New-ish-bie in Delray Beach, FL

[Ryan Tyler]

Greetings! My name is Ryan and I am an attorney in the Delray Beach / West Palm Beach area. I have done some real estate law in a previous life but now I'm looking to become an investor. 

After a mini BP podcast marathon, I would like to start with an owner-occupied multifamily property and build out from there. 3-5 year plan is $2000/month in net income. I have a year and a half of experience as a landlord (house was owned by a family member and I managed it) and, while it wasn't the greatest experience, I'm very willing if it gets me to my goal. Also, I have a full time job, plus a small practice on the side, so my time is not unlimited but I'm willing to shift things around if needed.

I have not had a chance to dig deep into the forums but I will do so in the next few hours. Suggestions? The Podcast has been awesome and I am sure the site will be as well! Thanks!

[Joe Fairless]

@Ryan Tyler nice goals and welcome! Now that you've identified your goal, I'd take the following steps: 

1. Know how to run the #s

2. Pick a market 

3. Build out your team 

4. Find property

5. Close on it  

[Jeff Kushner]

@Ryan Tyler  Greetings from a fellow South Floridian!  Welcome to BP, it is an amazing resource.  I would set up 'keyword' alerts to be notified of any posts related to your areas of interest.  I'd recommend "West Palm Beach," "Florida," and "Real Estate Law" to start and modify as necessary.  My inbox fills up with notifications of related posts...

Also, be sure to download and read the free "Ultimate Beginners Guide to Real Estate Investing" by Josh and Brandon. It is an awesome primer to all things REI. As a matter of fact, search the site for all "Ultimate Guide" to see a number of great blog posts detailing the ins and outs of specific REI related topics.

I look forward to crossing paths here on the site and also maybe meeting up somewhere in South Florida to chat real estate.  Best of luck,

Jeff

[Dan DeMott]

@Ryan Tyler welcome to BP. I am just up the road in Boynton Beach/Lake Worth. 

I started with an owner-occupied duplex and it was a perfect stepping stone to real estate investment. 

I would highly suggest utilizing the resources on BP to learn more about financial analysis (running the numbers) so you can understand what you're looking for. After that, get in the car and see some real estate. 

I am always looking for opportunities to meet for a lunch or coffee (lots of great spots in Delray). Send me a message and let's meet.

Good luck and keep us posted.

[Dmitriy Fomichenko]

Welcome to BP community @Ryan Tyler  It is a great place to meet new friends and learn about various aspects of real estate and more.

Wishing you the best! 

[Ryan Tyler]

Wow! The response has been great. I now know my next step. @Dan_Demott I will have to take you up on that coffee once I get back from my travel! I've got studying to do!

[Edgar Collado]

@Ryan Tyler Welcome to the forum! I'm also in South Florida...work in Miami, live in Weston. Lots to learn on the forum...take a look around, read the beginner's guide and keep listening to those podcasts. Every time I listen to a new one I come away with a least one or two key learnings that I know will make a difference in my plan. Would be great to connect in person some day. I've seen a few REI announcements flying around, but we may need to have a BP social some time soon for South Floridians!

[Dave Visaya]

Hey @Ryan Tyler welcome to BP! It's great you're enjoying the podcast! I hope to see you around the site interacting!

[Mitchell L.]

Welcome @Ryan Tyler 

These podcasts are indeed great and you can definately take a thing or 2 out of someone else's book everytime you listen to one.. You have a great plan but a lot of the multi-families down here are just simply overpriced.. Got to dig deep on this one!!

Good Luck!

[Ryan Tyler]

Originally posted by @Mitchell L.:

Welcome @Ryan Tyler 

These podcasts are indeed great and you can definately take a thing or 2 out of someone else's book everytime you listen to one.. You have a great plan but a lot of the multi-families down here are just simply overpriced.. Got to dig deep on this one!!

Good Luck!

 This is what I have been discovering. It is like adding the word "investor" to your listing raises the price by 50k. It will take a deep dive indeed, but something is out there.

[Brandon Turner]

hey @Ryan Tyler welcome to BP! I'm glad you're enjoying the podcast. You should definitely start jumping right in the forums! Also, if you haven't yet, try to setup some "Keyword Alerts." It's great for getting into local conversations.

You may also enjoy this post, about multifamily properties: How to Buy a Small MultiFamily Property: A Step by Step Case Study

See you around the site!

[Raymond B.]

@Ryan Tyler,

To Make the @ work do the following:

Hold down the shift key and type the following: @?

Look below this Window, and you will see a list of list of names of people who have

posted in this thread.

Click on the name of the person that you want notified via an email that you responded to them.

If you are a Colleague with anyone that has not posted in this thread, and you want them to see your post, hold down the shift key, and type the @ and the first 4 letters of the first or last name.

Look below this Window, and click on your Colleague's name.

They will be notified via an email about your post in this thread.

Raymond

[Eduardo Cardena]

Hey @Ryan Tyler 

Welcome to BP - I'm also @ Florida and close to your Area.

Echoing @Edgar Collado 

Would be great to connect in person some day... Definitely a BP social for South Floridians will be nice! Best of luck with your plans, Cheers!

[Ryan Tyler]

@Raymond B. 

 Thanks very much! I was wondering how to do that!

[Elizabeth Colegrove]

@Ryan Tyler 

Welcome to Biggerpocket!

There are tons of different speciality's and lots of great information. We specialize as buy and hold investors who self manage out of state investors in class A properties. We are investing for future cash flow, as we hope to use these house in 15 years to retire early. As we both work full-time having efficient systems have been very important. We buy Class A properties because they allow us to self manage and are more "turn key" type rentals. I have found that this higher "class" of tenant is more hands off/self manage with a little "training/expectations explain" from the very beginning. We have a very specific lease and operate our houses in a very professional, nonsense manner in a sweet but authoritative manner (i.e. honey before vinger)

Definitly check out the blogs, podcast and forums. Another great source of information is individual blogs found in peoples signatures. Many of us including myself write about our niche. The only thing we all agree about is investing in Real Estate. Beyond that there are many different style and types of investing. My blog/website is about long distance self management, landlording, investing in class A investments, investing in a transient lifestyle, etc.

Look forward to seeing you around!