Apartment Dreamin. Open Journal

[Timothy Casallas]

How’s it going BP,

To get straight to the point with this post before I backtrack, I have decided that it is the right time for me to start investing in multi families and my goal is an apartment with a minimum of 5 units (for commercial loan reasons). I have done my studying and will continue to study everyday but I don’t want to get stuck in analysis paralysis. 

A little about me: My name is Tim and I am from Queens, New York. I bought my first property in 2014 which was a personal residence in NY and then decided to start investing in 2016. Since then I have bought homes in North Carolina, Florida, 2 in Milwaukee and I manage a home in New Mexico, all while working full time in the military and currently being stationed in Yuma, Arizona . All single families. 

The reason I am posting this in the open to the BP community is for a couple of reasons. 1) I want to use this space as a journal. I want to be able to look through my notes and be able to track good or bad habits, not just for this next deal but for future deals to come. 2) If anyone does decide to read or follow this, I hope that they can learn from my successes and failures and maybe drop some advice or questions along the way. That would be greatly appreciated. 

I don’t have experience in the multi family game. I am starting this goal from scratch and I’d like to accomplish it before the holidays. A couple of key points:

Financing: I have a strong potential Partner A and B. A might be able to bring 30k to the table and B a possible 20k. I may also be able to come up with 20k. Another option that I have is a HELOC on my house in NY which is completely paid off. I might be able to pull out 100k from there. Just some options that I've floated around.

Locations: Just the baby stages of everything but I am looking into Atlanta and it’s surrounding neighborhoods as well as Cleveland for now. I’ll learn and exhaust those markets before I decide to move on. 

My goal is to make progress everyday. Whenever I make any noteworthy news, I will report it in this journal. I am excited to take this next big step in my investing journey and hopefully I can help some people to learn along the way!

T. C. 

[Brock Mogensen]

I invest in the Milwaukee market and the cap rates make sense.  Population growth isn't quite as good as Atlanta but it's my backyard and the metrics still look good.  Great to think big and go straight into multifamily.  I went from a duplex to an 89 unit and haven't looked back since!