New Member from Hillsborough/Durham area in NC

[Matthew Edwards]

Hi folks!

I joined Bigger Pockets in the last week and attended Brandon's webinar a couple of nights ago. I didn't plan to buy anything but the rental calculator he showed was so easy I upgraded to Pro immediately. I already had a spreadsheet to run numbers but the presentation from the calculator is excellent and simple.

I am an attorney (patent) and I am new to real estate investing, but have done a few things over the years. Our current house was an REO and with a few rehab projects the first week of the purchase, we are set to make a nice figure when we sell. It's kind of a house-hack I guess, a delayed flip of your personal residence. :)

May main interest is in a buy and hold of multi-family units as small as duplexes or as big as a I can eventually afford. I have a close friend that has been involved in commercial real estate for more than a decade and have heard the ins and outs of his deals as he scribbled them on napkins etc. 

Thus, I have a fair handle on the numbers aspect. I am a numbers/math guy anyway and understand the calculations. What a I lack is market experience. It's one thing to know what kind of return you want and how to run the numbers, but another to understand if your estimate of rent is correct, and what the market will bear to force appreciate a unit. I know how to calculate a Cap Rate, but not if the rate I want is reasonable. :) 

My friend is a deal guy. He only buys if it is an absolute bargain with tons of upside, so I have that imprinted upon me. I'm still analyzing properties and have yet to make my first purchase, but I will get there. In addition analyzing and starting at podcast 01, I have a stack of books to read. Just finishing up Nickerson, love it.

Happy to be here. I've already spent several hours reading the forums. This place is like an MS in Real Estate.

Matthew