All Forum Posts by: Ronan Donnelly

@Oni Sadiki, congratulations on doing your first deal and for taking a deliberate approach to documenting the process!

@Julie Kern, thanks for sharing your story and good luck with building your multifamily portfolio.

@Dean Fiacco - for point #2 you may want to consider a joint venture which helps you to avoid the significant fees associated with setting up a syndicate and it is also less onerous from a regulatory standpoint. There are a ton of threads on BP so I won't go into much detail here. Good luck!

Hi @Mo Takhim,

As an investor it always makes sense to invest where the numbers make sense. Since this likely isn't NY or NJ one of the skills that you are rightly focusing on is to screen and zero in on the best markets for your investment goals. One of the key skills that you will need to develop as a remote investor is to build a trusted team in the market that you wish to invest in. Bigger Pockets is an invaluable resource with numerous articles on how to perform due diligence on third parties. Good luck and I look forward to connecting with you directly in NY.

Ronan

@Russell Holmes, thanks for such great insight into submarkets in the Orlando MSA, much appreciated.

@Dyllon G., welcome to BP and good luck on your journey. I am a NY based (West Village) multifamily investor in out of state markets. Feel free to DM me if you have got specific questions or want to grab a coffee.

@William J Hyatt - good luck! Starting small and building up your track record and experience sounds like a good idea. In tandem you can also educate yourself via books, networking and if you can find a good one, via a mentor

 Totally agree. You can also compare the rents they achieve versus median rents. Understanding why rents are below market may identify some good potential leads

Welcome to BP!

Hi Joel,

There are both good and bad turnkey providers and good and bad reasons to use a turnkey provider. The worst outcome is that you over pay for a property through a combination of  multiple layers of fees and a valuation based on absolute best case rental income and vacancy and are then left with little equity, a poor asset and bad tenants. You can succeed with turnkey providers but recognize that you will need to do a lot of due diligence on the market, the property, the turnkey provider and whomever the property manager will be. DM me if you would like me to share my personal experience. Ronan