My name is John Steiner and I am new to BiggerPockets. I am an investment consultant and have provided RE consulting services to a number of clients. My clients would come to me with a specific property in mind that they would want to either fix and flip or rent for the long term. I understand the mathematics of determining whether a property is a good deal but am looking to get advice from experienced investors on what to expect for your first rental property.
My style will be buy and hold for rental income and I already know the legal vehicle that I would want to use for each property in my portfolio. I am thinking of starting with a duplex or a triplex and then increasing the number of units as my cash flow increases. Thanks for reading and feel free to connect!
Hi John, where are you in the country?
Based on my early experience, if you use Property Managers, learn how to vet them and manage them. They serve a very valuable purpose and they can seriously take you for a ride if you're not paying attention to them and picking good ones.
Taylor, I live in Maryland but will be moving to New Jersey shortly. I am looking for rental units in a lower cost of living area. Specifically the hometown I grew up in, Rochester NY and then some cities in the South. I was planning on using property managers for multi-family units, but if I was to ever do a single family home, I would probably not use a property manager. How do you vet your property managers?
Help me understand. Are you a real estate investment consultant who is looking to purchase their first property?
@Matt Honeyford , yes I have done quite a bit of analyst/consulting work for companies and individuals. My question was more in regards to what can be expected outside of the analysis and modeling phase of RE investing. Looking for pro tips on anything that could help an out of town investor and first timer would be great.
Forgive me, not trying to be negative but shouldn’t you know the answer to that question if you’re teaching others how to invest in real estate? Perhaps I’m missing your question...
@John Steiner if you've got specific questions I'm happy to answer them here!
Funny, I just went from New Jersey to Maryland and am looking to put my stake down here for RE Investing
@Matt Honeyford , I see your point. My question was more along the lines of, I know the mathematics and I can direct people to understand what has the potential to be a good investment. I can run the numbers to determine if it is good but I personally have never bought RE for the purpose of investing. The consulting work that I have done is only from a mathematics point of view. I have not had to deal with people other then the clients. My question was more along the personal side of RE, contractors, management companies, ect.
@Christopher Bell, whereabouts NJ were you from? We are moving to the New Brunswick area. MD has a constant flow of people due to the DC area. Good luck!
Gotcha! Thanks for clarifying. So like an accountant or CFO.
I think what you’re looking for is what to look for when walking into a house. That I feel can only be done over time. The best way you’re going to get the answers to your questions is to jump in pal. You have a handle on the numbers, which is great. The rest is experiencing it..
@John Steiner we do the same thing as well as broker the deals for our clients. It sounds like you’re looking into the mechanics of the deal rather than the analysis. Send me a pm