Starting out in PIttsburgh

[Kirby Elliott]

Hello, BiggerPockets community!

I'm Kirby Elliott, a twenty-something accountant at Bank of New York Mellon in Pittsburgh, Pennsylvania. I would like to someday provide an income from a portfolio of buy-and-hold multifamily rentals that eliminates my dependence on a 9-5 job. I currently rent in the south side and I love the convenience of walking/biking to work. 

I've been reading books and articles online (which led me to BiggerPockets), but I have zero experience in real estate. My first step in investing will be buying and living in a duplex/triplex/quad next summer or fall in Southside or perhaps Bloomfield/Lawrenceville. I've been using Brandon Turner's rental/flip/hybrid calculator to practice analyzing deals that are currently listed. The whole process is a little intimidating but I'm excited to take action to improve my financial future. 

[Joe D.]

Welcome to Biggerpockets @Kirby Elliott!

[Linval T.]

@Kirby Elliott

Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.

Since you expressed an interest in buy and hold, as well as multifamily, I added the below links for your review.

http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)

http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)

http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/ (guide to buying a duplex)

https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals)

• http://www.biggerpockets.com/starthere
• http://www.biggerpockets.com/meet
• Setting up Keyword Alerts
• How to Use @Mentions on BiggerPockets
• https://www.biggerpockets.com/rules
• https://www.biggerpockets.com/invites
• https://www.biggerpockets.com/forums/categories

https://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)

https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Continue to feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

[Michael Godwin]

Well, Know your area first. Don't make the mistake of buying and sinking a lot capital in what you acquire. Just clean it and get cans of kilns that will put a neutral look on the walls. Show and tell your properties. I am new to the area and first I'm putting myself through drills like walking and getting a snap shot of the entire area. Use the online data sites to get the value of interest. I am working with mortgage companies as a broker and waiting to submitt a deal for myself. As a former landman, I will use the government offices that maintain the tax records in my area of interest and will do due diligents on my projects aas self entitlements.

[Jerry Kisasonak]

@Kirby Elliott Get hooked up with Joe Calloway. He owns a couple hundred units in the area of Pittsburgh your considering and he's open to networking with new investors. He's on BP and you can connect with him on FB.  

[Kirby Elliott]

Thank you for the advice, everyone! I really appreciate all of the input and helpful tips. 

@Linval T. I have read a few of those links and will continue along to the rest of them soon. I listen to the podcast and I enjoy it more than I  previously imagined!

@Jerry Kisasonak I will get in touch with Mr. Calloway. Thank you for pointing me in his direction! 

[Chaim F.]

@Kirby Elliott Welcome to the BP community!

Congratulations on your first step towards your goals, I'm wishing you lots of success!

Good luck!

[Kirby Elliott]

Thanks a bunch, @Chaim F.! 

[James Tassone]

@Linval T.

Thank you for taking the time to post those links. I for one will be checking them out as I am just getting started with Real estate investing.

[Ian Hoover]

Hi @Kirby Elliott welcome to BP!

Pittsburgh is a great area for buy and hold, if you would like to learn more about purchasing buy and hold properties in Pittsburgh I would love to chat with you sometime.

I am a full time Realtor and I invest in my free time.

Good luck!

[Adam Cousley]

Kirby Elliott welcome to BiggerPockets and congratulations on taking the first step in the real estate investing world!

[Jamal Okon]

@Kirby Elliott Welcome to BP! Congrats on your first steps toward freedom.  I actually plan to invest in Pittsburgh (once I get an offer accepted).  Please read my blog on the City of Bridges and let me know if you ever need a partner.

[Michael Godwin]

I will always be researching the area for trend lines and investment deals. I can see we have a long way to go in building out many locations through out Pittsburgh, PA. 

[Kirby Elliott]

Thank you, gentlemen! @Ian Hoover, I'm glad to hear you think Pittsburgh is great for buy and hold. That is my ideal strategy. @Michael Godwin, is it beneficial for long term investors if there is a lot of room in the city for further development? Sorry if that's a naive question, I just want to make sure I understand your post.