Current NFL Linebacker looking to get into small Multifamily

Developer · Nashville · Member since 2023 · 10 posts · 34 votes

Hello, my name is Vince Biegel and I play linebacker for the Baltimore Ravens. I reside in South Florida and looking to get into small 3/4 unit multifamily units. Looking to learn. Talk with other similar investors in the area. Brokers. And advice from the BP group in investing in a new area. Thank you all!!!

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Patricia Steiner

Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes

Depending on the market here in Florida, MF may not provide you with the greatest return. As an investor and Broker, I recommend buying an opportunity - rather than a property type and choosing a market that provides both year-over-year property appreciation and rent price increase. Real estate investing is often misunderstood as something less than what it really is - creating, building, and managing a business to maximum return. Congrats on having the insight to start a second (or more) business segment while you're in the prime of your career.

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Adam Schooley
Real Estate Agent · Fort Lauderdale, FL · Member since 2015 · 175 posts · 79 votes
3y
@Vince Biegel welcome to BP! This is a great resource for learning about real estate investing. I'm an active investor here in S. Florida as well as an agent. Let me know if you have any questions about the local market here in S. Florida and I'd be happy to help.
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John Mausteller
Real Estate Agent · Outer Banks, NC · Member since 2019 · 168 posts · 116 votes
3y
Welcome to BP Vince. Multi Family can be a great investment - we just bought our first quadplex after purchasing several single family homes. I like the various opportunities multi family provides. Are you looking just in south florida? Congrats on getting started in your R.E. investment journey and planning for the future!
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Patricia Steiner
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
3y
Depending on the market here in Florida, MF may not provide you with the greatest return. As an investor and Broker, I recommend buying an opportunity - rather than a property type and choosing a market that provides both year-over-year property appreciation and rent price increase. Real estate investing is often misunderstood as something less than what it really is - creating, building, and managing a business to maximum return. Congrats on having the insight to start a second (or more) business segment while you're in the prime of your career.
Best...
3 Reply
Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
3y
Quote from @Vince Biegel:

Hello, my name is Vince Biegel and I play linebacker for the Baltimore Ravens. I reside in South Florida and looking to get into small 3/4 unit multifamily units. Looking to learn. Talk with other similar investors in the area. Brokers. And advice from the BP group in investing in a new area. Thank you all!!!

Are you only looking in FL? If so the returns are not going to be impressive, maybe you will get 3-n 4% net . There are other markets that will provide double digit net caps if ( I assume you are ) a cash buyer.
All the best
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Sara Frank
Realtor · Baltimore, MD · Member since 2020 · 255 posts · 182 votes
3y
Quote from @Vince Biegel:

Hello, my name is Vince Biegel and I play linebacker for the Baltimore Ravens. I reside in South Florida and looking to get into small 3/4 unit multifamily units. Looking to learn. Talk with other similar investors in the area. Brokers. And advice from the BP group in investing in a new area. Thank you all!!!

Hey Vince, welcome to BP. (and go ravens) Would you consider investing in the Baltimore/DC area? Returns can be great with the right guidance. Happy to chat.
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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
3y
Quote from @Vince Biegel:

Hello, my name is Vince Biegel and I play linebacker for the Baltimore Ravens. I reside in South Florida and looking to get into small 3/4 unit multifamily units. Looking to learn. Talk with other similar investors in the area. Brokers. And advice from the BP group in investing in a new area. Thank you all!!!

Are you looking to invest in Baltimore/DC or in Florida?
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
3y
Best of luck with your search.. for the FWIW file in my experience..

Rental real estate is price for RISK so keep that in mind the highest returns generally are far riskier long term than lower returns.

You create generational wealth with appreciation. so again make sure that is in front of your mind.

@Russell Brazil Russ is a good one to talk to on this subject in his market and why higher priced lower risk with nice appreciation makes sense long term.

Also as @Patricia Steiner Mentioned there is more to real estate investing than just residential rentals.. right now NNN deals on prime assets are pretty attractive corporate clients and long term Stability on quality locations and improvements.
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Jack Seiden
Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 656 votes
3y
Quote from @Vince Biegel:

Hello, my name is Vince Biegel and I play linebacker for the Baltimore Ravens. I reside in South Florida and looking to get into small 3/4 unit multifamily units. Looking to learn. Talk with other similar investors in the area. Brokers. And advice from the BP group in investing in a new area. Thank you all!!!
While I’m not that familiar with the South Florida market, D.C. and Baltimore are much more my thing. The best advice I can give you if you haven’t already, I’d meet with a financial planning team, figure out your assets, risk, tax situation, and then figure out the type of assets, location and risk you want to invest in, real estate should be part of overall plan to secure what I assume if managed properly, would be generational wealth.
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Tim JacobPro Member
Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
3y
Hello. If you are looking at getting into small multi family assuming you are looking at Wisconsin and Florida I would say they are drastically different. Though I have no experience in either of those markets if you are looking around Baltimore or DC where I have a lot more experience it would probably be similar to Wisconsin where there is a mixture of older and newer housing and a lot of the multi families are older with old infrastructure compared to FL where in general things are a lot newer.

If you need advice in general with small multifamily where you will see upgraded stuff and old cheaper stuff and the differences feel free to reach out. I have a lot of experience upgrading small multi family whether it be cosmetic and layout change or full infrastructure. Things can get costly and if you need some ballpark numbers on things to help eliminate lemon properties feel free to reach out.
I also have a lot of experience in Baltimore in multifamily where I own and manage them as well as the DC suburbs.
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Matthew Kwan
Lender · Seattle, WA · Member since 2022 · 482 posts · 768 votes
3y
Nice Vince!
-house hacking with FHA is the ideal way with min down payment. However, anything above 3-4 units you would also need to consider passing the Self Sufficient Rule (SS Rule) where your projected gross market rental at 75% has to be greater or equal to your monthly PITI. The SS rule only applies to 3-4 units when using FHA but if it's single family or duplex, it will not trigger the rule. You can also consider doing straight up buying an investment property with 15-25% if you are planning to buy 2-4 units @Albert Bui @Carlos Valencia

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Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
3y
Welcome, @Vince Biegel! I hope you find BiggerPockets helpful and get access to some great resources here. It's great to hear that as a professional athlete, you are also thinking ahead to the future with your investment portfolio. Real estate is one good tool, and a great one to think about in the offseason! If I can be personally helpful in any way, please feel free to connect.
A couple of tips for you:
1) Define "Good Deal" in the context of your market: This is an iterative process. I recommend looking at all of the recently sold properties in the last 90-180 days that at least loosely meet your criteria. Reviewing these will give you a clear picture of what is actually going on in your local market.
Reviewing active listings (what most people do) distorts reality, because many listings sit for a long time because they are overpriced, have some kind of issue, or are otherwise undesirable. Many new investors get their impression of the market from active listings, instead of recent sales.
Run the numbers on the BiggerPockets Calculator and see if you are comfortable with them. Try bringing more / less cash, playing with the loan amortization schedule, etc. I've granted you access to the Pro Membership for a few months, complimentary, through July. So feel free to spend this offseason using BP as much as you'd like!
As you repeat this process, you should be able to get to a point where you can confidently state that YES, you would have bought at least 5-10 specific properties in the areas you are interested in the last 90 - 180 days. This will give you a high degree of confidence that future deals will likely meet your criteria in the next quarter or so.

2) Check out some of BiggerPockets' Investor Friendly Agents in your area as part of your process. Meeting with 3-5 of these folks will give you a good sense for what style you are looking to work with. There's an interview checklist for working with agents in the downloadables here. These agents should be able to give you a list of recent sales that are in line with what you are looking for.
3) Network: Do exactly what you are doing, and post your intentions to the community here. Consider attending some of the South Florida real estate meetups. This link will take you to meetups posted by BP Members located in Miami.
Hope this helps and best of luck!
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Jonathan R McLaughlin
Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
3y
@Vince Biegel please be careful, posts like this indicating both "have capital" and "new at this" bring lots of people out of the woodwork. Not slagging anyone who has posted here at all, just imagining the DMs and "opportunities" that will be presented to you.
I see you have been at your chosen profession for a bit, so this probably isn't news. And you probably have lots of resources and personal experience to draw from around wealth and cash/tax management, etc.
A few separate and hopefully helpful thoughts:
Many investments highlight potential return but are shaky on presenting risk. A conventionally accepted proxy for baseline risk is the 10 year T note...right now at 4%. So 4% is the risk free investment and as the return goes higher investments are taking on more risk.
If you are looking to create income streams after retirement I would be tempted to treat these multis almost like CDs. Conservative equity positions that can be leveraged up more later, perhaps. And/OR B+ and above assets locations.
Think less about cash return (important) than your exit. If you sell a multiplex to other investors you are limiting your potetial sale price. Can you convert to condos down the line? Will they appeal to owner occupants that might be willing to pay a premium? Good schools, young professional type jobs etc.
Good luck.
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Mendel Spalter
Investor · New York City · Member since 2021 · 14 posts · 3 votes
3y
Where in South Florida are you looking? I'm from Weston (right before Alligator Alley), so I know the area a bit.
0 Reply
Karl B.
Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
3y
My first rental property was a 4-unit and I still own it (I was there today working on a unit a tenant just moved out of). If you're interested in multi-family a 4-unit is a great way to start and it's not hard to self-manage. I managed mine from California and the 4-unit is in Pennsylvania. Though I bought a bunch more properties and decided to move to PA to self-manage and keep buying.
Chances are there are some real estate meetups where you can meet with local real estate investors and learn. Some events are listed here on BP and Meetup.com is another good website to find local real estate meetups across the country. Also, you can listen to the Biggerpockets podcasts; they're full of information. There are also several former pro athlete podcasts including one from Ryan Broyles, which was great.
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Julio GonzalezPro Member
Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
3y
Hi Vince, glad to have you as part of this community! This is a great place to learn and to connect with people so take advantage of all the great resources.

561-253-6640
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Brian Garrett
Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
3y
Quote from @Vince Biegel:

Hello, my name is Vince Biegel and I play linebacker for the Baltimore Ravens. I reside in South Florida and looking to get into small 3/4 unit multifamily units. Looking to learn. Talk with other similar investors in the area. Brokers. And advice from the BP group in investing in a new area. Thank you all!!!

Welcome to BP I've got a lot of friend in the league (one of them formerly played for the Ravens) and I'm also in South Florida feel free to give me a shout.
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Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
3y
If you're interested in investing in WISCONSIN, I would love to connect. I buy rentals as well and mainly was buying single family but I recently bought a couple of 4-units and have several more in the works. Additionally, I run a couple of grass roots, real estate investment clubs here designed for investors to help each other and also to share honest reviews on local contractors/real estate professionals.
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Alli Breighner
Lender · San Diego, CA · Member since 2022 · 587 posts · 298 votes
3y
Hi Vince- welcome to BP!
I'd love to connect and discuss real estate with you, especially your interest in multifamily properties.
1 Reply
John Moran
Realtor · Port St Lucie, FL · Member since 2014 · 29 posts · 12 votes
3y
Hi Vince - I have been an investor in So Florida for over 20 years, with experience in fix/flips and buy and holds. Recently (3yrs), I have become a realtor in this area and I specialize in helping investors locate/analyze properties. I have a sweet spot for small multifamly, because that is how I started my investment portfolio. Please reach out if you would like to strategize.
0 Reply
Corina Eufinger
Rental Property Investor · Oconomowoc, WI · Member since 2016 · 996 posts · 431 votes
3y
Most midwest states are considered opportunity states with a few exceptions. While I may be partial to Wisconsin, I would also recommend checking out Oklahoma, Indiana, and Iowa. Build a good solid system locally by getting recommendations from veterans here. A solid system is crucial with OOS investing.
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Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
3y
Having money when starting in this game can be a blessing or a curse depending on how you go about it. I strongly suggest learning your market and learning to market and pretend you don't have any money. If you make it on 10-20k, you will know exactly where to put your money once you have done 100+ deals or so. Until then, it is likely risky to deploy a bunch of funds.
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Mitch Kennedy
Rental Property Investor · Waupaca, WI · Member since 2018 · 89 posts · 30 votes
3y
Hey Vince - If you're looking to invest in the Central WI (WI Rapids) area feel free to reach out. I'm an agent & own two duplexes in Waupaca.
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Benjamin AakerPro Member
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
3y
Hi Vince and welcome to BP. This is a great place to start learning about investing. I have a condo I purchased in Treasure Island. The inland area has a lot of small multifamily properties that I have been considering. You should start by taking the time to determine your area, whether that's Southwest FL or elsewhere. Once you do that, talk to real estate agents, bankers, accountants, and attorneys all in that area. They will be able to answer a lot of your questions. This forum can help you with the rest. Good luck investing!
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Wyatt Seidel
Investor · Kansas City · Member since 2023 · 70 posts · 62 votes
3y
Quote from @Vince Biegel:

Hello, my name is Vince Biegel and I play linebacker for the Baltimore Ravens. I reside in South Florida and looking to get into small 3/4 unit multifamily units. Looking to learn. Talk with other similar investors in the area. Brokers. And advice from the BP group in investing in a new area. Thank you all!!!

Hey Vince welcome! I'm an agent and investor here in Kansas City. I'd be more than happy to chat with you about some of the expansions and growth we're seeing here in Kansas City. I'll message you.
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Geoff Stuhr
Investor · Milwaukee, WI · Member since 2015 · 70 posts · 44 votes
3y
Hey Vince - I'm from Wisconsin and played small ball D3 football back in the day. Would be happy to connect as I've purchased a lot of small multifamily properties over the years. At a very high level, the properties that I have bought that turned out the best for me had the best locations and tenant base - "location, location, location" is real. For a while I was chasing yield/cash-on-cash return, and it usually just means more hassles. The best location with solid working class tenants will perform the best over time and be the least amount of headaches.
Happy to help ya in any way I can, and can talk through many different strategies as you're getting started. Feel free to reach out any time brother!
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