All Forum Posts by: Andrew Freed

@Miciah Furbay - Great first step. Biggerpockets was instrumental in my journey towards financial freedom. The podcasts, the books, the forums, the community, lean into it. Additionally, make a commitment today to at least spend a few hours a day learning about real estate investing. Just like wealth, knowledge compounds overtime to something much larger than you ever imagined it could be. Commit to the learning and compounding your real estate knowledge. Once you accumulate a good amount of knowledge, the key at that point is to move from learning towards taking action. I've seen so many super intelligent real estate investors make no traction because they can't move from learning mode to action mode. Just a few tips that helped me along my journey. 

@Eduardo Sandoval Ramirez - Absolutely, you are just trading paper for a profit. I would recommend, at least, opening up a LLC in the US and operating out of that under your wholesale business. Non-US citizens can have LLCs in the US which will allow you to have a business in the US, pay taxes, and comply with laws. It will also establish legetimacy.... wholesaling is a sketchy business hence anything you can do to increase your credibility will only help your chances at success.

Find a mentor and provide value to them. If you want to wholesale, find the largest wholesaler in your area and work to provide them value and expect nothing in return. Once you provide them enough value, they will take you under their wing and teach you the ways. It may take a few years but you're only 15 years old, it'll be great way to build sweat equity. 

@Zaid Mahmood - All good questions! I've invested multifamily as a LP and GP/syndicator and happy to provide some resources. The book on Advances Tax Strategies by Amanda Han and Matthew Macfarland is a great book to understand the tax implications associated iwth investing in real estate syndications. I also really like the Hands Off Investor by Brian Burke, that gives you a great understanding of what to look for as a LP. Additionally, the multifamily millionairre volume 2 by Brian Burke gives you good insight into the large multifamily purchasing process, the associated due diligence and underwriting. 

I know many others looking to get into the game join communities like Jake and Gino and other syndication groups. I personally learned it by finding a local mentor, joining as a LP, learning the ropes and eventually graduating to the GP role. Hope this helps! 

@Tim Callahan - I'd recommend hiring an experienced eviction attorney if you expect a fight and have them manage the process so no crucial steps are missed. In tenant friendly states like Maine and MA, a small error in the paperwork could result in the process starting all over again. Have an expert manage the process, pay a small premium, and ensure it does done as quickly and correctly as possible. 

@Zach Allard - Fantastic plan, I had a similar path on how I got started. I would highly recommend, if you househack a multifamily, you should target 3-4 unit properties instead since those will cash flow once you leave. It's hard to do that with a duplex. You're in RI hence there are a lot of markets with 3-4 unit multifamily including Providence, Woonsocket, and Pawtucket. I own some property out there as well so happy to point you in the right direction. Best of luck on starting your journey! 

@Lawrence Bland - Congrats on getting started! One of the main metrics you should look out for when it comes to multifamily investing is price per unit. You want to find a price per unit significantly cheaper than the pricer per unit relative to the area. That will ensure there will be built in equity that you can figure out a way to suck out equity via a cash out refinance, line of credit, cross collatorization, or selling the property. That is how you scale in multifamily investing, figure out ways to build forced appreciation and suck that out to buy more properties. I normally look to buy units at a 20-30% discount compared to the area and develop a business plan to create equity via forced apprecation, primarily on commercial properties (5+ unit multifamily). Best of luck on your search! 

@Tomas Maira-Litran - Are these residential properties or commercial properties? If commercial properties, you can seek loans from small local credit unions and banks that base it off of the debt service coverage ratio and regularly provide loans in the 7s.

You can also seek commercial loans on residential properties as well. Winterhill bank is one in your area that offers commercial loans on residential properties. GFA in Gardner might be another small local bank that offers this type of product. 

Your other alternative is partnering with someone who has the W-2 / who is loanable and they can make up your lack of W-2 / income. Good luck! 

@Joshua Thang - I have never requested a rent increase and had section 8 come back and reduce the rate. From my experience, the reps at section 8 truly want to find suitable housing for their voucher holders hence I would be very suprised if they lowered the rent beyond the current rate. As a landlord, that may prompt me to not renew the tenants lease hence they would have to seek alternative housing. 

Based on my experiences of requesting rent increases on dozens of section 8 recipients, the housing organization has always granted a rent increase.... perhaps not at the level I would like but never below the current rate. 

@Patrick Braswell - You got this brotha! I myself was in a similar boat, questioning my skill and if I could be a successful real estate investor. That was 3 years ago during COVID when I had 0 units and as of today, I am up to 196 units. What helped me build confidence were the following:

-Listening to as many podcasts including BP as possible

-Utilizing the miracle morning routine daily

-Read as many real estate investing books that I could get my hands on

-Attending as many local real estate meetups as possible

-Finding a mentor that was doing what I wanted to do at a larger scale and providing him immense value so he would take me under his wing

-Starting my own local real estate meetup

-Walk as many properties as possible and make offers. Finding good deals is a numbers game, if you submit 50 offers, you will eventually find a good deal.

The above habits helped me achieve a level of investing I truly did not think is possible. It's all about the daily habits and loving the process more than the end result. Best of luck on building your real estate empire!