All Forum Posts by: Andrew Cook

Good afternoon BiggerPockets community! I have my first MFR in contract it is 12 units that currently rent way under market for the area, but in order to get the rents to the comps in the area I need to rehab the units. The building is fully occupied as of right now and my question is as the new owner if I become that; what would you recommend for rehabbing the units? Do I rehab the ones when the current tenants lease ends and rinse and repeat? Or is it even possible to try and do them all at once? As the new owner I would assume I have to fulfill the obligation of the previous owners agreement to the renter? Or as the new owner am I able to give current tenants a notice and select new tenants once rehab is complete to meet my criteria? I’m new to the whole MFR investing so apologize if these are pretty standard “dumb” questions thanks in advance!

Thank you all for the replies they definitely help! I was thinking more along the lines of @Gino Barbaro and Anthony Dooley, as long as I purchase right really what these type of tenants In this area would be searching for is the cheaper rent prices. I am looking at a 12 unit MFR 6 one bedroom and 6 two bedroom units in a city I used to live in and couple years ago the area isn’t the greatest but they were working to improve it when I moved. It is very close the university and downtown area (walking distance) I analyzed the property and as is and it would cost me money each month. But the average rent in that area for a 1 bedroom apartment is $530 and owners are currently only charging $410 and the average 2 bedroom in that area is $697 and owners are only charging $510, if I purchased the property at the the price of the comps in that area and was able to get the rents to the average it would produce a 16.3% COC return and cash flow $2013 bucks a month! Now to pray to the real estate investing gods to make the deal work haha

Hello everyone! Looking for some insight on what people have experienced when doing multi-family rentals. When it comes to SFR location is definitely a huge factor when it comes to purchasing. But is location really as big of a factor when it comes to multi-family investing? Ultimately if there is low vacancy and the property cash flows is it worth the risk to invest in "C" type areas/property? Will there ultimately be more headaches than not?

Good afternoon BiggerPockets family, I don't have one specific topic or question to propose on this discussion; more so seeking some feedback on my situation.  So lets dive in and get you up to speed on what's happening; I am currently deployed overseas until mid 2019 with a substantial amount of cash saved up and want to put that towards proper investments while I am away, so when I return home real estate investing will be my sole focus. I am looking to purchase at least 5-10 new properties over the next year and a half hoping to get cash flow of 1500-2000 a month before returning home. I live in Southern California and for my particular situation I know I will be investing in out of state rental properties in the Midwest, because lets face it the buy and hold strategy is pretty unrealistic for my local area. I just finished reading @DavidGreen's Long Distance Real Estate Investing book, which is awesome by the way, and took a lot away from what he provided and recommend it to anyone! It brought up a few questions the first being;

Do I use the cash I have saved up to implement the BRRRR strategy vs buying multiple homes with down payments and using conventional financing (possibly looking into 203(K))?

This question I'm sure comes down to personal preference, but was seeing if some people have had better success with one way vs the other.

Which leads into my next question of whether or not to buy 1-2 multifamily homes or 4-6 single family homes?

By using the BRRRR strategy I am limited to the amount of property I can purchase at one time (with the amount of cash I have saved), considering the rehab time and time frames I have to have the property before refinancing and taking that money to reinvest vs buying multiple SFR with conventional financing that need some work, but could be rehabbed within a couple months and the work is being done on multiple homes at once vs 1 multifamily. You could say I'm somewhat impatient, but like to think of it more so that I am a go getter and want to see my returns from investing sooner than later ha! Any feedback is much appreciated looking forward to your responses and thank you in advance.

Carlos Altamirano John Ching I guess what I'm getting at in my question is I have experience flipping homes, but from a contractor/construction side of the fence. I'm looking to get into a flip, flip, hold style of business but lack knowledge of the area, and knowledge on whether to jump right into a flip with little capitol and fight to get financing or wholesale to build a revenue stream for down payments to make financing easier or am I completely off base?

What is the best options for someone who's just starting out in one of the most expensive places in the country?

Hey everyone! 

My name is Andrew, I just moved to Orange County California from Nebraska about a month ago, I am a personal trainer and nutritionist looking to supplement my income for my future to open my own fitness studio. I have been in the military for the past 8-1/2 years, and trying to figure out this saturated market area, and trying to meet anyone else in this local area to try and help me understand it more would be awesome! And any advice on wholesaling is appreciated!