All Forum Posts by: Martin Woll

Hi @Ian Radcliffe 

Why don't you check out www.bankrate.com They have a good section on mortgages and comparing rates. 

I am not an expert on ARMS but I can't understand why you wouldn't want to lock in these low mortgage rates now? In theory, Fed Funds rate has been at 0 for almost 4 years. We have seen several rounds of QE already. So QE in combination with Fed funds target rates of 0 have kept rates extremely low. This also has the effect of increasing inflation. Based on what Yellen's comments have been recently she would be more willing to adjust rates higher using Employment as a key indicator and not inflation. Obviously the economy and markets are cyclical in nature so rates go up and down. Given I, as well you are not an interest rate strategist I don't think we should play conjecture on where rates will be in 20 years. I am in the market to buy something and would very happily lock in a 30yr mortgage at these rates.

I guess some people use ARMs to increase cash flow and then just re-fi out later? If you plan on holding property long-term (which is what I plan on doing as well) maybe a 30 yr at these rates is a good idea.

What areas have you been investigating? 

Hope this was somewhat helpful. 

Hi @Roy Assaf . Welcome to Bigger Pockets.

I am looking at the same areas for investment and ownership as you, perhaps we could compare notes? I am looking for multifamily properties (2-4 units).

Hi BP Community,

First off, thank you so much to everyone on this site and who help to run it. It is a unique web property to bring individuals involved in real estate together.

My name is Martin. I have spent the last 1-2 months researching, learning, and developing my real estate game plan that will help me to build long-term wealth. I have an entrepreneurial spirit that has been within me since a child. I currently work in Manhattan for a large European financial institution. I love my job as it challenging and helping me build my career within my industry. However, over the last 2 years, I have been wanting to do something slightly more entrepreneurial and help me to build long-term wealth. And then real estate investing hit me!

Though, I am new to my niche I am not entirely new to real estate investing. I worked at a hedge fund that invested in publicly traded REITs for less than two years and covered the strip center, apartment, and hotel sectors. So I am familiar with the "big boys" in apts like Avalon Bay or Archstone, etc. I have good financial skills and good planning and strategic skills. I am going to take advantage of these to develop and execute my plan.

My Plan is to - Purchase multi-family units (2-4) that need slight rehab or cosmetic work to force demand appreciation. Given I currently rent I would like to be an owner-occupant in one unit and qualify for a FHA loan. I would like to complete this first purchase and learn from my success/mistakes and deploy additional capital into a second, third, and other investments. I currently live in Brooklyn so I am investigating this area and the ones around me. But I know that I might have to expand my sights to areas outside of the New York City area to places across the country or within a couple hours drive of where I live.

I will not buy a property that doesn't "make sense." I want monthly cash flow and want to target a specific cash-on-cash return.

So typically, I know people reply and give great ideas on how to beef up one's knowledge in real estate. But let me tell you what I have done so far:

1. I read the BP Ultimate Beginners Guide (UBG)

2. Read about 20 books on real estate investing (David Schumacher, David Lindahl, Larry Loftis, Bryan Chavis, a book on real estate financial terms/metrics, and am continuing to read several more)

3. Listed to ~5 BP podcasts and will continue more

4. Read @BrandonTurner e-book

5. Read a multitude of blogs

6. Started going to my local NY REIA meeting groups and will be at the next BP meeting in New York in June in a few weeks.

Now I know as I get started it could take some time to get to my first deal. I want to lay out my game plan, understand how I will execute it and build a great team to help me do it.

If there is anyone in the New York City (NYC) area that could provide any good recommendations for the following I would greatly appreciate it.

1. Real estate attorney who knows about small multi-family buildings,

2. Mortgage brokers/originators or lenders

3. Contractors and handy men

I am also in search of just better understanding the market and connecting with more established and successful investors to learn from and share ideas.

I look forward to meeting some of the people on the site and look forward to building some relationships.

See all of you around.

Martin

Hi @Darren Sager I plan on attending this event and look forward to meeting some new people.

Hi, were you ever able to find any more information on cap rates for Brooklyn? I am an multi-family investor in Brooklyn