Investor · Philadelphia, PA · Member since 2012 · 46 posts · 11 votes
My name is Frank Oudheusden and I live in Columbia, MD. I am a New Product Introduction Engineer working for a solar power company (MEMC/SunEdison). I help develop rooftop racking structures for commercial solar projects.
I went to RIT in Rochester, NY for my engineering degree and discovered what a great rental market it is. I am planning to purchase my first multi-family investment property there at the end of 2012.
My immediate goal is to go through the entire process with this first property (finding, negotiating, purchasing, working with a property manager, forming an LLC, taxes, etc) so I'm 100% sure this is for me. I'll work on the financial independent cash-flow after that sometime. Big goals, small steps.
I've read my books on the subject (20-25) and I feel confident that my analysis tools are getting more sophisticated and more accurate. Overall I think a 4-unit multi-family residential will be my first target.
Glad I found these forums and like minded people. I have many questions.
-Frank-
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
13y
Hey Frank! I used to own some WFR shares . . . I think you guys have an interesting company there.
It sounds to me like you've got a good plan of attack there. Do let us know if there's any way we can help you as you begin your journey.
Oh, and please make sure to find yourself a GREAT property manager before you get things going. You definitely want to be sure to have someone you trust up there when you close on that fourplex.
Investor · Philadelphia, PA · Member since 2012 · 46 posts · 11 votes
13y
Joshua,
I hope you didn't own WFR last year! $15 to under $2 in less than 12 months. Good ole poly-silicon prices.
From what I've read it would be advantageous to have a property manager inspect the properties with me so I can have a clear idea from his point of view what needs to be done with the property.
Is that a realistic expectation of a property manager for a first-time fourplex owner or something that is just written about? or maybe just expected on a larger deal?
Greensboro, NC · Member since 2012 · 15 posts · 5 votes
13y
Hey Frank, welcome! Both of my parents graduated from RIT and I lived in Rochester for the first 18 years of my life. Are you thinking of renting close to one of the many colleges in the area? I might have some real estate contacts in the area I could put you in touch with if you're interested. Best of luck!