Road to 10M portfolio

[Isaac Rayne]

Hello! My name is Isaac I’m a new investor and I’ve been browsing this forums for the last couple months. As I’ve reached the point where I’m really starting to buckle down and buy my first property I decided I want to get more involved in the community! I really value the opportunity to talk to many different investors and know I’m not alone :) 

Anyways I wanted to just give a small little update on what I’m doing at the moment and hopefully get some advice if I should be doing something different or if I’m going down the right path.

So the last 2 weeks I've really been focusing on talking to different loan officers trying to get a solid quote on what kind of rate and loan type I could get on a 2-4 unit multifamily property and I've made some good progress. So far I've been quoted a 3.6% APR on a fixed 30 year amortized conventional loan, which I'm pretty happy about. The reason I was able to get this rate is because the property will be owner occupied by me for at least a year because I do plan on house hacking. Next I've also got into contact with a very good real estate agent who's helping me find properties and this weekend I'm going to go check out 3 that I worked the numbers on and want to run through my checklist. Next is I'm trying to also find a second real estate agent who's more experienced in multi-family and investing to help me find properties as well. I'm also going to start calling some property management companies this week to hopefully get some more information on the rental market in my area and what rents are typically going for etc. Also hopefully my agents can help me with that too. I'm also (excuse all these also's lol) cold calling some rental properties that are being advertised and hopefully I can find an investor/owner who's willing yo entertain me with the possibility of them wanting to sell. I'm doing this to help expedite the process of finding a good deal.

So yeah, my main objective right now is to just find a good deal. I have the capital, I have the knowledge and I have the time. One thing on my mind right now though is I'm actually investing in one of the fastest growing cities in the country so it is competitive, but I'm not too worried about that because I understand patience and not getting attached to deals. I've been trying to find deals that give me a 10-20% COC return that don't need too many repairs and has good location location location. But yeah, that's about all! I would love some advice on what I can do better and what I'm doing right. Thank you guy's so much!