When first starting in the real estate management business in Pittsburgh, PA, investors need to learn all they can to succeed and build a successful portfolio. Plunging into purchasing properties without really knowing what you're doing can lead to bad investments and money loss.
Our Pittsburgh, PA property management advisor recommends doing your homework and investing in your education before taking on rental properties. So, where can new investors find good resources to build their knowledge about real estate investing? Check out these ideas!
Talk to the Experts
When building up your rental property business, make sure you get input from those who really know what they are doing. In other words: have a few words with experts. You might have people chiming in with their own two cents about how you should do things or what properties you should purchase—but their advice might really only be worth two cents!
As much as your friends and family probably want to help you out, property managers will tell you that operating a Pittsburgh rental property is a big task. However, listening to expert advice can get you on the inside track and deliver experienced tips and tricks of the trade.
Network In Your Community
Networking is a great way to connect with business peers. There are several ways to build your network in the real estate business. Some of these include:
- Join local networking groups or real estate organizations. Be sure to attend functions once in a while!
- Volunteer for local events. This is also a great way to get your name out there. You could even offer to speak for "career day" at the local high school. You never know when a child's parent may need help managing a rental property.
- Connect with contractors and builders. Building a network of local vendors can help you connect with prospective clients with positive recommendations from local maintenance professionals and other experts.
- Keep an active social media presence. This positions you as a leader and can draw others with knowledge to you.
- Attend real estate and investor conferences. You can gain valuable tips for your real estate investments as well as connect with peers.
Local property owners that get out from behind the four walls of their rental properties can learn valuable insights and varying perspectives to build more knowledge and experience!
Read (a Lot)
These days, people might do a lot of scrolling—but reading benefits investors. An internet search can lead you to plenty of articles and books about the ins and outs of investment property management, the market, investment strategies, and so on. However, while there is plenty of information out there, not all of it is a reliable or sound strategy. If something recommends a strategy that seems too good (or easy) to be true, it just might be.
Choose resources from various authors to get several viewpoints, perspectives, and approaches. As you digest all this different material, you'll develop your own opinions and success strategies. A Pittsburgh property manager can help you discern good reading material and insights from ones that could lead you toward bad investments or unrealistic expectations.
Online classes are also an excellent way to further your knowledge of property management, investment strategies, and real estate in general. However, be careful that you're not listening to the wrong people. There are a lot of sharks out there looking to make a few bucks without giving you the valuable information you seek in return.
However, inexpensive or free online classes from reputable sources can be an excellent addition to your "how to invest in real estate" education. Bigger Pockets has an Introduction to Real Estate video course that is a good beginner resource. Also, Udemy is well known for its many budget-friendly resources on real estate. You can even watch TED Talks that focus on investments, dealing with tenants, sales, and real estate.
Know Your Market
As you're just starting in the business, property management companies recommend buying properties in an area you are familiar with. When investing local, you have a better idea of what neighborhoods are better than others, what schools are best, and where the best amenities are. Work with a property manager to learn about neighborhoods that are experiencing growth. Talk to the residents, shop owners, and restaurant owners to get a feel for the market and the environment.
No matter where you purchase, do your research! Consider the short- and long-term investment goals to find a property that will yield good returns all the way around.
Learn About Investing With a Pittsburgh, PA Property Management Company
One of the best things you can do when starting in the rental investment world is to bring a real estate management company on board. Having a Pittsburgh, PA property management team at the helm will help you steer clear of bad investments and guide you in selecting the best tenants.
Good property managers like the Rentwell team also provide a formula to help you determine the right rental rate, handle rent collection, and deliver expert property maintenance services. Reach out to our team to learn about real estate investing and how our property management services can help!
Find out what an excellent property looks like with your free copy of the "Biography of the Perfect Investment Property!"