, and to be able to pass these income-producing assets on to our sons. Strategy is buy distressed properties for cash (3 REOs and 1 estate sale so far) in "good" neighborhoods. Not great, and not low-income...more middle of road where price to rent ratios are attractive. Then rehab, rent, and do cash out re-fi with 30 yr fixed conventional mortgages. So far have re-fied 2, and getting ready for 3rd. With the 2 I've re-fied, have been able to recover almost all cash invested in purchase and rehab. Considering closing costs, holding costs, have about $10K into each SFR that are renting for $1225 and $1150.

I work a full-time W2 professional job.  For the rehabs, have acted as my on GC, contracting directly with specialists for plumbing,  Elec, HVAC, and general construction.  Also am self managing so far.  Challenging as far as time management, but doable.  

So far haven't been to any of the local REIA meetings because I'm too busy between job, managing the REI projects, and extracurriculars like being in a band. But do hope to attend some of these meetings in the future to meet local BP members in person.

As far as networking, my main interests are:  finding (good) wholesale deals and GC's for rehabs.  

So far BP has really helped educate me and helped me to get started in the game fairly smoothly...much appreciated!