All Forum Posts by: Cole Farrell

Hey Eylon, Id love to jump on a call and go through this and your analyzing more. Its not usually cut and dry so more of the story would help. PM me!

Definitely not, IMO, Been there and its a waste of time and money and risk unless you have dedicated plan to take advantage of having it.

Hey, Looking to start a good discussion for new investors. I see a lot of first-time investors told to start with a single-family rental. I find this to be a huge mistake and poor guidance. I believe anyone starting (buy and hold) should start with a multi (2+). Thoughts?

Hey Markus! 

Congrats on getting in the game. I don't want to be the bearer of bad news but I truly believe starting with a single as a rental is a major mistake. When the tenant leaves or there is an eviction, you will be stuck footing all the bills with a low likelihood of recovering it. It is always better to start with a multi-unit 2+ so that if something goes wrong, you still have one tenant to cover necessary expenses (mort, taxes, insur, etc).

Also, major renovations are not a great idea for starting out as others said, especially out of state. I would highly suggest starting with a rougher but livable/rentable multi so that you can learn and make money without all the downsides. Start with one unit rehab and then the next once that is rented.

Good luck!

 Thank you! On it -   

Hey!

I am struggling to find info or a reputable source for pulling mailing lists on multifamily out of state. I have my license in PA and am used to pulling and sending 5000 mo/ off the MLS tax records. I'm trying to find a place to pull the same data in North Carolina and South Carolina but keep getting inaccurate data (incorrect property size/type). I've contacted a few agents but they seem unable to find/get the data. I tried ListSource but got terrible data that didn't even make sense. Its simple to pull a 2-4 list but Im looking for 20+ unit properties which is where the trouble is. Can anyone recommend a strategy or software to find these owners and property types?

Im not looking for filters, just a list of all 20-99 units in a desired area. Thanks!

Hey everyone, 

I'm adding a new market to my focus and I'm between pursuing Raleigh, NC or Greensboro, NC. I'm looking for Mid-sized multifamily with 15-80 units. I'm looking for cash flow more than appreciation, and whichever has more inventory. I'm well aware of the lack of inventory on the market, I mean inventory that is simply built there. I come from a market that physically does not have many of these properties in existence, so this is crucial. I would love to hear some opinions on which would be a better area to pursue and general thoughts. 

Also, Ill be visiting one of these this weekend (Jan 2023), so if you have any recommendations on areas to run through, please let me know. Greatly appreciated!

Thank you very much for the insight! @Ryan Sarka and @Brock Mogensen and @Paul Moore