All Forum Posts by: Sam T.

@Billy Musto There are ways to invest with little to no capital in any market. The less money you have the more creative you have to be. The most successful Investors use OPM also know as other peoples money! That doesn't mean you will not need some money but if you have 10k and you can borrow hard money the two combined could get you in and out of a project thats not too size-able. This would involve you finding the right opportunity and having the understanding of how to put it together. I suggest you read up on creative real estate transactions, BRRR strategy and come back to this when you have a solid understanding of what your best option would be.

Seller Financing is the ultimate way to purchase a property! I have purchased this way and I can understand your aim to do so. Getting a seller to except seller financing is extremely rare and there is no way to know what sellers would be open to this. Are you focusing only on doing seller finance deals or are you trying to close by other means if you find what you are looking for. I always make 2 offers to a seller when I am making them an offer, the first would be a lower cash price to buy the house as-is and close quickly, the second is a "Terms" offer and will be for more money. This will give them the option to except a seller finance offer if it makes sense for them. Again getting seller financing is tough but not impossible, once you have done them it will give you more credibility to the seller. 

In order to get a seller to except seller financing they first have to be open to this, many people are using the money from the sale to make their next move so its not an option for them. When you find yourself talking to a seller who has a free and clear house and seems to not be "needy" then explain to them why this is a better option. "We can turn the house into a stream of monthly payments that will last for years!" Find out what they want.. They will get much more money for the house plus can save a good bit in taxes they would pay on an outright sale. It has to be the right person and the right property, work on learning and explaining the benefits. 

1. Same pitfalls as Investing anywhere

2. Depends on your business Model. There is no one size fits all area wise for Investing. Different price points offer different returns both short and long term. You have to decide what price point you are looking to buy SFR or per door multifamily and then look at areas.

3. What kind of contractors? General Contractors? Roofing Contractors? etc? I dont personally believe in hiring general contractors but good ones do exist. You are better finding a roofer for your roofing, an electrician for the electrical, an HVAC guy for that etc etc and ask for them when you actually need them. 

4. There are so many solid options for Property Management, ask 10 people and get 10 different responses. It depends where and what you are buying. Not all Property Managers service all areas.

Bigger Pockets is great for so many things but if you want to tap into a Market and understand it like the locals then join some of the Pittsburgh Real Estate Investor groups on Facebook and you will have all the answers you are seeking but I first suggest you dig a couple layers deep on what exactly you want and expect. 

Hi Adam, Join Pittsburgh Real Estate Investors Facebook group and ask for referrals you will have a dozen. Good Luck!

Google WPREIA and ACRE they are our two main groups.. there are also several facebook groups that branch off of those. Pittsburgh Real Estate Investors being one of them. WPREIA has several monthly meetings and meetups, one is the big monthly meetup and then there are sub groups for flippers, landlords, wholesalers etc.. 

Hi Joel,

First thing I think you should do is to start surrounding yourself with experienced investors who are successful in this market. Also checkout WPREIA and ACRE along with some of the local Facebook groups to get connected. There are some heavy hitters around and plenty of groups you can join to learn. Bigger Pockets is great but nothing better than networking with local investors/groups. 

You are on a good path but before you make a move keep educating yourself about what opportunities are going to best match your personality and the long term goals you have in mind. If you want to get into rentals consider doing some research on the BRRR strategy and start listening to podcasts from people who have mastered that. If you do it the right way you could have no money out of pocket on your deals!

You need to brush up on Fair Housing Laws. You can deny them based on low credit you would be required to provide them with the information you saw that the decision was based off. I use mysmartmove for tenant screening and its very easy for them and will give them access to their report if you deny them. You need to create some form of a tenant selection plan and before they apply they will know what your criteria is.. example 600 credit score 3x income etc. You can request additional security deposit but new laws affect how long you can keep that, I believe only one year but you will need to independently verify this. I would rather have an empty unit for 6 months than to let the wrong person in you have to be very disciplined in selecting proper tenants. I am not in the second chance business! 

wow that sucks, I just bought a dishwasher and had it delivered from them a couple weeks ago went fine but guess that's not always the case.. 

Cant offer a contractor referral but just wanna make sure you interview several and make sure you pick the right one. I am not a fan of using a general contractor personally I try use an electrician for the electrical, a plumber for the plumbing, carpenter for the framing etc. In my 10+ years in real estate and construction I can tell you its hard to find a guy that is great at everything but they are certainly out there. Good luck with your project.