All Forum Posts by: Larry Smith

We ended up with Marcus by Goldman Sachs. By the time their rates were higher than everyone else, however, today I'm not sure what others rates are. Just thoroughly look around if you choose this option. The one thing to remember is that it is a savings account, so you get no debit card. However, you can transfer to/from outside accounts and conduct wire transfers. 

@Juan Campos

Juan, great question! My wife and I were in the same boat about a year ago, we chose a high interest savings account to put our money in. With this account we do not pay any fees and the money earns while we wait to find a multiplex in our range. If we had choose a business and money market account, we would have to maintain a minimum amount and pay fees. So, this may be option for you. Good luck.

Larry S.

My wife and I recently sold one single family property, so we can move into the multifamily space. I think we're more excited about finding the basics of a team and discovering a new market than anything else. I've been in the military for roughly 20 years and the one thing I am not comfortable with is networking..true introvert. So, building the team, interviewing PMs and investor-realtors pushes me out my confront zone, but I like that! Maybe that's weird... We're just as excited to get our foot in the multifamily door then learn ways to scale.

@Silas Barker I will PM you

@Kay C. , I've been in the military for almost 21 years and have watched as tattoo restrictions become more and more relaxed. This isn't because tattoos are so cool (they are), it's because smart-hard working people all have different interests. Be great at what you do, which it appears you are and just kick a**. No one will care about your fingers when you are making them money or finding them a forever home! Good luck and don't over think it.

@Lynn Chew I want apologize for never responding, but thank you for this suggestion. We are looking to expand into other markets now with multifamily units.

@Remington Lyman Thanks for the article suggestion, it was a great read and refresher, it has been a while since I completed David Greene's Long-Distance Real Estate Investing. 

@Michael Swan Michael, I started listening to your interview, but have not finished it. However, man you have a interesting story and investing career! If it is not a bother, I may reach out at through BP as get I closer to settling on a location. Thanks!

@Brandon Goldsmith I am working on crystal clear criteria right now along with my wife and reading Multi-family Millionaire on the side after work. Columbus does appear to be a solid move, thanks! 

@Marc Rice Thanks Marc for taking the time to response! 

@Joshua Janus Thanks Joshua! 

@Nicholas Misch I have not looked into Cleveland as much as Columbus, but I know your professional team I located there. I will however keep Cleveland on the reach list. Thanks! 

@Karine Arditi I know what you mean on the PM front. My first PM on my properties in Alabama was horrible with late deposits, late responses, and limited explanation towards repairs plus contract that I should have read much better. However, with time and BP I found a better team (one company) that has taken great of my investments. So, take your time, interview thoroughly, check their references, and even visit them if you can. Same for the contractor, but don't reinvent your network, use the network of realtor and future PM. Good Luck!

 @Cameron Braig I definitely like to Chattanooga suggestion as I have family there and understand the significant changes to downtown has when through over the last decade. My properties in Alabama are in Montgomery, however, I am familiar with Huntsville as well. Because the US Space Force considerations, a couple of television shows, and other government interest, Huntsville is hot and maybe too hot for me. I am active military which is way I know of Huntsville. 

@Uri Gofman Thanks for the heads-up Uri, I keep that in mind. 

Thank you all for your time, responses, and experience. 

Happy new year BP family! My wife and I are searching for our first MFP. We currently live in Central VA but are interested in the south and midwest region primarily for cashflow as that seems to be what the best strategy there, but appreciation would a plus as well. We have been looking online around Columbus OH and surrounding regions. We've been reading blogs, articles, posts for idea locations to settle on. We once owned two in Montgomery, AL, but recently sold one because the market presented a great opportunity. Any suggestions would be appreciated as well as any advise or considerations we may be overlooking because of our lack multifamily experience.

We're interested in 2-4 units however a commercial 5-plex at a great deal would be considered. We have only owned SFP in the past and are now ready to scale up. Long distance investing is no problem granted we can build a solid team. BP family, we have had success with your help before, so hoping you all have the time to advise again!

I will do my best to response to each person in reasonable time. Thanks in advance for any help.

Larry and Keynosha

Ruckersville, VA

@Aaron Howell, Thanks for the insight! 

So, yes I meant the whole area! I'm not literally considering the whole area, but just wondering. I know if I could be so lucky to find something outside a major university, it would be great. We currently have two rentals in Alabama, but duplexes are often hard to come and when they are they're in less than desirable areas. I'm just wondering what the market has been like in that area?