All Forum Posts by: Pamela Starnes

Hi all.....I see and am aware of the many brokers and turn key operators for SFR's in Memphis, but I don't see much about the multifamily sector (5+) in Memphis. Anyone have any thoughts about this particular sector there or who would be any recommended brokers to know there who deal mostly in the multi sector? Also would be interested in hearing about anyone's experience with PM on such properties in Memphis.

Thanks!

@Account Closed......Hi Jeannie, just wondering how the refinancing situation worked out for you.  I am looking through the posts to see how this situation works/worked out for others as I am looking to do the same in the near future.  Thanks!

Welcome to BP Hugo! You found the right place to learn and connect.  I am a buy and hold investor currently, but also trying to learn what I need to for possibly doing flipping as well.  Feel free to connect any time.....I am also in LA.  Enjoy!

@Devan Mcclish.....thanks for sharing your success in a way that is concise, informative, and educational.....loved to see how you break it down into what to learn from each scenario!  I'm sure you're year will continue to be great!

HI Daniel and welcome! I am also in medicine (waiting between cases right now!), and am invested in multifamily buy and hold properties in SoCal. I hear of some people discouraging new investors to not start out in MFR'S, but personally I think it is fine to start out that way as long as you learn to analyze the numbers and also find a realtor that is willing to mentor you a little as you do your own learning along the way. If you're looking to get into properties more than just a few doors you will most likely be required to have professional property management involved, but that might be a good thing for you since you have a full-time job. And that's not to say you can't learn a lot from your property manager, as a good one can be another resource to learn from as well.

You should be able to get well informed about most of what you need to know by all the great resources on Bigger Pockets.   Likewise, you should be able to get leads from other BP members in your area to realtors in your target market that are investor friendly.

You will likely never feel like you know enough to get started.  Learn a foundation and then just start!  You will always have more to learn......

Wishing you much success!

@Hubert Washington.....there's absolutely no good reason why you can't start off in MFR investing as long as the numbers work. I would discourage you from letting anyone tell you otherwise. A couple of thoughts -

- make sure you have enough for not only down payment/closing costs but also a healthy reserve as well as money needed for potential renovations that might be needed to "force" the appreciation as you mentioned

- if you are talking about 2-4 unit MFR, that really shouldn't be any more complex to figure out as a first timer than a SFR if you are planning to self manage

- if you are talking about 5+ unit MFR, it might make sense to factor into your numbers having property management services (probably good to factor in regardless), especially if you have a 9-5 job

- with the 5+ unit MRF scenario, I wouldn't necessarily be afraid of the financing as so many people seem to be, as like you mentioned they are more going to be evaluated based on how they run as a business.  You likely won't get the financing if the numbers don't make sense to the bank, but of course you aren't going to be asking for a loan without having run the numbers yourself.   Also, there isn't the limit on how many of these "commercial" loans you might get over time.

You seem to have great determination and enough of what you need to get you started.  If any of us waited until we knew EVERYTHING then we'd all be sitting on the sidelines.   Go for what makes sense for your life and your goals!  All the best.....

@Eli Loch..... wow, me too!  Very cool.  The BP community is indeed awesome.  Feel free to connect if I can help out in any way along your journey! 

Welcome Eli from another REI/physician/(former) Floridian. Very smart of you to be learning alternative ways to secure your financial future, as medicine is certainly changing. What specialty do you practice?

Best of luck in your endeavors.  You will certainly find all you need to know to get started here on BP!

Welcome to BP @Dana Light!  I'm sure you will find what you are looking for in RE on this site.  I've only been on the site a few months but it has been great.  Enjoy!

@Shauna Norman......welcome to BP, from another female/physician/real estate investor with an interest in multi's!!  I haven't been on BP long myself, but I'm finding it to be a great resource for learning and connecting.  Best of luck to you in all of your endeavors and feel free to reach out at any time along your journey!