All Forum Posts by: Brian Garrett

Most multifamily investors like to see a minimum of $100/month in actual net cash flow per unit.

It really depends on the specific deal though based on the market, if it's stabilized or value-add, etc.

Here in Florida you have to be an agent for 2 years before you can become a broker.

Not sure if that's the same everywhere but you might have to start as a salesperson regardless.

You should never disclose having $250k cash on a public forum especially when you mention that you are new. Be prepared to get a lot of colleague requests and inbox messages from people looking to sell you what they specialize in or people telling you how to spend your money on what's best for them rather than how to invest it in what's best for you. With that being said my advice would be to first ignore those colleague requests and messages and second to listen to all of the podcasts here on BP, read through all of the forum posts, attend some of the webinars and really learn about the various ways to invest in real estate. There is a wealth of knowledge here and virtually anything you can think of has already been addressed and discussed.

Good luck and congrats on deciding to start your investing journey!

Insurance will be more expensive on wood frame properties. I stay away from them as they are less desirable.

Since nobody else has said it I'll go ahead and be the one to.

You should never disclose having $450k cash on a public forum especially when you mention that you are new. Be prepared to get a lot of colleague requests and inbox messages from people looking to sell you what they specialize in or people telling you how to spend your money on what's best for them rather than how to invest it in what's best for you. With that being said my advice would be to first ignore those colleague requests and messages and second to listen to all of the podcasts here on BP, read through all of the forum posts, attend some of the webinars and really learn about the various ways to invest in real estate. There is a wealth of knowledge here and virtually anything you can think of has already been addressed and discussed.

Good luck and congrats on deciding to start your investing journey!

I would just have a max number of pets allowed in my lease.

I know the "service dog" or "emotional support animal" trick is commonly used to get pets into units that don't typically allow them but I don't believe it grants them an unlimited number of animals.

Even in the case of it being 100% legit I would still think the owner can put a cap on it.

Definitely worth checking into further this is just my thoughts but I'd check the laws in the market.

You can get a commercial/portfolio loan.

Call the small local banks and credit unions in your area and ask about this product.

There are also national lenders but it's better to build a relationship with someone local to the properties.

Yep that's common around here property taxes kill a lot of deals once re-assessed upon sale.

A lower cap rate is only better for the buyer in a value-add play where the increase in NOI will have a greater impact on the value of the property ultimately leaving you with a higher equity capture. Otherwise a higher cap rate is always better for stabilized deals.

They are commonly called "bank statement loans" where they'll use the deposits to your bank account to qualify as income and they traditionally want to see 12-24 months of deposits the longer the history the better the rate/term.