All Forum Posts by: Cole Farrell

I didn't, I just jumped in and learned as I went. Multifamily investing. Dont overthink it. Check the numbers and get to closing

I have done direct mail as well as general networking meetups. Mailing did not work well, but networking helped boatloads.

Personally I don't think that's a great deal. I definitely do not know your market but $600mo seems insanely low. Also, CoC is 12%, I usually aim for 20%min and cashflow of $250 door minimum. Again, I don't know your market but I don't love the return for around $70K cash output.

So first things first, you cant feasibly do all of those things, especially just starting out. Your overarching goal is to build a portfolio. To do that, you need to choose one strategy to start with and stick with. The stick with is imperative. I have all the time in the world, I'm a full time investor and there is no way I could effectively get listings, manage, wholesale, analyze, get funding and lending at the same time. Therefore, my advice is narrow your focus. Either wholesale (definitely do not recommend unless you have done several deals), buy and hold, or flip. If your not an agent now and only have 10 hours a week, I don't think it would be a good move to start, it is very time intensive to be effective. As for marketing @Jon Kessler was right on. So start with one thing, and learn it well! Good luck

I suggest getting all your numbers in line. How much you plan on charging interest, whos paying closing costs, length of loan, how much they are projected to make in interest in 3yr, 5yr, and full loan length increments. And I agree that knocking on their door is the best option if you're trying to appeal to their emotion, second calling, and then a letter. I would talk more about how you can help them, not what you're doing or want to do. 

Hello there Noah! Congratulations on your first deal. I am in investor and property manager in the Lehigh Valley. There is a meetup hosted once a month in Allentown that would be great to have you at. If you want to DM me your email I can get you on the list for the next meeting! 

Pro-tip for this area, choose the area you like the best and is good for your pricing objectives. It seems Allentown, Easton, and Bethlehem all have different cultures as well as price expectations for purchase and rent.

Hello! I would consider getting an FHA now, use that to househack and live there, then when you have to move out rent it out. FHA will allow you to move out on an owner occupied under a year if it is a legitimate reason (such as work relocation). That way you can start now, and once you move youll have the other rental unit paying to keep you living for near free.

Hello, I can definitely relate to this from when I began investing. I started buying property when I was 19 and did not have much of an idea of it all (I don't recommend). My advice is to learn all you can but still jump in. I found the legalities to be very basic, and more of a framework to be aware of then stress about. As long as you know the "dos" and "donts" you will do great. 

My question is how much experience do you have rehabbing? The reason I ask is because $50K rehab for 5 units seems very low. I do my own rehab and its a bit over that with no labor cost, so that estimate makes me a little nervous. Besides that I am a hugee proponent of seller financing, I would definitely try that first before HML

Any reason you're looking for a wholesaler specifically, or are you looking for deals in general?