Brooklyn, NY · Member since 2013 · 42 posts · 9 votes
Hi BP!
My name is Cheryl and I live in New York City but my current focus is multifamily investing in Ohio. I'm currently getting my real estate education in multifamily while also marketing for deals and dollars. My goal is to own/control several thousand units that throw off ridiculous cash flow and to eventually also become a private money lender. Currently I have a day job doing corporate research for a Big 4 firm but I'm looking to transition to real estate full time in the very near future. I look forward to connecting with the BP community!
@Brandon Sturgill@Engelo Rumora Nice nice. Are those areas recommended for out of state investors? I'm kind of priced out in CA, so I'm looking for turnkey places elsewhere.
@Matthew Watkins Thanks for the welcome! I'd love to hear your Cincy insights. I'll connect with you.
@Rich Blenz Thanks for the welcome!
@Daniel Guillermo I actually grew up on LI! To answer your question. I'm doing a few things right now to locate multifamily properties. 1. Direct mail campaign to apt building owners (this information is also available via any city/county assessor's office usually at no charge) 2. Working with local commercial brokers to source deals that fit my buying criteria 3. Loopnet.com as a way to see what's listed and also to connect with brokers. Hope that helps. Let's connect if you want to discuss further.
@Zach Schaar Thanks! I've been gleaning info from BP as an outsider for a while...finally took action to join and I'm definitely impressed by the wealth of knowledge people have.
@Account Closed Thanks for reaching out! I'll definitely get in contact with you.
@John Horner Thanks! I'd definitely like to hear about your experience in Columbus...will be in touch.
@Ramon Jenkins Thanks! I've been listening to the podcasts for a couple weeks now and have found them incredibly useful. Thanks for the tip!
sounds like you have a great plan. I was asking because I also am interested in out of state rentals so I am trying to get an idea of how others are going about finding these properties.
@Cheryl P. Welcome to BP. You're in great company. Good to see more people here from the NYC area. I see that you work for a Big 4 firm. I used to work for Deloitte in their Real Estate Practice group. Be sure to look out for local events. That's quite the goal to have several thousand units and creating massive cash flow. Don't let anyone ever tell you that you can't do it. Follow the principles that are like gems here on this website and you'll do amazing I'm sure. Can't wait to hear about your successes!
@Darren Sager thanks for the encouragement! I'm currently at your former competitor EY. I was taught to aim high (hence the goal of several thousand units lol). I'll be sure to keep posting as the deals start rolling in :)
@Cheryl P. I worked on the sale of the flagship EY office on 42nd and 7th in Manhattan years ago. You're correct about aiming high. So if you set a goal of three thousand units and only built up to two thousand, is that such a bad thing?
@Darren Sager small world - you transacted the building I work in...sounds like you have a wealth of knowledge in the commercial space, I'd def like to hear more about your experience. And you are exactly right - I'll "settle" for 2,000 units any day.
Hi and welcome to BP I just joined today and I am really Intrested in learning on the subject can you please tell how are you getting your education? And maybe recommend some?
@Darrin Carey - that's precisely why I am focusing on your state to get started in multis! What's your area of expertise? I sent out my first batch of yellow letters yesterday so hopefully you are a motivated seller who will give me a call in the next couple of days :)
@Shlomi Mor thanks and welcome to you also! BP is a great no-cost resource to start learning on the subject. There's a lot of content in the forums and many contacts here on BP not to mention a few podcast episodes that discuss multifamily investing. Sean Terry has a couple flip2freedom podcast episodes dedicated to multifamily investing (episodes 72 and 82 in particular) - the one with Bob Diamond was pure gold in my opinion. There's a website dedicated to wholesaling apartments which I've found helpful ApartmentHouseProfitMachine.com (it has a case study on how to find motivated sellers and other good content). When it comes to paid education I try to find the "anti-guru" after having wasted money on way too many outdated unsupported guru products in the past. I look for someone who is experienced but also currently doing deals and isn't trying to sell me something every 15 minutes. That said, I would heavily encourage you to glean all that you can from BP and any other "like-minded" communities. I spent a lot of money chasing information that I thought was exclusive before I found BP and and a lot of what I paid for turned out to be not worth a whole lot in comparison. On the flip side I recently purchased a program that I really like from Lance Edwards - I'm only a few weeks in but it includes step by step instructions, tons of content and also weekly calls and ongoing deal support for a certain amount of time (depending on the level you purchase of course). My advice would be to do your research, decide on a niche/strategy and take massive action towards your goals. Ultimately one's success depends on their education, persistence and commitment and not on any one specific program or seminar. As many have said, real estate investing is simple but it's not easy. Hope this is helpful.
I have been investing in ohio for some time now. I love the great cap rates that come from homes that I get for 14k and rent for 600. I have a multiunit there as well and I see that it has become a great property as well. I have a great team there so if I can help just ask...