All Forum Posts by: Simon Cox

@Meghan Macur

Keep waiting and stick to your guns! That deal's a'comin!

@Noe Garcia

Welcome to bigger pockets! As you've already learned, there are vast amounts of information on this site and many people who are willing to lend a hand and walk newbies like us through the process of getting started! 

Best of luck. 

@Mark Ehause
One reason I've heard many times from those with a lot of experience is that it's fun.

It also happens to be a wonderful way to generate income. Don't do this full time if you don't enjoy it!

Good luck!

@Steve S.

Hey Steve!

Sounds like you're in a great spot! I'm a noob myself and looking for that first deal to break into the game. I would recommend BP podcast #4. It talks about the potential for starting out with larger multi-family or commercial properties. Most people don't consider it but they made some great points! 

Also read as many books as you can! Bigger Pockets' "The Book on Rental Property Investing" is awesome.

Good luck!

@Patrick Liska Definitely things to remember in my analysis, writing these down, thanks!

@Mike H. Thanks for the response Mike! From my understanding, 30% down is pretty standard across the board regarding lending (not counting seller-financing) right?

Absolutely right with the #'s. I'm just beginning to explore this part of the market in DFW so we'll see how they look.

What does property management look like for a 20-40 unit apartment complex? Are prop management companies willing to take this on or would I have to hire in-house management?

Hey Everyone, 

I just listened to the BP Podcast # 4 (www.biggerpockets.com/show4) with Frank Gallinelli talking about the idea of getting started with commercial property as opposed to residential. He made the point that most people lean towards residential because it's what we're used to and it seems to be easier and "more beginner." (for whatever that's worth)

The more I think about it, the more it sounds attractive to me. 

My goal is to replace my income through rental properties and trade up via 1031 exchange. I was planning to start with a duplex, tri or quad but if buying an apartment complex is possible. I'm thinking that might be a good route to go and a better starting point for trading up.

Has anyone else started out/done their first rental deal with a commercial property?

Frank mentioned searching for properties with low vacancy rates or low cap rates which could show potential for a value-add and upping the rents to the market level.

What are your opinions on this strategy?

Besides the numbers, what else should I be weary of.. or excited about?

Thanks in advance!

@Ashley Wolfe

Congrats on the deal, getting on base!
I have a good friend who just rented his house out in DFW and used a great, free rental management site called Cozy.co. 

Might be a good resource to screen and rent tenants quickly with minimal work.

Best of luck!

@Cash Lawless Welcome to BP< you came to the right place.

Best of luck!

@Jason McDougall

Sent you a PM!

I agree with @Josh Mitchell, blame any offer that is lower than what they were expecting on the numbers.

Good luck