All Forum Posts by: Samuel Diouf

Hey Omega, I'd love to connect you with my go-to attorney.

If you're looking to use 50% of loan for renovation costs, you would use a Hard Money Loan then, after renovations, refinance into a DSCR loan.

Definitely do more research on the BRRRR method as that sounds like what you're trying to do.

Welcome to Bigger Pockets!

If you’re looking to invest in your backyard, it helps to network with as many locals in the industry as you can. A great way to start is by attending RE events and joining a local investors association. You can usually find some events by doing a simple google search.

Welcome to BP Yianni!

Drive around and figure out a few areas you would like to live in with your budget. I would then start the search from there. 

Single-family homes and multifamily properties both have their pros and cons. Single-family homes benefit from a larger buyer pool, appealing to families and owner-occupants, which makes them easier to sell. They also tend to have lower tenant turnover and simpler management. However, vacancy means covering 100% of the expenses.

Multifamily properties almost always generate higher cash flow due to multiple income streams, which also reduces the risk of vacancies. They make it easier to scale your portfolio and build wealth. 

That said, the fewer units a property has, the easier it is to manage, so smaller multifamily properties can offer a good balance between cash flow and simplicity. Multifamily properties do require more management overall and typically appeal to a smaller, investor-focused buyer pool.

At the end of the day, you can be successful in both asset classes and they go hand-in-hand. I would base the decision off of how good the deal is from both an equity and cash-flow standpoint. 

Welcome Jokari!

BP is a great place to learn and connect with fellow investors.

Congrats on the flip! 

In Cleveland PM fees are going to be around 10%. It's very important to have a good PM and not go cheap or there's a high chance your rental will get poorly managed and you'll lose money in the long run. 

Typically, all services that PM does will have a charge, as that's the only way they make money. I would be careful when looking at discount PMs because if they aren't making money, they likely have terrible systems in place for management. 

Hey Danny, if you spend time building out the right team, BRRRRs will take your money a lot farther in the Columbus market. 

You likely won't be able to pull all of your money out with the market's current conditions, but with Columbus's appreciation, your return on cash invested will be huge!