All Forum Posts by: Tri Le

Hi Everyone, 

Just checking in.  Thank you Ken for the warm support!  I wish you the best on your journey.  There are times I wonder if the vision will materialize, but knowing that the Bigger Pockets community is here to lend support and guidance has given me hope!

In regards to property management, this is great advice because it will free you up to focus on other important pieces of the the business like strategy and deal acquisition.  Also, PMs have insight are usually better experienced and equipt to screen and place quality tenants, which will reduce vacancy. 

As far as an update on the hunt, we just finished furnishing and listing our Airbnb in Cincinnati.  Just in time for the 17 year emergence of the Cicadias in Cincinnati :/  Thinking of leaving some wearable  Bug Screen Pods in the AirBnB. :)

I've connected with another investor and we are looking at small and large multifamilies.  We came close to acquiring another 4plex, but it didn't work out.  It was however a good exercise to understand each other's search criteria, and it was a sort of dress rehearsal to prepare us for future deals.  Over the last 2 weeks, we were able to have lunch with my team in Cincinnati to explore and strategize ways to hit our 3 year goal.  Partnering has opened a new doo/dimension to real estate, and I am optimistic.

I wish I could tell you all that I put a 30 unit apartment under contract and hit my goal within a month.  Soon enough I'm sure!  

Good luck everyone and Happy Belated Easter!

Hi Evan,

Welcome to the resistance!  Let me know when you make it into town, and we can connect.

Tri 

Hi Carlos, 

My target price per unit is 45-75k and rents $500-$1000. DSCR- 2 or higher is the target for us. Although if DSCR on subject property is lower say 1.5 and can be a value add to get to 2 or higher, then that also possible.

My main criteria so far is location and particularly in an area with a population of 100K+ with infrastructure for employment that can sustain an annual median income of $50K+.

Thank you for reach out!

Hi Everyone, 

I just wanted to give a weekly update on the progress.  Thank you everyone who has messaged me.  I feel that I have made more progress towards our goals after the announcement of the challenge.  

After connecting with some of you here on BP, I've learned so much in the last 1-2 weeks.  Many are in similar investing stages, which is comforting to know that there are others walking the same path.  It has also been eye opening to hear the different approaches and perspectives to multifamily investing, which will help hone and craft my unique strategies.

I think I'm gonna start calling my quest the MISSION Project.  

Multifamily Investing Search Solutions to Improve Ones Net-worth.

MISSION Project:

Week 1:

1. Connected with 5 brokers- Done

2. Network with 3-5 investors- Done

3. Specify search criteria and market for investment- 50% complete

4. Set target deadlines- 50% complete

5. Analyzed 5 Apartments and small Multis'- Done

6. Spoke to network in Cincinnati about my investing goals- Done

Week 2-3:

1. Interview 5 investors at various stages of investing- to be completed

2. Analyze 5 more Apartments- to be completed

3. Narrow focus of investing and getting the mindset of saying "No" to deals that don't fit the criteria- work in progress

This is my first draft on my 30 day plan/checklist.  I'm sure it's amateurish, but it's my 1st crack.

Let me know what you think, but be kind :-)

Hi Paul and Evan,

Paul, this is great insight! It would definitely be a dealbreaker if I could not find someone to manage the apartment. My goal is to account for property management as an expense calculation towards my NOI. A man has to have time for college football and his fiance. We can debate the order :-).

Evan, if you are in Cincinnati, DM me, and we can talk more. 

24 hours into the challenge, and the motivation has not wavered!  Thank you BP!

Thank you Dustin! Keep moving forward and hustling.  I'll try to post my progress as I can.

This can be part of my 30 and 60 day challenge to keep me accountable.

Working on the take no prisoners mentality.  A good book to read about this is Robert Greene's The 50th Law.  

Hi Chris,

We will be in touch brother!

Hi Paige and Jon, 

Full disclosure, I will admit that I am still a fledgling when it comes to leveraging technology to monitor deal funnel and track progress.  This should be part of my 30 day goal/plan.  I will start looking into CRM platforms to get more sophisticated.  If you have any recommendation, please share.  So far, a rather archaic method of excel spreadsheets, folders, and using the property manager's ledger sheet has worked well for the 7 property portfolio.  However, if I plan to scale, I need to think in terms of building a business.  Ugh rookie mistake I guess. 

Jon, I'm looking mainly in Ohio because of familiarity and infrastructure, but this may be a crutch.  I am currently managing my portfolio long distance.  Shout out to David Greene for his book!  That being said, I am open to other markets, such as Texas, Alabama, Missouri, Tennessee, Kentucky etc.  If we can build a team and the numbers work on the deal, it's a green light.  

Thank you both!

Thank you BP for the outpouring of support.  Inspiring to know that "we" are not all alone!

Tucker, this is an area that I definitely need to improve.  Writing down and mapping the plan.  Going to start now!  I'll try to upload a pic of the mind/vision map when I can.

As an update, I did connect with 3 investors in the last 24 hours, so definitely a start to securing funding.  I also made a list of some brokers, I'm going to contact this week for some intell.

I don't want to get ahead of myself, but dare I say, we shoot for something larger?!

Keep it coming BP, the plan is coming together.