All Forum Posts by: Cody Williams

@John Fortes
@Nick Michaels
Thanks for the tips, guys! I am looking into syndication/crowd sourcing and turnkey long-term. But, for now, I am living in Pittsburgh for the next 2 years and would like to try an attempt at fixing up a house as a possible future rental unit. The only problem is that it has to be an area I'm happy living in, which are some of the areas I've listed above. 

I want to take the method of having higher quality tenants, as lower quality tenants seems to come with hidden costs that quickly eat away your cash flow. Also, I'm looking for long term wealth, so I figured the method of appreciation was better fitting for my first pick of a property. I'm more focused on the schooling and quality of neighborhood for that reason.   

@Andy Madden

Thanks for the insight! 

But you are correct. I was referring to a better quality of neighborhood and, hopefully, better quality of tenants. 

I just wanted to know if it was worth trying this in Pittsburgh. My investment strategy is more passive and long term wealth. I’m not interested in the headaches that come with some of the “higher” cash flow in the C/D areas. Just wanted to see if this was do-able in the area.

I’ve read a lot about Pittsburgh investing with most people referencing the ability to obtain cash flow. But what if I want to prioritize quality investments over cash flow?

Are there many other investors that try this strategy? Is it viable in this area?

Currently, I’m looking at areas such as Greentree, Whitehall, Castle Shannon, Mt. Lebanon, etc.  

I appreciate anyone’s opinion on this strategy. 

Thank you guys for the help! I plan on trying to analyze a few properties this weekend and I'll use your tips to use

Hey BiggerPockets,
I've been researching for my first real estate investment and one thing I'm struggling with is figuring out the ARV on a home. I understand that you want to find the comps in the area and you want to take the average based on the closest proximity to your home and style. Is there a way to find out this information without MLS access? Are there websites/apps suggested for finding comps on a house?
I currently have a real estate agent, but I don't want to bother her for comps on every house I'm running an analysis on. Any suggestions on how to do this? 

Thanks!

Thanks for the info guys! I never thought to do it myself, but I noticed it’s a popular feature in the area I’m looking to invest. It’s probably too much of a hassle for being new to the game. But i wanted to get others inputs of if people do this and how it’s worked out for them.

Hey BiggerPockets! I wanted to know what other investors thought of fully furnished apartments? Have you ever advertised a fully furnished apartment? Have you ever thought of furnishing your apartments? I was wondering if other landlords have had success with this strategy or if it’s a common thing in your area. My market is Pittsburgh, PA. When askIng around, I had a lot of property management companies tell me that they offer furniture rentals. (They rent the furniture from a company and send you the bill). Just wanted to hear your thoughts on the matter!

@Travis Wylie thanks! I appreciate the advice. I figured FHA was a bad choice, but I’ve been hearing more people talking about it might be a great way to start because of the convenience of low down payment. I’ll factor in the cost of PMI and see the advantages.

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!