All Forum Posts by: Tuna Sakallioglu

@John Casmon thank you :) that's great advice, really appreciate it!

I have been talking to a couple PMs recently and found certain books to be super helpful in covering what to look for and what to ask to PMs. You can check how to invest out of state by David Greene or Multifamily investing by Brandon Turner. Also, most of the BP books I have read covered PMs to a certain extent. Apart from that another good way is to talk to other investors in the area and ask them, also ask your realtor if they have any recommendations.

#1 The 3.5% would be an FHA loan which you can get if you're planning to use this property as your primary residence for at least 1 year. I also heard about secondary home loan which I believe is around 10%, which might be something you can look into as well. 20-25% down payment is usually for loans that is for purely investment properties. I've also been hearing other loans that might help cover the down payment so that might be something worth looking into as well.

#3 You don't have to deal with getting a loan in this case as the loan will still be under the seller's name and you will be paying the seller the P&I. There is a great BP episode on this with Pace Morby (527 I think) which I definitely recommend if you didn't already listen to it.

@Scott Mac Thanks, just wanted to make sure I'm not missing the obvious :)

@Tanner Kenneth Jenkins It probably changes based on the market but what I've heard is 8% - 12% in general. The market I'm looking at for example is 10% (which is what is used as a general assumption I think). Apart from this it's important to add property management renewal fees to your calculations as well, which would be separate from the 10% and can drastically affect your CoC. I've seen renewal fees to be 1 months rent in my area.

@Paul Hamilton based on my calculations and conservative round numbers I come up with ~$360 monthly cash flow with 5% down and 4.5% interest 30y fixed, assuming water/heat/electricty is billed separately. (Also be aware of the baseboard heating which might rack up the bills during winter). The best way to know if electricity/heat (in this case it's just electricity as heat is baseboard which uses electricity) are billed separately is to ask the agent and/or seller. Another way is to check the pictures if there is separate meters outside the house like this: https://media.istockphoto.com/.... Also if you haven't read it already I would recommend The Multifamily Millionaire book by Brandon Turner as a starter to give you a better idea on how to analyze deals, what to look for etc.

Probably a simple question but how do you search a listing based on MLS #? :) I tried googling it but multiple listing results show up.

Thank you @Danielle Jackson for the great advice. Will work on writing up my plan and analysis.

Thank you @Jonathan Greene! Listening to the Multifamily Insights podcast now where you were a guest and absolutely love it! It answers pretty much all of the questions I was asking in my post :) Especially love your advice on the podcast which you mentioned here as well which is finding markets where you have a competitive advantage. Unfortunately I just moved to US 8 years ago and only lived in Brooklyn NY and NJ so far, which are the two markets I didn't want to get into due to higher prices and taxes. Similarly all my friends and family are in this area as well.. but you also mentioned to trust the data instead of others so I will definitely work more on that!

Regarding the data background and how I use it; at some point I thought of digging into some public data to see if I can find something insightful but didn't have time to pursue it due to spending more time on analyzing deals, connecting with people, attending meet-ups/seminars etc. but this is a great point and thanks for the advice, maybe I should go back and spend more time on this and see how I can bring value with this to others or even myself.

Thanks again for all the advice!

Hi everyone, I'm from NJ and I'm just getting started with my real estate investment journey. I have been reading books, listening to podcasts, watching Youtube videos etc. for the past 1 year and recently decided to get started.

I have my fully remote day job as a data scientist which I enjoy but I want to get to a point where I can be financially independent and have the freedom to decide whether I want to keep working at a 9-5 job or not. I also realized that I LOVE reading, listening and talking about real estate and can focus on it for hours while fully enjoying it, so wouldn't really mind switching to RE investing full-time at some point! :) I recently set a stretch goal of owning 50 cash flowing units in 3 years.

I started taking action a month ago by connecting with agents, lenders, investors in the area I want to invest in but still struggled to define a route that would help me achieve my goal. Talking to other investors in the area I realized that it might take a while to come across a good deal (or even find contractors that are available) and I found myself looking at "almost turn-key" properties. Soon after, I realized that that's not going to help me get where I want to be. So I started attending meetups and digging through BP forums a bit more and realized that I might want to jump into more commercial real estate (5+) units on my first deal and potentially partner up with a more seasoned investor to learn the process. I have some capital saved up for it too depending on the area.

Thank you for bearing with me so far :) My questions are:

1) Any books or podcasts you would recommend for getting into multifamily? So far I have been reading MultiFamily Millionaire Vol I, and getting started on Vol 2.

2) I really want to partner with a seasoned investor to learn in the process or get a mentor but not sure how I can bring value as I'm just getting started. Any advice on approaching other investors and how to find a good partner or mentor? Also, any meetups you would recommend?

3) I decided to invest in Pennsylvania since it's close and the numbers make sense but I know there might be better markets out there. What was your process in chosing your market?

Thank you!

Thank you so much for sharing everything in so much detail Jaideep! Such an inspiring story..

Would you recommend any particular way to network and connect with other like-minded investors? I'm trying to attend as many meetups as I can but feel that I can't bring much value to other investors at this point..

Thank you for sharing Amanda! What an awesome story and so inspiring.

Are there any mastermind groups or meetups that you would recommend to someone that wants to get started in multifamily investing?