All Forum Posts by: Victor Patel

Rene...I would ask the syndicator if he/she has his own money invested as an LP.  If the syndicator won't invest his own money then neither will I!

I’d suggest beginning by connecting with an agent who specializes in multi-family properties. They’ll have a deep understanding of the market and a strong network, which can help you identify the best opportunities.

Owning rental property isn’t as simple as it might seem. It’s a full-time commitment, especially when you’re just starting out. You’ll need to treat it like a business—handling tenant management, accounting, legal compliance, property maintenance, and more.

That said, when done correctly, it’s a powerful tool for building wealth!

Hello Andrew,

I’d recommend starting by finding an agent who specializes in rental properties. They’ll have a strong network and be more in tune with the opportunities available in the rental market, whether you're interested in single-family homes or multi-unit buildings.

If you're focusing on single-family homes, try to keep them within the same area. This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.

For your first investment, I suggest starting with 2-4 unit properties. They offer better economies of scale and tend to be more manageable as you grow your portfolio.

Yes, the lease renewal should state the new amount of the deposit.  Simply have the tenants sign the new lease AND have them provide you with the additional $100 BEFORE you sign the lease yourself.

Your license is part of the public record, so sooner or later, your employer will find out if you're licensed. As an employee of a MF Development Company, your boss will expect you to dedicate full-time hours to your job. If you're working on other projects during that time, it could create an issue, as it would for any employer.

Why not be upfront with your boss and let them know you're planning to get your real estate license? Getting his/her initial reaction could open the door to an agreement that works for both of you. Transparency is key—being honest will help you avoid unnecessary stress and ensure peace of mind.

I would join a team and learn the ropes.  Once you learn how to generate leads, marketing, negotiating, etc you can go be a solo agent.

I have went to many real estate and franchise conferences over the last 30 years.  I went to my first BiggerPockets conference last year.  It was a blast.  Like @Jesse Rivera mentioned above, I also go to a few sessions but spend most of my time in the lobby or at the bar making connections.

"You can learn something from everyone" is my motto.  I've made many connections and learned a great deal just listening to people and learning from their experience.  It's an education that Harvard, Yale or Stanford can not provide and it's FREE!  If you end up going feel free to reach out.  I'm definitly going again this year!

 Since the property was built in 1975 also confirm it does not have aluminum wiring.  That is another no no for insurance companies.  There is a remedy for that but it is not cheap.  Also, I don't believe you can just "take over" the seller's insurance.  Check with the insurance company first.  Best of luck!

I don't see a problem with this as he has disclosed his financial interest in the property and him being a licensed agent.  I would still do due diligence such as whole property inspection, lead inspection (depending on when the property was built), appraisal, etc.  Make sure there are no Federal Pacific electrical panels.  Insurance companies do not like Federal Pacific electrical panels.  The won't insure you or they will jack up the price considerably.

I moved to OH from CA 30+ years ago.  I went to high school and college in the Bay Area.  It was a nice place in the 80's.  Now I only go back to visit family.  Once there I can't wait to get back to OH.  Tired of stepping over land mines in CA and having to look over my shoulder even in the daytime.  

Most of my clients in Cincinnati have been from CA.  They bought several apartment buildings from me and couldn't be happier.  They told me they couldn't have done that in the Bay Area.