All Forum Posts by: Chris B.

Tiffany Toukatly Hello & welcome to the forums. I've just started looking into MF homes in the Rochester area myself over the past month and a half. Take a look at http://www.zillow.com to get an idea of what properties are available in the area. It's not quite the MLS, but it does pull from it (I think current estimates are about 1/3 the listings).

There's also loads of resources here to educate oneself on REI. Specifically the beginners guide: https://www.biggerpockets.com/real-estate-investing and MF guide: http://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ come to mind.

Dave Savage thanks for the reminder. Definitely planning making it; looking forward to seeing yall at the meeting.

Welcome to the forums Joseph Wilson.

Hey Michael Wagner, I'll be keeping my ear to the ground on that meet-up. I'm making plans and educating myself for my first multi-unit in that part of the city (looking at South Wedge to Fairport).

Dave Savage took a look at the FFREIA website, quite interested in visiting some meetings. I see on the website that it's open to the general public but the Thursday meetings don't seem to give any information unless you're registered. Are the general public meetings the monthly ones? I don't mind signing up (and expect to), but would prefer to drop by a meeting or two first.

Josh Stetson congrats and gl in your new career in SE. What's your specific area of expertise? It's good to find someone else from the Rochester area, and I'll def be checking out the thread you passed along. Thanks for the heads up about the FFREIA, I was just about to start looking to see if Rochester had an association.

As to how long I've been studying up on this, I've got a college buddy in Buffalo with a few MF and commercial units who's brain I've been picking for the past few years; however, I only recently started seriously educating myself, maybe 2-4 hours / day over the past few weeks. I've lived / rented in the area for the past 11 years, so I've got a good idea of the current market and where the up-and-coming areas are. Mostly been looking into financing, tenant selection and management, and good investment strategies with a focus on MF properties.

Lots of excellent feedback. And thanks Kelly N. for that link. Excellent resource and bookmarked for future reference as well (still reading through it, expect to be done this evening).

I completely agree to have everything in writing, and especially legal, and keeping copies of everything. When it comes to copies, do you tend to keep that information in a filing cabinet, a safe, elsewhere? What liabilities exist for having that information (in the case that it was stolen?) Also, do you tend to destroy those copies once a tenant has left and all necessary proceedings have finished (any evictions or garnishments that may have been required have taken their course) or keep them for your records?

Planning to get my first multifamily property by the end of summer and wondering how to go about selecting the right tenants. At work part of my responsibilities include bringing on new talent to the team. I’m usually a pretty accurate judge of character and experience when dealing with an applicant; however, having a resume (and any other submitted materials) goes a long way to weeding out those that don’t make the cut. I realize nothing replaces meeting the applicant in person, but was wondering if anyone have experience in this field and know if the same strategies apply to picking the right tenant?

What documentations do you usually require during the application process? Do you find that the simple fact of having a more involved application process helps deter less desirable tenants (or just deters overall interest)?

Thanks for the welcome both, and the links Brandon Turner. A lot of truth in that article, and the comments below. Those of us who carry a full time job still have a lot we can dedicate towards other interests (such as real estate investing), so long as we have the motivation to get through it. I'll definitely be setting up some keywords and continue to dig through the site.

Hello BP!

Wanted to take a second and introduce myself to the community. I'm Chris, a 29 year old Software Developer looking to start real estate investing. My day job is being the Lead Software Engineer for a small company focused on interactive development. Outside of work I'm often outside doing some sort of activity (usually tennis) or in my basement doing some woodworking (new hobby).

I've been interested in getting into real estate for the past few years and, while I like the idea of flipping, however; realize that my availability does not coincide with the time required to make this a viable option from which to start. My other area of interest is in holding multi-family houses, with plans to live in one of the units. My near goals include acquiring my first property by the end of summer, and having five units within the next five years. I'm planning to have the experience and contacts to make flipping a viable option by that time.

I'm excited to learn more and get to know the members here on BP. Hope you're having a good day and look forward to hearing back.

Regards,

Chris