Thanks again. Great experience Todd BTW ... I hope to be where you are down the road. First steps and such. :) Also, love "Joe Fairless" advice. I looked up all the names and his syndicated deal analyzer is a pretty slick tool. I don't want to do syndication yet until I know better what I am doing, but what a great tool to make that easy. I am also now using it to better see my assumptions, P/L and "exit strategies". I am buy and hold guy (at least for now), but the "exit strategies" is a great part of that solution for estimating refi/cash out scenarios.
@Henri, I just looked near me ... wanted to be able to drive to the property. Asheville area is my furthest in my search area. I started looking through a broker, but he didn't have any deals that I was right for and my lack of experience shined through. I found this one on MLS actually. It had issues, but they were things I understood (health department and septic) from prior property management. I still look around Charlotte, but think I will focus at first in the outer cities (Cary, Wadesboro, etc.) as the deals have a higher capex and less capital up front. I likely sit on this first one for at least a year to make sure I know what I am doing before I buy more multifamily.
My experience is limited but here is what it is:
- Owned a single rental condo ... sold it as I later realized it was safer than I wanted to be. (read about 20 books and this site, podcast, etc.)
- Oversaw my Dad's portfolio for about 18 months. Train wreck with about 50 residential units and a few commercial buildings. The residential were 70% trailers with most units in WV, some in Ohio or PA. He had dementia and I had to take over. Found 5 heroin dealers, 2 sexual predators, 2 violent felons and some prostitutes in the units. If someone needs help with nasty evictions ... I have that experience to offer unfortunately. :(
More advice welcome ... really interesting stuff. Thank you all!
