Hi folks,

I am relatively new to BP and not much experienced in real estate investing. I have a SFR rental property in St Charles MO. I have also been living in Wilmington DE for 6 months now. I am on BP looking to connect with people on the following:

1. I needed some contact information on rental property management that has a lot of experience in multifamily units. 

2. I would also like to get in touch with CPAs who own rentals (preferably multifamily)

3. Multiplex rental properties that show up on MLS in Wilmington DE area appear to be located mainly in the New Castle area. I am concerned that if I own a property there and have a PM company maintain it for me, it will still require me to be more hands on as compared to owning a property, say, in Trolley Square. So as a newbie, should I start of with SFR investing and then expand into multifamily?

I appreciate any advice. 

Thanks,

Pradeep

@Pradeep A. - Welcome to BiggerPockets. @Daniel James would definitely be someone to connect with regarding multi-family property management in Wilmington. I'd also suggest connecting with @Brandon Hall regarding your CPA needs. 

Whether you start with multi family or SFR will largely depend on your goals, strategy, and resources. If you have the money to do mulit-family. Great. If you have the connections or desire to raise capital to syndicate multi-family. Great. If you want to have more liquid SFRs and have multiple exits to be able to rent, flip, or wholesale. Great. There is no one size fits all strategy to real estate. You will likely even take some twists and turns as you go along the process and change your strategy up a bit as you're getting your footing. Anyway...All the best as you start diving in!

@James Masotti I appreciate the recommendation!  @Pradeep A. If you want to sit down and chat about property management sometime please let me know. There is certainly merit to both single and multifamily investing as James indicated. I would say to put it simply multifamily has more risk, but can me much more rewarding on a per unit basis if you are planning to buy and hold.

Why do you think owning a property in one location vs another will require a more hands on approach?  

Hi @James Masotti ,

Thank you for providing the references. I will surely reach out to Daniel and Brandon.

What you have mentioned makes sense. I work full time and do not get much time during the weekdays to spending time on REI. So a setup like SFR or small plexes, where I can be a landlord and have property management company maintain it for me, then it would fit my lifestyle.

I would like to connect with you soon and learn more about you.

Regards,

Pradeep

Hi @Daniel James ,

Thanks for you replying. I would surely like to meet you in person very soon.

I would like to own a couple more SRF or a small residential multiplexes for now to get a good understanding. 

I drove around Wilmington Downtown as well as some nearby areas within New Castle County. The area has a lot of Class C/D type of properties based on how they look. I also looked up multiplexes for sale online in these areas and, more often, they have month to month tenants. This means it would require more frequent tenant turnover and added screening. I prefer long term tenants. So, I was considering areas outside downtown.

I will send you a private message with my email and we can explore a convenient time for a chat.

Pradeep