All Forum Posts by: Mario Russo

Craig, Thank you! These questions are really helpful, very similar to what I've seen in the books I've been reading. I will definitely use these!

Hi BP Community,

I have a question for you all... My wife and I have been looking at and analyzing properties over the last several months, we are looking to acquire our first 2 unit rental property with the goal of producing enough passive income over the next several years to enable to us to become financially independent from our daily jobs. 

With that being said, what percentage of deals online are generally "good" deals as is?! I know that everybody has their own cap rates and ROI's that they look for, but I'm just curious to learn what other people's perspectives are on finding deals from Zillow, Redfin, Realtor, etc.. Generally speaking, are these websites a good route to go as we look to acquire our first property? I hear a lot of great things about off-market properties and am curious to know if that's a better route to go..?!

Can anyone elaborate more on both of these avenues and your own experience?

Thank you! 

Mario 

Kurt,

Thanks so much for the thoughtful post. Great to hear how much success you’ve had with your rental properties! 

I like what you said about not worrying so much about the number of units, rather just making sure the deal makes sense. And if it does, go for it! 

I would certainly welcome a chance to meet you for coffee sometime to learn more about your experience and any additional advice you’d be willing to share, all the best!

Thank you everyone for your suggestions and knowledge, I am really thankful to have people like yourselves who are willing to help! 

I would agree that staying locally and learning you’re own back yard is a really good piece of advice. 

We have been reading as many books as possible and listening to a ton of BP podcasts.. how do you know when to jump in and get your feet wet and make your fist investment? 

Hello BP,

My wife and I are looking to purchase our first rental property, ideally a 2 unit multi-family somewhere in the midwest. We currently live in Minneapolis and have looked in other areas as well to invest such as Wisconsin where we grew up. 

For a couple just starting out, what would be your biggest piece of advice for us? We've been crunching numbers on various properties over the last 6 months to figure out local rents, cap rates, etc... What types of cap rates would you suggest we look for in the midwest? Would you recommend investing out of state and using a property management company? Or purchasing locally so we can be on site when needed? What's a good amount of money to have saved up before making your first investment? Should we skip the small 2-unit property and just go right to a larger unit, like a 4 or 8 plex? 

Thanks everyone, cheers! 

Mario