All Forum Posts by: Neil Louis

I've identified a promising opportunity: a 40-unit multifamily asset with significant value-add potential. The seller is seeking $3.5M with an assumable loan. Key details:

- Existing debt: $2,038,000 at 3.8% with 7 years remaining

- 92% of units already upgraded

- Recently implemented RUBS program

- Strong occupancy in a growth market

Given the current debt structure and property improvements, this asset presents an attractive cash flow opportunity with potential for further optimization.

I'm considering structuring an offer that leverages the assumable debt while providing an attractive exit for the current owner. My initial analysis suggests a conservative offer in the range of $3.2M to $3.35M could be justified, factoring in current market cap rates and the property's upside potential.

I'd appreciate any insights on:

1. Strategies to bridge the gap between our valuation and seller expectations

2. Creative financing options to enhance returns

3. Key due diligence focus areas for this type of asset

Any experienced perspectives would be valuable as I move forward with this potential acquisition.

@Bruce Lynn

This is beautiful.

You just gave me homework for tonight lol.

Thank you for sharing.

@Gino Barbaro

Thanks for the congrats and advice! I appreciate the offer to introduce me to some Dallas multifamily investors. I'll follow up via DM to connect further.

Looking forward to diving into more BP content and meetups as well. Excited for this next phase of my REI journey!

Best,

@Nathan Gesner

Thanks for the great networking tips! I'll check out the "Build Your Team" feature on BiggerPockets to connect with other members and find local meetups. Meetup.com and Facebook are great suggestions too - I'm excited to see what real estate investing groups are active in the Dallas area.

Appreciate the advice about tagging my posts with my location. I'll start doing that to make it easier for other Dallas investors to find my content.

If you have any favorite BiggerPockets members, groups, or meetups in Dallas that you've found valuable, I'm always eager to learn from others' experiences.

Thanks again for the helpful guidance!

Quote from @Bruce Lynn:

Are you thinking small or large multifamily?

What ecosystem did you study, what guru?

DFW has to be meetup central for both general investing and multi-family investing.

With the downturn less groups are meeting, but there are still plenty.

Start with your gurus network, then branch out to others.  Some meet Saturday at noon, some in the evenings, one Thursdays at noon.

Save your money.  Typical entry fee is $50-$100K for each deals and typically for the best deals you need to be accredited.  There can be exceptions to either requirement, but that's the standard.  Now is probably a good time to gear up for future deals when interest rates or prices or both drop, but good deals are few and far between right now.

Hi Bruce,

Thank you for your helpful response!

To clarify, I'm exploring both small and large multifamily investment opportunities. I've studied various strategies, but I found that the guru made it seem like I wouldn't succeed without paying a significant sum for his program, which didn't resonate with me. So, I plan to focus on expanding my network beyond his immediate circle and explore the other DFW meetups you mentioned.

I appreciate the insights on typical deal entry fees and the current market conditions. I'll work on saving up and gearing up for future opportunities when the timing is optimal.

Thanks again for sharing your knowledge and guidance. I value the chance to learn from experienced investors like yourself and am always grateful for any further suggestions or resources you might have.

Best regards,

Quote from @Manny Vasquez:

Neil- Welcome to the BP community! This is the best place for all things real estate related. This is what I recommend for you to get started in your real estate journey:

1. Keep saving as much as you can. Depending how much you earn you can step up those savings by getting a side-hustle. It could be any side-hustle you want just as long as you like it and your able to save some extra $$$.

2. Read as many RE books as you can get your hands on. Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner. This will give you a good starting point.

3. Buy a property as soon as you can. The earlier you start in your RE journey, the better off you will be in the future. Almost everyone here on BP will tell you that they wish they had started earlier, myself included.

4. House-hack, house-hack, house-hack. This will give you several benefits. The most obvious is that you will be able to offset your mortgage with renting out a few rooms. You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property. House hacking will also give you some personal "property management" experience. This will come in handy as you begin to scale.

5. Decide which game you want to play. Do you want to be a house flipper? BRRRR? General Contractor? Buy and Hold? Do you want to LTR, MTR, or STR? Or maybe you want to do a combination of the above?

6. Attend meetups and meet as many people in RE as you can. You will meet people from different walks of life that will give you different perspectives on real estate investing. You might also meet someone that could be a potential business partner. Or you could buy a property from another person at the meetup. Keep an open mind and try to meet everyone at these meetings. I've developed some great relationships and also a business partner from these meetings. As they say, your network will be your net-worth.

7. Timing the market does not work. However, time in the market makes all the difference in the world!

8. Take Action! None of the above works unless you take action and put it into practice. Don't wait for the perfect deal to come up, the most important thing is to get started. Just like everything else in life, get started, keep honing those skills (i.e. keep reading, keep learning, keep attending the meetups) and watch yourself get better and better witch each property you buy.

I hope this helps and good luck on your real estate journey!

Hi Manny,

Thank you so much for the warm welcome to the BiggerPockets community and for the invaluable advice! I truly appreciate you taking the time to share your insights.

The action steps you provided give me a clear roadmap to get started. I've already read a couple of the books you recommended, like "Rich Dad, and Poor Dad" and currently reading "The Book on Rental Property Investing," which is incredibly eye-opening. I'm excited to dive into the others next, including "Set for Life" you suggested.

I'm particularly intrigued by the house hacking strategy and plan to explore that further. Your advice about focusing on taking action rather than trying to time the market perfectly really resonated with me.

Thank you again for the guidance and encouragement. I feel much more confident and motivated to begin my real estate investing journey. I'm grateful to be part of such a supportive community here at BiggerPockets.

Truly!

Hello everyone,

I'm excited to introduce myself to this forum and start my journey in the world of multi-family real estate investing. My name is Neil, and I currently reside in Dallas, TX.

For years, I've been intrigued by the potential of multi-family real estate, but I never took concrete steps to pursue this interest until recently. It was attending a seminar by a real estate guru that finally sparked my motivation to turn my curiosity into action.

As someone with an IT background, I thrive on hands-on learning experiences. I believe that the best way for me to grow in this field is by connecting with both experienced real estate investors and fellow newcomers. I'm eager to learn from those who have already navigated the challenges and opportunities of multi-family investing, and I'm equally excited to collaborate with others who are just starting on this path.

One of my main goals is to find a team of like-minded individuals where I can contribute my skills and knowledge while also learning from others. With my IT expertise, I believe I can be a valuable asset in areas such as data analysis, systems optimization, and technology integration.

I'm open to any advice, resources, or connections that can help me further my understanding of multi-family real estate investing. Whether it's recommended books, online courses, local meetups, or mentorship opportunities, I'm ready to absorb as much knowledge as possible.

If anyone in the Dallas area (or beyond) is interested in connecting, discussing potential partnerships, or simply sharing their experiences, I would be thrilled to hear from you. I believe that building strong relationships within the real estate investing community is key to long-term success.

Thank you for taking the time to read my introduction. I look forward to engaging with this forum, learning from all of you, and contributing to the collective knowledge and success of our community.

Best regards,

Neil