All Forum Posts by: Eric Wong

@Ola Dantis, thank you! Good pointers!

@Brian Burke, Thank you for your advice! It was very insightful and helpful--spot on exactly what I was looking for. I hope someday I can be where you are in your real estate journey, so I can come back and add value to the community as you do. As other questions come up in my multifamily quest, would you mind if I send more your way?

I currently own six single family homes, and I am ready to take the dive into multifamily syndication now. I am currently researching emerging markets to focus on (as per David Lindahl's advice), and will begin reaching out to brokers to start analyzing deals soon. Before I do though, I have some questions that I could really use some advice on!

1. Should I reach out to brokers now before I have zeroed into which market I want to target? Or should I wait until I have narrowed down my tarket market?

2. Should I start reaching out to investors now, or wait until I'm closer to finding a prospect?

3. David Lindahl mentions in "Emerging Real Estate Markets" that he watches the number of issued permits to determine if a market is going to be overbuilt soon. How can you tell from those numbers if it will be overbuilt soon? Is there a certain ratio to look for?

4. I am creating an investment brochure to pitch to potential investors. Should I include a bio on myself, even though I have never done a multi-family deal before?

5. As I reach out to brokers, what questions should I expect from them that I might have to answer on the spot? What do I want to be prepared with so I don't look like a complete novice that they don't want to do business with?

6. Does anyone know of any good multi-family brokers in Ohio, South Carolina, Florida or Texas?

7. What are other emerging markets that other investors recommend?

Any insights would be greatly appreciated!

Eric

Thank you @Kyle Brodwater, @Jon Crosby, and @Greg Horn! This has been helpful and informing. Jon, do you have any examples of your modeling work? Greg, I'm looking at working with Squeaky Clean there on Kauai. They are mainly a cleaning/maid service, but they can also take care of most of the guest interactions, key hand-over, etc. Do you have any recommendations there?

Here is the breakdown of monthly expenses too, if anyone can speak from experience to any of these categories:

Mortgage: $223

HOA: $1,436

Lease Hold: $409

Insurance: $80

Property Tax: $201

Electricity: $150

Cable/Internet: $90

Management: $460

Air BnB: $138

I am looking to buy a condo in Kiahuna Plantation in Poipu Beach, on Kauai island (Hawaii) that I intend to use as a short-term rental investment. My plan is to use Evolve as my property manager (which charges a 10% management fee and manages all necessary transactions from afar), and list the condo on multiple short-term / vacation rental sites (Air BnB, VRBO, homeaway, etc.). Total expenses with HOA fees, mortgage, lease hold, insurance, property tax, utilities, cable/internet, and management is about $3,100/mo. I'm hoping to bring in about $4,600/mo through the rental income. Can anyone give me any advice on that area, and if this seems like a wise investment? Anyone familiar with this market who can tell me if my numbers look about right? Any help would be greatly appreciated!

This has been quite an impressive thread of discussion! I'm not usually one to jump in on here because I just enjoy reading others' perspectives, but I would like to jump in this time to say that Swanny is the man and he has done nothing in this community but try to help other investors--without ever asking for a dime or recommending something he hasn't already tried. I have read the books he has recommended and talked to him personally over the phone, and I can honestly say that he and his knowledge have given me a new drive, perspective, and hope as an investor. He has shown me that I can infact reach my financial freedom goals very quickly throughout multifamily properties, and i have seen him inspire and selflessly help others time and time again on BP. Even though others may disagree with you or even try to slander you swanny, there are clearly many of us who have greatly benefitted from your generous knowledge sharing. Thank you and keep shining as a beacon of hope for other investors swanny.