All Forum Posts by: Paul D.

Joel Florek wow this is very inspiring man. I'm 26 and seeking my first deal. What caught my attention of your post is that I too want to make my first deal a multi family. Preferably a 4 plex and do exactly what you did. Maybe house hack it as well. I'm doing my best with reading all the books I can. I'm all on my own so I don't necessarily have the background. Your story is very motivating man I love your outlook of life and your life goals. I'm trying to get there as well ha. Your story is inspiring. Congrats and keep it up bro. Hope to hear another cool deal like this from you!

Sounds good. Brent Coombs Ishaan Misra correct me if I'm wrong or if I'm missing any information here but what I have picked up and learned to figure strategy numbers out when analyzing deals are the following: -Figuring out the cap rate (lower the better or less risk) -Making sure I have a positive NOI -Buying it right. Meaning trying to get property at about 10-20% discount so I'll already have equity built into it. -Figure out what the expenses will be monthly including the mortgage and PM. By searching the area of average rents in the area if the numbers will be able to give cash flow for the property. (If cash flows go for it. If not forget it) Are these smart strategies of thinking before I invest? Also am I missing anything else? Thank you

Hey @Ishaan Misra Thanks so much for the reply.

Thats pretty useful information I will def keep that in my notes. Originally I was going to go for SFH's but as I kept reading it I get the idea that MFH's I can get a greater return and plus if I have to or want to I can live in one of them and still produce streams of cashflow. Books I read say hire a PM and just stay as an investor and I have some people tell me there's no reason to hire a PM for one property.

When I get really serious with my searching I'm going to be conservative with my numbers and include PM fees in there. If the numbers come out with cashflow I figure why not just do it and have them manage it for me. Is that a naive way of investing or thinking? 

I want to be in this game for the long run of buy and holds,save up and increase my portfolio one property at a time. So I figure If there is cashflow even wit ha PM in the numbers then go for it.

Hello BiggerPockets People,

       So I'm throwing my self out to the wolves and admitting that I am a total noob who has been reading book after book, non stop podcasts, and soaking in as much information as I can about investing. Im about 6 months in now with my studies and just keeping up with my due diligence and also saving up money before I finally pull the trigger. I am from northern New Jersey and planning on investing in Multi family homes. As I am reading right now a thought popped in my head and I said I'll see if I can pull some info from BP. With all this said I will ask my first ever question on BP!

I am interesting in planning with a multi family property preferably a 4-plex if I can figure out the financing part of it. Worst comes to worst I was thinking about "house hacking" anywhere from a 2 family to a 4 family home.

Is a property manager necessary for my first multi family property investment? If not, what are some suggestions of how to run the property smoothly and dealing as less with it as possible?  

Don't get the wrong idea I am not lazy, but I also don't want to play landlord. I want to keep my role as an investor. Consider that I already am running a business of mine and managing that as it it. Time is very limited to be dealing with tenants. If everything goes as plans I would eventually like for these investments to allow me to make the transition to full time real estate.

like I said I'm new and I'm trying to get my feet wet and I know this is great place to start.

Thanks in advance guys!