All Forum Posts by: Mark Allen Kenny

I agree.  Lease option would be best.  Explain that you'll take very great care of the property.  You'll oversee the management company and he'll have a guaranteed buyer as soon as he's back.  Plus he can lock in the price he wants today even if the market changes in two years.

@Duke Giordano

A lot of foreign money is coming into the U.S. real estate market right now because of the global economic slowdown. And a lot of that is going into multifamily.

Why multifamily? Because the coronavirus (although temporary) is shutting down retail and restaurants. Offices are having their staffs work from home. Those asset classes will suffer longterm.

Now, will the coronavirus problems be solved in the next 12-24 months? Probably yes.

But a lot of businesses won't be able to recover. And so we'll see more empty retail and office buildings.

However, multifamily (in my opinion) is the SMARTEST place to put money right now. Interest rates are low. We all need a safe place to live (and for some their home is now their new office). Rents in B and C class neighborhoods will hold strong when you find the right submarkets.

Now, will some tenants lose their jobs and be unable to pay rent? Yes. But that's why it's important to choose deals based on the current market conditions. For instance, I'm under contract on a property right now and its main economic drivers are an army base and 3 major health care companies. Those are tenants with stable jobs even with the coronavirus and recession.

With that said, I also agree that it's a great time to stockpile cash. If you are considering waiting a year before investing several hundred K, you may want to consider the stock market as part of your strategy. You'll be able to buy companies at a steep discount in the next 8-12 months (probably a better discount than multifamily syndications).

Multifamily syndications probably won't fall as drastically as other asset classes because they are so stable.
Again, a lot of investors are looking to move their cash into apartment complexes right now BECAUSE of the recession.

Hi Ashley.  I'm in NYC too.  I usually go to 1-2 in-person meetups every week.  And there are some great ones here.  But with the coronavirus ruining everything, I've been staying home lately, ha.  Message me if I can help with anything.

Hi Sean, I live in NYC and invest in other markets (Philly, South Carolina, and other places with high cashflow).  Let me know if I can help with anything.

@Johnathan Simeroth Networking is so important. Are you going to Meet-Ups to meet other investors? They'll be able to recommend GCs in your area. Team up with experienced rehabbers and surround yourself with people who are already doing what you want to do in your market.

@Samuel Merrick What show are you in??  I agree it's far easier to get financing with a W2.  But there are creative ways you can still build your portfolio in between jobs.  One suggestion I have is to figure out how much cash flow you'll need to live comfortably in Nashville.  Then reverse-engineer how many properties you'll need in order to support that:)

P.S. My wife and I are in NYC.  She is in theatre and I was a musician.  I got into real estate for the same reasons you are describing:) Best of luck on your journey!

I live in NYC and own properties in Philly.  Let me know if I can help with anything.  

@Jason Yarusi Congrats, Jason!!  This is so great to see!  And amazing that you were able to sell 3 years earlier than planned.  Awesome!

If you invested $30K a month as a limited partner in syndication deals, you should have no problem reaching that $10K a month passive income goal. Assuming the CoC return is around 8%, that would put you at around $10K in cashflow.

I would highly recommend going to local meetups and networking with people who are doing fix and flips.  I would also seek out mentors who are hard money lenders and/or partners in the same types of deals that you are looking to invest in.