All Forum Posts by: Timothy Lyons

Hey everyone, great posts on this thread so far.  This exact topic is why I started Cityside Capital.  SO many people know that they want to get into real estate but they don't know who to trust, what markets to invest in, etc.  There are NO shortage of operators out there vying for capital for their "conservatively" underwritten deals.  

After partnering on 3 multifamily deals I became a registered rep of a broker dealer that focused on multifamily and self storage private placements.  We have a stable of highly vetted sponsors and perform due diligence on each of their individual offerings/funds.  We understand that investors who have capital to put to work don't necessarily have the time, or know-how, to properly vet sponsors/operators or individual deals.  

I am happy to chat about all things real estate with any of you whether you would like to find out more about Cityside Capital or not.  I believe in paying it forward like so many of my mentors did for me! 

Nice job @justin g! 

So many great responses on this thread! 

As one of my mentors/coaches always says, "Education x Action = Your Results".  I truly resonate with this equation when contemplating my multifamily journey.  I would also like to add: Networking, relationship building (takes time), being surrounded by like minded folks, adding value to investors with content, following up, and doing what you say you are going to do.  

Ashcroft Capital and Joe Fairless are some of the leaders in the multi family syndication space.  When investing in any syndication you will want to do your own due diligence on the sponsors of the deal.  At this point, they have nearly $1 billion of AUM and have a few years of a successful track record.  That being said, evaluate every property on its own merits! 

Hope this helps! 

Tim Lyons 

Hey Everyone! 

Congrats on all of your successes in 2020! I love to see other people who have used BP to educate themselves and then implement the strategies.  

2020 was certainly interesting for me as well. I started a new company and became a general partner in nearly $20 million in multifamily assets and 190 doors.  It's been an incredible journey and I am looking forward to what 2021 has to offer.  

I hope everyone out there keeps plugging away and making it happen! Stay safe! 

With gratitude, 

Tim Lyons 

Jake,

You have certainly come to the right place as BP is simply amazing. I got started with BP by listening their podcast (all of them) and I haven't looked back. Being new to the space, my best advice would be to take a deep breath and do the following.

Figure out your real estate investing goals: short/mid/long term. Cashflow vs appreciation or both. Active vs Passive investing (are you still working W-2, time commitment vs time freedom).

Educate yourself as much as possible. I started out by reading Rich Dad, Poor Dad, like so many others. Then I went all in on real estate and consumed as much content as possible using podcasts, Audible, YouTube, local meet ups, and reading books.

Take action. There will always be an unknown that you cannot truly control for. What if this and what if that. My mentor told me once that as soon as you know 70% then it's time to take action. You will ultimately figure it out along the way. Otherwise, you can get stuck.

Feel free to reach out and chat some more about anything real estate :) I hope this helps!

Best,

Tim Lyons

Gabrielle, 

First of all, your father is very lucky that you are looking out for his best interests! Real estate investing can be overwhelming and that's why BP is so amazing.  

That being said, I think you should have a conversation with your father about what his goals/visions look like.  Once you guys are clear about what the goals are, you can reverse engineer your success.  I also think that your father should be using a CPA/Financial advisor that is intimately involved in the real estate space.  You guys cannot use the same advisor/cpa if they don't know how, or are uncomfortable with, using real estate to propel your wealth.  

With rates being so low, I personally think it would be a decent move to refinance his commercial property in Queens and use the proceeds to invest in more real estate.  This would be an arbitrage play.  Now you will have to stay focused on Dad's goals and see if he would want to be active or passive in real estate investing.  

PS: I am a lieutenant in the FDNY in Queens so I know the area well. 

Best, 

Tim Lyons 

Starting a new LLC as this is my first investment property! One attorney stated that I should not use residential financing and quit claim to new LLC as this would cause bank to call the note due immediately. He also stated that I should not necessarily purchase with LLC but rather purchase an umbrella policy on my home?????? Another attorney told me to use new LLC and use commercial financing. Commercial financing will be a 10 year term with a 25 year amortization. This means I will have to refinance every 10 years :( I called mortgage broker that I used 7 years ago to purchase my home and we told me unequivocally to purchase home in my name and quit claim it to LLC the next day. He said he owns 2 rentals and has done it this way. NONE of the podcasts I've listened to talk about using commercial financing. What should I do?

Hey guys - I'm thrilled that I found this website and I'm quite astonished at all the information that it has to offer! I am currently a full time NYC firefighter (14 yrs on the job with possible retirement in 6 yrs) and per diem ER RN (7 yrs) looking to get into REI by buying and renting out properties for long term wealth generation. I love being a FF and a RN but I am getting a little sad of being away from my 3 girls for so many hours each week "punching the clock". I've always wanted to get into real estate but now I feel that I am ready. I've cleaned out the local library of all the REI books that I could and I am trying to educate myself.

I am looking to get into the market in a few areas: Shoreline area of Connecticut and Long Island.  But I am open to anything at this point.  My goal in the beginning is to hook up with an experienced investor at some point to see how this works. I am no stranger to hard work and I look forward to launching this new career!