All Forum Posts by: Stephen Smith

I see that this started in September and I wanted to see if this was still scheduled to happen in December.  Unfortunately I didn't see this in time to go yesterday!  I hope to make them in the future if they are still a thing! Thanks!

@Jonathan Greene Thank you for your insight!  I have recently been considering this same train of thought.  The main reason that I like the larger units it that a 4-plex ranges from roughly 1-1.5 million in my market.  A 8-10 unit (when you can find them) range about 3 million.  While the math per door is roughly the same, my thought is that I will have more doors still rented while I renovate one, and the overall costs for maintenance is roughly the same.  I suppose that it depends on how the math works out... Either way, I am willing to jump on a good deal in either market if the right thing comes up.  I happen to have a few investors who want in on a 2-4 plex but have yet to find an eager investor on the bigger units.  I suppose this could be a sign! 

I am no expert, so take this with a grain of salt.  I think that if you cash flow $300 per month, you are doing quite well, AS LONG AS you have reason o believe that no major repairs will be needed in the short term. You asked about buying older properties and the biggest issues I have found is that roofs need to be replaced, HVAC needs servicing/replaced, and sometimes there are foundational issues (not super common).  I you know how to swing a hammer or turn a wrench, you can save a ton of money on the maintenance side of things.  If you are not super handy, I would suggest getting on YouTube to prepare yourself, or pass on older properties.  

You did not specify the age of the property so it is purely speculation at this point.  Often times older properties come with aluminum wiring or lead pipes.  These items can make it expensive or difficult to get insurance for as well.  Again, if you can do maintenance yourself, some of this may be fixable by yourself.  A good electrician is going to cost a chunk of change to replace all of the wiring for the house, and a good Plummer will be pricey to replace the old pipes.  

If the updating has taken place, then your repairs should be low and the $300 a month would be a great return for a noob in the investing realm.  Just be sure to save that money up, and don't go using it for personal expenditures for the first 6-8 months and I would think you will have a great hold on your property.  

If that roof is more than 20 years old though... I'd learn to swing a hammer to pass on the deal.  Roofs get pricey quick if you don't know how to handle it yourself.  I wish you the best of luck, and I hope this helped a little bit.

I have heard of "bigger pockets" through several books I have read as well as podcasts that I have listened to.  I finally decided that it is time to come see what it is all about!  I am new to investing, but have been researching/dreaming of it for years.  I have gotten more serious about it these past 2-3 months and I hope to close in on my first deal very soon.  While I haven't found it YET, I now know that I am armed with good knowledge and have a few team members on my side who are true experts.  With all of that being said, I am excited to continue to learn and hopefully get to know many of you on a personal level as we learn and grow together!

I am looking for commercial/ large multifamily investing in the Reno, Nevada area.  My biggest concern with this market is that it is very limited compared to many other larger markets.  Due to the geographical factors that make Reno/Sparks fairly locked in, and the lack of multifamily zoning in Reno.  I do not want to stretch into California due to the Landlord laws and taxes.  There are not any larger cities near by that offers more apartments to look into.  In order to stretch further away, it is an 8 hour drive or an hour flight.  This makes growing my market fairly difficult.  Any thoughts or tips on this are appreciated.  

Again, I am excited to be here, and can't wait to learn from you all!