Investor 路 IA 路 Member since 2021 路 8 posts 路 7 votes
Hey everyone, I am new, but eager to keep learning more about multifamily real estate investing. Recently bought my first duplex, and continuingly working to grow. I wanted to see what everyone's thoughts are for best conferences or seminars for someone newly investing in multifamily real estate to learn strategies and new ideas when it comes to investing. I am located in eastern Iowa so would love something in the Midwest, but also open to traveling for the opportunity as well or virtual seminars.
@Bo Black There are many virtual multi-family meetups happening every day at different times of day. There are several conferences as well that can be attended virtually. I have been to many of these this year and I am on several meetups each week to network with other multi-family investors. Since it is on a different platform I don't want to cause a stir on BP, so PM me if you would like more info and details on where to easily find these events. And if I can suggest a book for anybody just starting in commercial multi-family, read the Best Ever Apartment Syndication Book by Joe Fairless. It will help you to learn and understand a lot of the terminology and processes so that you won't be out of place when talking commercial REI.
@Bo Black There are many virtual multi-family meetups happening every day at different times of day. There are several conferences as well that can be attended virtually. I have been to many of these this year and I am on several meetups each week to network with other multi-family investors. Since it is on a different platform I don't want to cause a stir on BP, so PM me if you would like more info and details on where to easily find these events. And if I can suggest a book for anybody just starting in commercial multi-family, read the Best Ever Apartment Syndication Book by Joe Fairless. It will help you to learn and understand a lot of the terminology and processes so that you won't be out of place when talking commercial REI.
IMN hosts several conferences with great content and they are deployed throughout the country in different markets. We are attending the conference in Dallas in a few weeks and would be happy to share any others that are coming up here soon!
Absolutely, I did this as a straight purchase, and was able to acquire it off market where I did not have to compete for it. The gross rent multiplier is $105. I foresee rent going up in the near future beating the 1% rule. I met with many banks and credit union, to find the best financing option for me. I was able to purchase this as a "primary residence" since I did not own a house previously, and by purchasing it as my "primary residence" I was able to put very little money down. I have a 10/1 arm on the property with a 2.85% interest and no PMI.
Closing costs are right about $5,000
I will be renting the one have out and I will have a roommate on the side I live in with me. So, with living in the property, I will not only live for free, but will produce a positive cash flow.
If you have any more questions let me know. Through my experience if you are open to adjustable rate mortgagees, you have a solid credit score, and you purchase it as a primary residence you can avoid large down payment. Some lending institutions wont allow a duplex for a "primary residence" so go to as many institutions as you need to until you find what you are looking for.
May I ask why you went with arm instead of fixed ?
Kind if new to all of this, and that's amazing 馃憦 congrats finding a nice off market deal, how did you go about finding one off market? Seems thats the best option right now to buy A property, and may I ask which lender approved you for a multifamily as a primary residency?
The credit union I worked with did an in house loan which allowed me to drop PMI if I went this route. It was a local credit union here in eastern Iowa.
I saw this property was for sale when Covid began and it never sold because at that point people were not wanting to invest with the eviction memorandum, so I reached out about 6 months after the property never sold and was able to work out a deal.
I know The Multifamily Investor Network Conference will be held on July 24th, 2021, in Miami, FL, at the JW Marriott Marquis.
A great event with a ton of expert speakers/panelists, and many opportunities to network with other investors. They have a few keynote speakers, 3-4 panels, and various educational sessions vendors that give multifamily investors exposure into many facets of the industry.
Speakers in the past have been the Mayor of Houston, Robert Helms, Rod Khleif, Neal Bawa, and many more leaders in the multifamily space.
Should be around 300-400 multifamily owners and high net worth passive investors, at the upcoming Miami event. The next MFIN event will be on February 12th, 2022, in Houston.
IMN hosts several conferences with great content and they are deployed throughout the country in different markets. We are attending the conference in Dallas in a few weeks and would be happy to share any others that are coming up here soon!
I would love to hear of any other conferences/conventions you would suggest.