All Forum Posts by: Vance Courtney

Is this still ongoing?  Is there a cost to attend?

When is the next event?

@John Corey, 

Thanks for the response.  As for my day job, I work in the cloud IT automation workspace.  

Honestly, it hasn't really been 2 years since investigating the active investing opportunities, that's been more like the last few months or so.  I've been very active in the traditional residential real estate market for a decade or so.  

I do attend local meetings with other investors and even national meetings like the Deal Maker Live Event coming up in a few weeks and the Raising Money Summit in October as well.  

I like to take the more active approach and not only take notes but see how these individuals achieved the level of success they have and even take the effort to work with them.  Michale Blank and I were recently on a fun and amazing cruise called Investors Summit At Sea.  This was a great time to see the different asset classes and also have fun while attending these networking events. These are the type of events I highly recommend people to take advantage of if they can.  

Since it's a fourplex, I think it's easy to sell to a business/corporation or any investor (some of which will buy with a business entity). Are you looking to maximize your price? If so, find a realtor that has experience selling multi-family units. Keep in mind a fourplex is extremely popular depending on your market as this allows anyone to get into multi-family since it's still considered residential and residential mortgage loans can be used for the average person looking to purchase. If the price isn't your number one concern, but speed and convenience are, just reach out to your local REIA and someone there would be more than willing to purchase the property from you.

It comes down to what type of mortgage you're looking at getting and the terms.  These together determine the interest along with your credit standing. 

You do get better rates if you plan to live in one side as this isn't going to be considered an investment property (of course this is assuming you have decent credit). 

Depending on the loan type, (FHA vs Conventional vs VA, etc.) your rates would not be impacted once you move out but you may have an obligatory minimum timeframe you have to have the duplex as your primary address.

Not living in the unit normally impacts insurance.  You normally pay more if you're not living in the residence for the same coverage of insurance.  

Hopefully, this has been of some value. 

@Charles Ledet, THINK BIG.  I truly believe you have the best of all worlds.  You can take so much "risk" and still recover quickly.  Being a young entrepreneur such as yourself, you could even try to get into multi-family from an active standpoint.  Try to be a General Partner instead of a Passive Investor only.  Start making money by putting in hard work, grit and pure hustle into this.  You have the one resource many others may not have, which is time.  Do what @Danny Randazzo and @Greg Dickerson recommend. First, educate yourself and start networking.  I would even add that you should start looking for deals you can pass to syndicators.  It's not that you will find a deal right away but you need to know what a deal looks like and that can only be achieved by going through deal after deal after deal.  If you truly have no idea where to start, I highly recommend the book Best Ever Apartment Syndication Book.  Also, please reach out if you ever have any questions as I (and many others in this community) would love to help you along your journey.  

Hey @Luke Miller,

I am in my path as a 6-figure earner & for the last year or two have been researching the best way forward to invest my money.  Through experience, education and even hiring a mentor I have been nailing down the best asset to class to invest in.  As for today, I am still working on finishing my first deal as an active investor (GP) and helping educate others along the way.  I even have a podcast launching in the coming months to help others get into this asset class and to overcome the ever prevalent 'analysis-paralysis'.

What about you?  What's your experience, what path did you take to become successful?  

@Matt Barker Missouri is a mostly and landlord friendly state, which works in your favor regarding tenancy. However, the reason that Missouri is MOSTLY a landlord friendly state is due to the security deposit and the favor for the tenant with deposits. For more information check this link out.  

https://www.rentapplication.com/missouri-landlord-tenant-laws/

Hopefully, this will help you with your future decisions.

Are you looking to get started in multi-family investing? Do you simply want to put up capital (money) to fund a deal or do you want to take a more active approach and raise capital or find the deal? 

No matter the choice, EDUCATION is THE MOST critical component to getting started.  Now, take that with caution as well. You don't want to get stuck in analysis paralysis and then years go by while you're still stuck in the same place.  I believe in taking Massive Imperfect Action but that does not mean to take Massive Uneducated Imperfect Action.

Here are some ways to acquire the education

1. Digital Media (Podcast/Youtube/FBLive), again don't fall victim to sales pitches.  Look for quality education and follow people like Adam Adams. Michael Blank, Joe Fairless, Matt Faircloth, etc.
2. Books or Blogs - You're on the right track here at BiggerPockets.  I can't recommend Best Ever Apartment Syndication Book if you're looking to raise money and take a more active approach. 
3. Seminars/Meetups - These are some of the best places to network with some of the best in the industry and learn from them.  This is going to be one of the most impactful methods of getting a ton of value and information for a fraction of the cost (spoiler alert: some are free)
4. Mentors (Free or Paid for), be aware of 'Gurus' and look for individuals STILL ACTIVE in the multi-family space. A mentor can accelerate your path to financial freedom. 

After you've picked one, many or all of the above mediums to educate yourself, here are the key topics to educate yourself on. 

1. Terminology - this is the easiest and fastest topic you need to educate yourself on.  Without understanding the lingo you will have a harder time communicating with others in the industry. 
2. Numbers - Strong understanding of the numbers and how to calculate them.  Don't be fooled by the different sheets/calculators.  These tools can be helpful but you need to know how to run the numbers so you can determine if the numbers are accurate. 
3. Roles & Responsibilities - A team's roles & responsibilities (property manager, lender/broker, agents, attorney etc).  Do not think for a moment you can go into this as alone.  Multi-family is a team sport and you must know the roles & responsibilities of your team members in order to succeed. 

Doing these few basic concepts you set yourself up for success instead of the endless analysis paralysis and never taking action.  Instead of researching around trying to find out why multi-family is THE BEST investment strategy, then I'd recommend you start implementing this plan to educate yourself.  Learn the terminology, numbers and roles/responsibilities to get you started no matter if you're going to be an active investor or a passive investor. 

I have a firm belief about rules, you made them to help protect you.  Just remember that when making your decision either way.  There's always going to be another deal.