All Forum Posts by: Colby Fryar

Hard to say but it looks like it needs a "little" work!

Good luck!

@Michael Nguyen

A lot of it depends on your market and what is more available and attractive.  In our market, it is probably a bit more desirable to go after smaller multi and of course it depends on the capital you have.   However, if both are desirable and available in your market, I would definitely choose smaller multifamily (1-4 units) hands down.  The more units the better, because you are better protected when you have move-outs.  

@Blake R.  I don't think it is necessarily all or nothing.  For example, I know a lady in my local market that is very successful in the land business and has developed a niche that cashflows very nicely, without a lot of stress, as she puts it though I can't imagine how that is possible.  I would be glad to introduce you to her if you are interested.

Saying that, I obviously think multi is the way to go.  I would be glad to discuss some of the advantages if you would like to connect.  Best.

As stated, most lenders will require some level of capital and will want you to show collateral.   I would find an equity partner instead and you could potentially do a deal with no money down as long as you are providing most of the sweat equity and you can demonstrate you have the necessary "experience". In such a scenario, you are going to likely have to give up much of the deal in the beginning.  I've never had a deal where I did not have to infuse some amount of capital.

@Kody Smith Congrats on making the jump!   $20k/ month is definitely doable but will take some time in this business and more than likely won't be your first deal or even first few deals.   

Those are great markets for sure.  Have you considered Arizona.  These are also great markets especially with the discounts we are seeing.  I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast.  In any would love to connect to share our experience here.

@Natasha Rooney I am obviously, but think Arizona is a great place to invest in multi right now.  We are seeing really values on properties and decompressing cap rates!

@James D cissell I also invest and live here in Tucson.

I would love to connect!

@Jennifer Fernéz I am tempted to tell you my preference, but it would be just another in a long list you have heard already.  You probably already know in your heart which direction you want to go and may be looking for some justification.  My advice would be to pick the one you want and go for it.  You really can't go wrong with too much in real estate.   

I'm assuming you have underwritten the deal and like the numbers?  If not, that is the first step. I think finding lenders should not be a problem.   I would reach out to the broker to get his recommendation and they may already have a quote.  Finding investors:  that is the million dollar question.  First of all they need to trust you and you need to have an established relationship in accordance with the 506b rules. Also, it helps if the deal has good returns, which might be questionable at this point, although I know nothing about the market or the property you are investing in.

Bottom line is that if the deal works, I would recommend that you go in with a partner or under someone that has experience doing larger deals and potentially syndications.  

I think education is great but at some point you have to jump in and get started.   I also agree with Julia.  I think mentorship is so under-valued in this business.   It changed my life- I can honestly say that.