Rental Property Investor · Frisco, TX · Member since 2018 · 35 posts · 6 votes
Good Evening Everyone! My name is Bryson Rogan and I just recently moved from a small town in North Mississippi to Dallas,TX. I’m a young aspiring Multifamily Real Estate Investor looking to take down my first deal. What are somethings I need to do in order to achieve this goal and to begin working on it immediately! Thanks in advance!
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
8y
@Bryson Rogan first off, I would read some books - Multi-family Millions by David Lindahl and ABCs of Real Estate by Ken McElroy are my 2 favorites. @Gino Barbaro is on this site and has a book called Wheelbarrow of Profits that is worth checking out as well.
Podcasts are great. There are several that are multi-family focused. Wheelbarrow of Profits, Apartment Building Investing with Michael Blank and Lifetime Cashflow with @Rod Khleif. I also just did an apartment investing series on my podcast.
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
8y
Bryson, Lots of options open to you including investing in the market you already know. Spending your Dallas dollars may produce better opportunities in northern Mississippi, where presumably you already have contacts, while you work to figure out the Dallas market and build connections in Dallas. This business is like any other; you are only as good as your network. All the best.
Casanova, VA · Member since 2015 · 21 posts · 12 votes
8y
Welcome! I’m in Dallas area too. Moved here from VA. Not a lot of multi families here. Well at least any available for a good price. Dallas can’t keep up with the population and prices are inflated. I’ve heard grumblings that it looks like it’s starting to come down. So maybe hold off a bit and see what the market does it shot pretty high pretty fast and most of my colleagues believe we’re seeing a correction.
Casanova, VA · Member since 2015 · 21 posts · 12 votes
8y
If it helps I got my start house hacking when I was fresh out of college. I bought a 4 unit town house with a 3.5% down FHA loan. I lived in one unit for 2 years rented out the other 3 then moved on to another 4 unit and did it a second time. Once I had more money to put down and landlord experience under my belt financing was much easier to get.
Multifamily Lending · Dallas, TX · Member since 2014 · 55 posts · 21 votes
8y
@Bryson Rogan@Matt McKinney Howdy, I am in Frisco as well. Work in Addison. Maybe we should grab coffee sometime - always good to chat with folks with similar passion in multifamily...
Rental Property Investor · Springfield, NJ · Member since 2018 · 35 posts · 10 votes
8y
Look into fha lending for 3.5% cash down on a multi family home. Buy under market value and renovate kitchen and bathrooms. Do a cash out refinance on the property to fund your next deal. I am closing on my second home using the brrrr method. Good luck!
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
8y
@Bryson Rogan first off, I would read some books - Multi-family Millions by David Lindahl and ABCs of Real Estate by Ken McElroy are my 2 favorites. @Gino Barbaro is on this site and has a book called Wheelbarrow of Profits that is worth checking out as well.
Podcasts are great. There are several that are multi-family focused. Wheelbarrow of Profits, Apartment Building Investing with Michael Blank and Lifetime Cashflow with @Rod Khleif. I also just did an apartment investing series on my podcast.
Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
8y
In Dallas I'd think you need to get a really good deal, maybe on a distressed property. Cap rates are really low and you don't want to be the last one holding the bag if the music (appreciation) stops.
Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
8y
@Bryson Rogan Here are a few things you should do to get started. Make sure your finances are in order: Do you have the downpayment saved? Rehab Fees? Closing costs? Are you credit worthy(have you seen your report recently)? Put a plan in place: Not just for your first deal, but what are your goals and when do you want to achieve them. Last become an expert in your target market: Learn the prices for houses in various conditions and the rental market. Make sure you analyze a ton of deals too. After you can check all of the boxes I just mentioned start looking for deals, financing assemble your team and then go for it!
Hi Bryson. As @Todd Dexheimer mentioned educating yourself is key. Read books, listen to podcasts, and "drink through a fire hose" as quickly as you can to get started on the right foot. My second biggest tip for getting started would be to network, network, network! Real estate, especially multifamily, is a team sport and you won't be able to do this alone.
Attend a local Meetup group, meet brokers, meet local investors, and provide value in anyway possible. Several people said you should meet for coffee; do it! Lastly while you're educating and networking you need to be analyzing deals. Everyday you should be crunching numbers and familiarizing yourself with multifamily deals.
Looking forward to seeing you crush it in multifamily!
Rental Property Investor · Houston, TX · Member since 2015 · 454 posts · 273 votes
8y
Network, network, and build those networks. As @Rod Khleif has mentioned attend local MF meetups. There are strong MF meetups all around the DFW area with a wealth of knowledge and connections. I'd also think about not just setting goals but create a vision board or something that will remind you everyday of what you're working towards. Change the vision board as you go along this journey.
Lastly, build an extended team. Contractors, lawyers, CPA, brokers, title contacts, lenders, and etc. They are critical for your success.