Corona, CA · Member since 2015 · 12 posts · 4 votes
New the Bigger Pockets community and looking to increase my knowledge in the multifamily investing side of real estate investing along with purchasing 5 units a goal for my first year. I would love to concect with like minded investors who have "boots on the ground" learn as much as I can from them along with creating a team for each state that I am looking to purchase multi-families in.
Rental Property Investor · Memphis, TN · Member since 2015 · 203 posts · 135 votes
10y
If you need boots on the ground in Memphis, please let me know. Odd jobs, checking out property, meeting clients face to face, whatever, I am at your service! I'm actually running to look at a home and checkout the neighborhood for another investor this afternoon.
Corona, CA · Member since 2015 · 12 posts · 4 votes
10y
Hello @Ali Boone , looking to initially purchase duplexes, triplexes and quads if I am within my budget. The areas am looking into are ohio,florida texas and arizona
Wow thank you so much for you much needed expertise, input and advise. My strategy is to purchase my first 5 via cash. I currently working for a funding company and we have funded a couple of property management companies who have turnaround and used the capital to purchase multifamily units from the 15k-40k realm in the Cleveland area, south & central Florida area along with Texas. After speaking with the 3 property management companies we have funded they, advised they can facilitate the etire process for me, from the real-estate side of locating the property , rehab and renovation title services along with legal assistance and lastly the property management side of locating & qualifying renters for the unit. The price range I am looking to spend for my units are between 20k-30k each in these areas or suggested. They have advised me that, this price range is very doable. I am confident through the bigger-pockets forum and wealth of info along with the first set of purchase I will be able to get my feet wet and in the door to multifamily ownership. The next phase, would be that once I have acquired and went through the learning curve of the first five, is next to move upto a larger apartment complex of 10-20 units secured with a loan by using the collateral of the 4-5 properties that I own outright. I think that will enable me to do so, as I will have more leverage and lower my risk and out of pocket expense. But don't know the details and full intricacies so that's why I am here. Any input would be greatly appreciated.
Sounds like you may be in an excellent position to go to school on these multifamily operators without spending a dime. By this I mean watch very carefully what they do, how they do it, understand their business model. How THEY make their money, not their clients and not what they say they will do for clients but what they do to make money for themselves. Compare that vs the risk they are taking & $ they're putting in vs the risk their client's are taking and $ they are putting in. If you are in a position to see this, then you may get an interesting and enlightening angle that many noobs don't get w/out putting up significant $. BTW welcome to BP and the SoCal REI community ... both great places to learn. I'm local, so feel free to reach out if you'd like to chat.
Corona, CA · Member since 2015 · 12 posts · 4 votes
10y
Greetings @David Faulkner , My thoughts exactly. Everything you said is what I am looking for. I would love to sit with you if your open since you are an active investor local to me. How can I get my cell or email over to you.
New the Bigger Pockets community and looking to increase my knowledge in the multifamily investing side of real estate investing along with purchasing 5 units a goal for my first year. I would love to concect with like minded investors who have "boots on the ground" learn as much as I can from them along with creating a team for each state that I am looking to purchase multi-families in.
Hi Julien-
Welcome! We are seeing mass influx of West Coast investors in the CLE marketplace today, we offer amazing potential for ROI - happy to welcome you to CLE!
We are boots on the ground and CLE is getting HOT! I encourage you to come visit our city, much to be seen and had in Cleveland.
Checkout some of the podcast and bigger pockets forums. You definitely came ot the right place to learn.
Corona, CA · Member since 2015 · 12 posts · 4 votes
10y
The wealth of valuable information from boots on the ground investors here is fantastic. I am looking to keep my plan, and move it forward to the Turnkey options in the Ohio,Texas, Memphis and Florida areas. Read Chris Clothier's article on Turkey Investing along with speaking to some investors in my local area who invest out of state and advised me, based on my goals that turnkey is best.
Rental Property Investor · Memphis, TN · Member since 2015 · 203 posts · 135 votes
10y
If you need boots on the ground in Memphis, please let me know. Odd jobs, checking out property, meeting clients face to face, whatever, I am at your service! I'm actually running to look at a home and checkout the neighborhood for another investor this afternoon.
Hello @Federico Gutierrez thank you, would you consider the West End to be a A-C area and do you think the rent rolls reflect better. I am amusing so , but i know to never assume.
@Julien remember that this is my personal opinion. BUT NO I would not consider going into the East unless it was Shaker heights or Cleveland Heights, then you are dealing with Point of Sales and Higher taxes. So you are back to the 50-60K price point and with an additional headache the POS :)