Looking for a mentor for multi unit investing

[Gabrielle Larson]

Hey,

Im new here and made it a goal to start investing in multifamily units next year and am looking for a mentor and/or suggestions

Thanks in advance!

Gabby

[Jim Rivell]

Hey Gabby - you're unlikely to find an investor willing to mentor you by using the method you are. It's kind of awkwardly asking someone to prom. If you're trying to find a BP mentor I would be active in the forums and make connections and build relationships, let that mentorship role build naturally where there is value provided on both ends, not just asking for the mentor for advice and there is nothing in return.

If you'd like to find one in your local area, and this is what I'd suggest since they'd be able to answer your area specific questions, I would attend as many RE meetups as possible and again just build natural relationships with people in the room. Find ways to bring value to others and you'll naturally build a few mentors you can rely on.

[Gabrielle Larson]

@Jim 

@Jim Rivell, 

Awkward is my middle name! :D Sometimes you just have to be to get great advice (referencing your comment). Im not necessarily looking to invest locally, but will look into meetups in the area. 

Thanks for your suggestions! 

Gabby

[Gabrielle Larson]

Quote from @Account Closed:

Quote from @Gabrielle Larson:

Hey,

Im new here and made it a goal to start investing in multifamily units next year and am looking for a mentor and/or suggestions

Thanks in advance!

Gabby

What size? They can be 4 units, 5 to 65 units, 100 units to 1,000 units and they all require different skill sets and financing.

 Hey Ken,

Im thinking 4-10 units, but am open to learning and going bigger. Im currently looking at locations that would be good to invest in and reading content here for guidance.

Gabby

also- have a great day!

[Gabrielle Larson]

I was thinking about getting a smaller multiunit where i currently live in VA and moving into it while also investing in a more affordable location through an LLC to get a second multi. It was mentioned somewhere in Bigger Pockets that you're eligible for different funding at that point.

Do you have any pointers on finding a management company? I was thinking about finding and training someone, but its an area i need to learn about. 

Thank you for any and all advise Ken! I plan on running and jumping off the cliff next year and making my first purchase- ready or not :)

[Jack Seiden]

Quote from @Gabrielle Larson:

Hey,

Im new here and made it a goal to start investing in multifamily units next year and am looking for a mentor and/or suggestions

Thanks in advance!

Gabby

 we have extremly little muti family in our metro and the vast vast majority is in dc and baltimore, keep in mind right now most anything in an even half decent area in d.c. is a million plus, with rates at 8+% it becomes extremly hard to make things work even with a multi, my best advice right now given the market is to just buy an single family and/or townhouse if you plan to owner occuipy for 4-6 years, less than that tbh renting is the better call.

[Sara Frank]

Quote from @Gabrielle Larson:

Hey,

Im new here and made it a goal to start investing in multifamily units next year and am looking for a mentor and/or suggestions

Thanks in advance!

Gabby

You will have a tough time finding a multifamily property where you live in VA, the majority of MF inventory would be in DC (2-4 units) and Baltimore (2+ units). You'll be targeting 2-4 units if you plan to owner occupy. What is your timeline for making this happen? And what is your approximate budget? That can help us advise you a little better.

[Doug Smith]

Hi Gabby, I've read some of the responses in this chain and I think there is some good advice there. One of the things that I'm seeing in posts is something like "Who can help me with a loan" without being more specific. If you're looking for a mentor, keep in mind that the person that helps is going to pour a ton of time and knowledge into you. When you teach a teenager how to change a tire, you take more time explaining it than it would take you to do it yourself, so ask yourself these two questions: "Why would a mentor invest time and resources in me?" and "What do I bring to the table for a mentor?" The vast majority of job applicants that reach out to us tell us what they want, not how they can help us. Might I suggest setting aside quiet time with a legal pad and think about what it is that you bring to the table that would help the mentor. If you give then you can also take in return. It's not just "take". Make your value proposition something tangible. Instead of being a hard worker or "willing to learn", do you have capital that you bring to the table? Construction experience that you can barter for knowledge? A real estate license where you can discount out your commission in exchange for what you seek? Mentors are busy people with tons of people blowing up their phone to "take". Ask yourself "what can I give in return" and then I would come back and post this again. I, for one, want to help you...so consider this post a "mentor moment". Many will help you on here if you come in with a clearly-defined value proposition. I wish you well, Gabby. 

[Gabrielle Larson]

Morning! 

It doesn’t necessarily need to be where I live. The DMV is a unique and pricey market. I have about 40k and another asset I may be able to leverage. My goal is to start investing in Jan.

Thanks for taking time out of your day to respond!

V/r

Gabby 

[Gabrielle Larson]

Thanks Doug,

I’ve pondered this and the things I currently bring to the table is cash to work with and the potential to partner with someone. This is one of those situations where I need to learn what I can offer people for their time.

Thanks for your help!

Gabby

[Min Zhang]

Greetings Gabrielle! Beginning with an investment in a multifamily unit is an excellent initiative. Allow me to offer a valuable suggestion. I, personally, hold a strong preference for the Columbus, Ohio real estate market. Columbus has witnessed substantial growth in recent times, partly attributed to the presence of tech giants such as Intel (with a $20 billion investment), Meta, Amazon, and Google, which have established warehouses and data centers in the region. This, in turn, has led to an uptick in property prices and a growing influx of individuals seeking job opportunities in the city.

I personally concentrate my investments in the Columbus area and have a well-established network of property managers, general contractors, lenders, and more, whom I can highly recommend. If you're interested in pinpointing an ideal neighborhood for your investment goals, I'd love to connect and explore how I can be of assistance to you!

[Alfath Ahmed]

Quote from @Gabrielle Larson:

Hey,

Im new here and made it a goal to start investing in multifamily units next year and am looking for a mentor and/or suggestions

Thanks in advance!

Gabby

 I don't recommend looking into Virginia. Properties their cashflow negatively with moderate appreciation. The Columbus market is a great place for out-of-state investors to start their investing. It is a major tech hub in the midwest with large companies like Intel investing $20 billion, Amazon investing $3.5 billion, Google building 2 new data centers: one in downtown Columbus and the other in right outside of U.S. 33 in Lancaster.

Currently, there are only 3 C class areas in Columbus. They are Hilltop, Whitehall, and South Linden. BRRRR's and flips are only available in this area. The average home prices went up between 24-35% this past year in this area. These areas are projected to turn into C+/B- within the next 1.5-2 years.

[Jack Seiden]

Quote from @Gabrielle Larson:

Morning! 

It doesn’t necessarily need to be where I live. The DMV is a unique and pricey market. I have about 40k and another asset I may be able to leverage. My goal is to start investing in Jan.

Thanks for taking time out of your day to respond!

V/r

Gabby 

I actually think in your case your options are pretty easy to figure out, 40k down on a non owner occupants property only buys you 200k since you would need to put down 20%, that generally is gonna be a property that is gonna have substantial difficulties. If you owner occupy you can put as little as 3.5 % down (though with rates 10% makes much more sense.) Than your basically paying a price (your down payment) to lock in a payment, over time that payment looks better and better as incomes rise and your payments stay fixed, however it takes a significant commitment to get to that point with todays rates plus prices. I make all my clients play with a rent vs buy calculator, than look at their life pictures and decide what works for them. 

https://www.calculator.net/rent-vs-buy-calculator.html

[Sandra Morrison]

@Gabrielle Larson

Join your local chapter of real estate investors association or join the online one for Cincinnati or Columbus. They both have women’s investing groups. apartment syndication and landlord groups.

[Anthony L Amos Jr]

Quote from @Gabrielle Larson:

Hey,

Im new here and made it a goal to start investing in multifamily units next year and am looking for a mentor and/or suggestions

Thanks in advance!

Gabby

 Local real estate investor associations are a great place to start. I would also recommend calling multiple brokerages that specialize in multifamily housing. Brokers are usually willing to sit with you and answer any questions you have. 

[Seth Brown]

Hi Gabrielle, 

I have real estate experience and learned so much from my mentor. I would be happy to assist you in getting started in your career like my mentor did for me! I have a portfolio of properties that cashflow and have experience leading others like myself to an outcome even greater than my own. I would love to connect and provide you valuable insights and expertise!