Rental Property Investor · Oakland, MI · Member since 2018 · 8 posts · 2 votes
Hello,
My name is Matthew
I am currently employed at a local company, looking to leave my w2 job in the next two years. Reason being I just do not see myself ever being able to retire and live comfortably. With Always having interest in real estate I started reading and researching.
After a while I decided I was going to pursue multifamily real estate to create a better life and freedom. About 6 months ago two gentlemen and myself partnered and began the process of our multi family journey. We are excited to be investing in the multifamily housing market. Being able to provide a foundation and stability for family’s and individuals is our dream.
We are Located in the Metro Detroit, Oakland county area. I am Partnered with a great group of individuals and investors looking to land our first 50+ unit deal this year 2019.
We have tackled head on the beginning stages, while moving full force with the process of looking for our first deal.
Thank you for taking the time to read our beginning to the future.
Close no deals that involve tenant in place with receiving "estoppel certificates" from those tenants (written and signed verification that they are paying X amount in rent, have X amount in security and other deposits with the owner/landlord, and whatever other agreements they've made with the owner/landlord). Do not unquestioningly believe anything about these matters that the owner tells you or that the tenant casually verifies in conversation. Read this:
50 units for your first deal! Hope some investors in your group have experience obtaining commercial loans. I agree with @Calvin Kwan the numbers don't lie. Don't get emotionally invested in the deal. Another thing I would add is always have plenty of reserves; especially for a deal of that size.
Thank you, will do Mike. You seem quite well invested in the real estate market. I may possibly message to pick your brain about topics and questions down the road if that would be ok.