All Forum Posts by: Ryan Hogan

Joel, welcome to the game! Hope to see you out there crushing singles, doubles and home runs!

1-4 units is residential loans; 5+ units are commercial loans… these are significant differences. When looking at properties for 1-4, banks primarily care about your personal ability to repay the loan. With 5+ units, while they of course review your personal ability, they put more emphasis on the cash flow of the property itself and how its ability to perform is of high importance to them.

Always keep in mind the following: 1) market cycle; 2) debt; 3) exit strategy (h/t Bill Ham).

As you’re already seeing with deal flow, we’re towards the top of the market cycle with valuation. How do you tell when we’ve reached the top? … you turn around and say “there it went.” There's no way to time the top.  Debt relates to your business plan, do you plan to buy and hold for 30+ years? That can handle one type of debt. Do you plan to buy a fix and flip and sell in 2-3 years? That would take another type of debt… note with 5+ units and commercial loans, there are pre-payment penalties which can hurt if you want to sell early and you’re not aware of them. Exit strategy… part of your business plan, fix and flip or 30+ year hold or other?  Rehab via cash flow from property, or need to raise capital up front to complete rehab quickly?

GSP is a great market… I’m invested in a deal in Simpsonville. A good video that was helpful to me starting out is: How to Analyze a Real Estate Market in 60 Minutes - Know More than a Local Expert - Neal Bawa… (BP frowns on link posting… so copy-paste in google, it should be 57 min long).

For some other let’s say high level book on the “start-to-finish” for MF investing, helpful to me are:

Wheelbarrow Profits by Jake and Gino

Multifamily Millions by David Lindahl

Emerging Real Estate Markets by David Lindahl

Creative Cash by Bill Ham (helpful for ‘seller financing’ options)

Once you get through the “philosophy” of these, some more “meat and potatoes” digging into the actual numbers and case studies:

The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges

The Complete Guide to Real Estate Finance for Investment Properties by Steve Berges

YouTube has some good underwriting resources:

Break Into CRE with Justin Kivel

The Multifamily Show with James Eng at Old Capital

Adventures in CRE with Spencer Burton

Bruce Kirsch

Local meetups… you'll learn a lot from other investors in your market… an active local REIA is UCREIA (Upstate Carolina Real Estate Investors Association) they have a monthly main meeting and then various sub-groups that meet monthly as well.

Ben Jones and Ivan Jenkins run Multifamily Investor Nation – Greenville, SC sub-group, they do a hybrid with in person and virtual together. They meet first Monday of the month.

Hopefully I'll see you at a REIA or MF meetup in the future!

Not me actively, yet.

Here are some good resources to learn about remote management:

Mike Wagner at Storage Rebellion (network)

Mark Helms at Creating Wealth Through Self Storage (youtube)

AJ Osborne at Self Storage Income (book and youtube)

Jim Ross at The Self Storage Show With Jim Ross (youtube)

Scott Meyers at Self Storage Investing

Bob Copper at Self Storage 101 (has been remote managing SS for 30+ years)

@Arn Cenedella I didn't know you were a Raider!  Orangeman here haha small world.

@Maryanne Cameron welcome!  I spent 4 years in upstate, and I do NOT miss the lake effect snow :)  I live in Asheville, and also looking in the Greenville MSA market.  Highly recommend the online meetup this evening:

"Multifamily Monday - Networking and Educational Event, Hosted by Ivan Jenkins and Ben Jones" its on the first monday night of the month, 6p eastern. meetup dot com will have the details for registration and zoom links.

Hope to see you there!  If not, feel free to reach out later on.

if you're looking to network in multifamily for greenville, recommend "Multifamily Monday - Networking and Educational Event, Hosted by Ivan Jenkins and Ben Jones" its on the first monday night of the month, 6p eastern.  meetup dot com will have the details

1-hour video, all free data resources you can find online  google "How to Analyze a Real Estate Market in 60 Minutes - Know More than a Local Expert - Neal Bawa"

Brett if you haven't yet considered it, highly recommend the local REIA if you're looking to network and potentially accelerate your investing : https://www.creianc.org/. They have various monthly meetups, one specifically you'll be interested in is Vacation Rental Focus Group; others include Private Money, Main Monthly Meeting, Henderson Focus Group which I believe Ryan Howell runs, Beginners, Intermediate, Advanced groups, and a few others. If you're looking to get into WNC REI, can't recommend this REIA enough and the networking, the experienced local investors that look to give back to beginners starting out. I started in 2019 with zero REI, partnered up with a local REIA member, have an SFR, new duplex construction, passive investor in 120 unit, and active in acquisition of 15 unit. Feel free to DM if you have other questions.

Chris Jackson has a great MF UW analyzer (https://www.themultifamilyanalyzer.com/vsl1591202863311)

Michael Blank has his popular SDA (Syndicated Deal Analyzer) (https://themichaelblank.com/syndicated-deal-analyzer/)

James Eng has a simple yet effective 1-pager and for beginners good instructional YouTube channel to go along with it (https://www.youtube.com/playlist?list=PLHyWiX5X1UR-aFo0-JzE45tS6kLt3_WOO)

If you want to get into the weeds and build your own institutional level underwriting model starting from a blank excel file, Justin Kivel has some great step-by-step courses on Udemy (https://www.udemy.com/user/justinkivel/). He also gets into advanced topics such as different waterfall structures / catchups / clawbacks.

Some others:

Rob Beardsley (https://lonestarcapgroup.ac-page.com/model-giveaway)

David Toupin (https://www.obsidiancapitalco.com/dealanalyzer)

Additional training programs:

Adventures in CRE (https://www.adventuresincre.com/)

https://www.getrefm.com/

There’s a bunch more out there. Take a look and see which might be best suited for your needs and, in my opinion, after you’ve found it just focus on that one and use it over and over and over again. If you try and flip back and forth between models, you’ll frustrate yourself and be less effective. You can always add features later.

Regardless of what type of analysis you’re making (back of the napkin or full blown UW) always double and triple check your 1) exit cap; 2) rent growth; 3) property tax reassessment.

Hope this helps! 

Wilson, exciting time to be getting into REI! Highly recommend to attend local networking events when things start to re-open up after covid. In the interim, many of the events in the areas you are interested in are hosting monthly zoom meetings; great way to network from the comfort of your own home. You can find more details/dates/times on meetup.com; Asheville has a multifamily meetup "Asheville Multifamily Investor Club (AMIC)" hosted by Bill Zahller and Richard Coyne; Tri-Cities has "East Tennessee Multifamily Meetup" hosted by Kimberly and Greg Scully, and Darren Light. Hope to see you at one of the events!

@Arn Cenedella yes sir, you got it!

Arn, welcome to the 'east coast' :)  A link to my recent experience with Jake & Gino community: 

https://www.biggerpockets.com/forums/432/topics/801569-just-another-question-on-coaching-20k-for-2-years?page=1#p4710909

If you're interested, there is a monthly multifamily meetup in Greenville, first Monday evening of the month, good opportunity to speak in further detail about others' experiences too.  If you google "meetup.com mfin greenville" it should be the first google search result for more info and details.  Its run by Ben Jones and Ivan Jenkins.  With covid I believe next couple of months are online-only, and August will be the first in-person meetup.  Hope to see you at one of the in-person meetups!