New to BP and REI from Pittsburgh

[Matthew Simmons]

Hello, I am from Pittsburgh PA and I own a business that offers zero retirement benefits. I have spent the last 6 months reading everything I can to learn the craft and I am anxious to find my first deal and begin to build some long-term wealth. I am primarily interested in Multi fam buy and hold rentals and despite touring over 50 properties I am struggling to find my first deal. Up until now, I have relied primarily on the MLS and I am interested in learning more about the marketing end of the business to find my own deals. Appreciate any and all advice - Thanks!

[Michael Lee]

Hello and welcome to BP!  You kind of got a good idea on how to make Monet and how to look at yourself with regards to what to do.  TheMLS is mostly about retail stuff that is available.  Try Zillow and Realtor.com and other sites to find good deals.  Form a corporation to protect you personally.  Also, Find/Get a local team of professionals that have experience and will help you when you call.  The main Team members are Attonies, real estate Agents, CPA's (Or accountants), Inspectors, General Contractors, and Handymen.  Do not try to do everything yourself.

Always do the math analysis numbers and try to look at the subject property or have a clause in the sales contract that will prevent you from a penalty that is higher than your earnest money.  Also, in the sales contract, have "and/or Assigns" in the buyer line.  That way you can transfer ot wholesales the deal before closing.  As soon after you close get an insurance policy that will protect you in case of a loss.  As soon as you can comfortably have the exterior door locks changed.

You did not say anything about Fiancing but the cash buyers are getting most of the offers accepted so try to buy the same way.  A quicker closing is very important and your relationship with the owner will put up with the financing time.  I am 59 yeas old and I found BP about 11 months ago and I am still trying to decide what to do.  I also went to college, not that it is mandatory, I got a business degree that emphasized real estate.  Since I was in Texas and planned on staying there I found out that I was qualified to take a test and get a broker license so I did and I had it for about 30 years.

I never did real estate full time.  Regardless of what I had I felt more comfortable in the construction business.  I have been in construction since I was 17 including those college years.  My father was in real estate sales and buying and he taught me a little bit.  If you think I can help you please contact me through BP at any time.  Good luck to you!