Developer · Philadelphia, PA · Member since 2012 · 33 posts · 14 votes
Good morning!
I’m looking to get started in real estate investment. My initial idea was to buy a small multifamily, renovate the units, then sell it in Denver.
I have 2 young kids (2 under 2) and a full-time job as a commercial multifamily analyst. House hacking is out, and I don’t have the time to add the job of property manager.
I’m planning on relocating with my family to Philadelphia in 2023 as well.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
6y
Sounds like a solid plan! I've implemented a similar value add strategy with small multifamily here in Denver (except refinanced and held instead of selling) with a few quads, a triplex and an 8-plex. I also have several clients executing apartment flips at the moment. It's a beautiful strategy here, but the hardest part is just finding small multifamily buildings for sale. Occasionally a decent deal pops up on the MLS/Loopnet, but most are traded off-market/pre-market. I do quite a bit of prospecting and networking with commercial agents to source deals, and find that to be the most important piece of the puzzle. Once you buy a few buildings, the deals end up finding you which is helpful.
I also have kids: 3 boys aged 1,2, and 4. I have some advice for you there as well: practice safe sex my friend! The third one is a doozy. But hey, at least providing for our kids keeps helps keep us motivated!
Denver, CO · Member since 2016 · 50 posts · 25 votes
6y
@Patrick Ryan
Find a beat up SFH in a solid area that you can fix up and live in until 2023. Use a low down payment option to get in like FHA or 5% conventional. You can also tap the equity to buy more deals after a few years or sell for tax free capital gains.
Rental Property Investor · Cedar Falls, IA · Member since 2019 · 8 posts · 4 votes
6y
@Patrick Ryan
Investing passively into a syndication is a great way to get started. That’s what I’m currently doing with a property in Arizona. Great way to learn about the business when just starting out, but still being able to invest. With two kids, investing passively might be a good way to get your foot in the door without having to deal with all the work.
Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
6y
Buy a house, live in it a year, turn it into a rental, and buy another. I've got a ton of people doing this. One of my oldest clients is on their 15th home this way, and he's my age.
Specialist · Earth 2.0 · Member since 2019 · 598 posts · 271 votes
6y
Hello, as you are analyst aka excel guru, lol. I would look at buying a Class B 4 plex move the family into one of the units and other 3 pay for the mortgage, costs and bit of cash flow. Then in Y3(year going to PA) sell to an investor. As always triple check the numbers. The other options is a syndication.
I’m looking to get started in real estate investment. My initial idea was to buy a small multifamily, renovate the units, then sell it in Denver.
I have 2 young kids (2 under 2) and a full-time job as a commercial multifamily analyst. House hacking is out, and I don’t have the time to add the job of property manager.
I’m planning on relocating with my family to Philadelphia in 2023 as well.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
6y
Sounds like a solid plan! I've implemented a similar value add strategy with small multifamily here in Denver (except refinanced and held instead of selling) with a few quads, a triplex and an 8-plex. I also have several clients executing apartment flips at the moment. It's a beautiful strategy here, but the hardest part is just finding small multifamily buildings for sale. Occasionally a decent deal pops up on the MLS/Loopnet, but most are traded off-market/pre-market. I do quite a bit of prospecting and networking with commercial agents to source deals, and find that to be the most important piece of the puzzle. Once you buy a few buildings, the deals end up finding you which is helpful.
I also have kids: 3 boys aged 1,2, and 4. I have some advice for you there as well: practice safe sex my friend! The third one is a doozy. But hey, at least providing for our kids keeps helps keep us motivated!