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Updated almost 8 years ago, 02/06/2017
Journalist turned hopeful investor
Hello BiggerPockets! I have been reading posts on BiggerPockets for a while now, and have been listening to the BiggerPockets Podcast (as well as Brandon Turner's audiobook on rental property investing). But now I have decided to dive in and start posting on the forums (my incredibly patient wife does not deserve to hear my constant discussion on potential deals).
So who am I? That's a great question. I am a journalist in the Washington, D.C. area (Alexandria, Virginia to be precise) but my primary interest is to invest in Pittsburgh, PA. Both me and my wife lived there for years, and one of our life goals is to move back there and raise our family there. So I am looking at small multi-families, and sometimes single family houses, in the area.
I first thought about real estate investing years ago, but got distracted with building a career. Every so often I would look at potential deals, but looking back on this I realize that I had no good base from which to judge. I believe (and hope) that has changed. And I feel confident that 2017 is my year. We have made some offers that were rejected, or just gotten to properties too late. But I am going to keep trying.
I have an 18-month old son at home, so I don't really have time to sit down and read too many books, but I have been going through every audio book and podcast I can find. Rich Dad Poor Dad and the subsequent advisor books, the BiggerPockets podcasts and others make for great listening at the gym, in the car or just when i am around the house cleaning.
I am also a business reporter, which I hope has given me at least some background in some of the broader topics. I don't cover real estate investing specifically, but I have had the good fortune to meet many smart people along the way.
Long story short, or for the tl;dr people:
I am hopeful. I am eager. And I am looking forward to talking with all of you out there.
Take care, and have a great day.
Andy Medici
Andrew Medici
I wish you the best of luck in getting started. Pittsburgh is a great city for investing, but many areas are getting a little more expensive. However, once you learn the market, you'll be able to recognize the opportunities that are still present.
@Devin Woods Thanks Devin! I am lucky in that me and my wife each spent about six years in Pittsburgh, and we have gone back often ever since. We still have a great group of friends there, and we try to get up there once a month or so.
Yeah, some areas are pretty pricey now. But I am hopeful/confident there are still good deals to be had.
What is your investment strategy? Your profile says buy and hold, is that single family homes or multi-families or larger?
Welcome @Andrew Medici
Pittsburgh is a great area - it's become very popular among out of town investors.
What type of investing are you looking to do? Do you have neighborhoods selected?
Pittsburgh is getting more expensive, but super cheap compared to DC area! Baltimore has some good areas too (closer to home).
I started with smaller multi-families, but recently have moved into larger apartments and commercial.
I think many strategies can be successful in Pittsburgh, but I found that for me, it made much more sense to do multifamily over SFR. I generally look at class C to B- properties, and don't really entertain lower classes. They may look appealing on an ROI bases, but they're just not in my wheelhouse.
Hi! Mr. Andrew Medici Welcome to Biggerpockets World you are at the right track and hoping for your success.
@Andrew Medici Hi Andrew, Yes I agree that Pittsburgh is a great city to invest in and since you have connections here, I'm sure you know the areas well. I do too as I have lived here my whole life. Care to talk more about specific opportunities? Feel free to reach out to me. Thanks, Gary
Hello! Mr. Andrew Medici Welcome to Biggerpockets World and Hoping for your successful career.
@Jay Belcher I would imagine. I have seen a number of high-profile articles about it in major magazines. And honestly I think people have underestimated Pittsburgh for a while. I expect the market to catch up over the next few years.
Right now I am looking at buy and hold for small multifamilies, mainly duplexes and triplexes (or four-unit buildings if I can get my hands on one). If I can do the full BRRRR that would be even better.
My neighborhoods are basically north of the Allegheny and east of the Ohio. Northside. Millvale. Etna and Sharpsburg. I have looked in Garfield too, but its not my primary area of focus.
And I have thought about Baltimore, but its definitely a block by block situation and I am only vaguely aware of some of those differences. Although there seems to be a lot of opportunity there.
@Devin Woods Yeah I know what you mean. There are lots and lots of properties in places like Wilkinsburg and Braddock, but they are not for me. I am sure some people can make it work but I like places that I could see a younger version of myself living. The near suburbs fall into that. Obviously there are some great neighborhoods too but i just don't see myself getting into Squirrel hill or Shadyside - at least not until much later if I am successful.
@Andrew Medici I don't know that area of Pittsburgh as well - I'm more in the south, but I know folks are doing a lot of deals up there.
Pittsburgh is much like Baltimore in the "block by block" differences. If possible drive/walk areas you want to invest in to get a better feel. A couple blocks can make all the difference.
You may also want to check out Pittsburgh REIA. There are a lot of good local meetings (main & sub-groups) - great if you're in town, but there's also a heavy Facebook presence which can help with finding deals, contractors, etc. when you can't be at the meetings in person.
@jay Belcher do you have a specific Facebook group you recommend? Would love to start connecting.
@Andrew Medici welcome to Pittsburgh investing. moved here in 2012 and love it. let me know if you ever want to discuss the market.
@Andrew Medici try searching Facebook for Pittsburgh REIA and Pittsburgh Real Estate Investors