New(ish) small multifamily investor looking to network and for guidance

Dallas, Texas
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New(ish) small multifamily investor looking to network and for guidance

Sushil Iyer
Member since 2024 · 38 posts · 10 votes

Hi All,

My wife and I are looking to become small multifamily investors in the DFW area. We currently have a handful of rental properties and want to expand our portfolio. The volume of information to absorb is intimidating. But, it is comforting to see a vast network of experienced investors from whom we can learn and new investors with whom we can share our experiences as we learn. 

We have been educating ourselves by reading/listening to literature on this topic. In parallel, we want to apply our learning by analyzing deals using, for example, the "ANALYZE DEALS" option on this website. With this background, here are a few questions that we hope someone can answer:
i. Where can I find information about a property needed to enter into the "ANALYZE DEALS" option? Websites like Crexi or Loopnet don't have all the information.
ii. Is it proper etiquette to ask a seller's agent to share this information with us?
iii. Does anyone have general advice on our approach to this process both in terms of educating ourselves and building our network?

Thank you in advance for all your input and suggestions.

Regards,
S

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Jaycee GreenePro Member
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y

Hey @Sushil Iyer, welcome to the BP Forum! What type of properties are you looking to add to your portfolio? SF, 2-4 MF, or 5+ MF? And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Hey @Sushil Iyer, welcome to the BP Forum! What type of properties are you looking to add to your portfolio? SF, 2-4 MF, or 5+ MF? And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

    [email protected]
    1Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Something like this: https://www.redfin.com/TX/Dallas/4524-Collins-Ave-75210/home...?

    [email protected]
    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y

    Yes. Something like that. I analyzed that exact one, actually. I reached out and obtained some additional information from the seller's agent. After analyzing that information, I decided to pass on it. Thank you, @Jaycee Greene.

    0Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    @Sushil Iyer Was your decision to pass based on a financial reason or something else?

    [email protected]
    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y

    The information indicated that the property is more than 50% vacant, and has been that way for a few months. In addition, the neighborhood did not seem to be great. Those were my primary reasons. 

    If I should be analyzing differently, please do let me know. I appreciate any guidance. Thank you, @Jaycee Greene

    0Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Got it! Sounds like a property that isn't being managed properly. I suspect this is in a C/D area, would I be correct? So if you found something similar in a B, would that work for you? you'd obviously have to pay a little higher/unit purchase price.

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Here's one more on the other end of the spectrum...only 4 units but is higher than $1M. Does have an assumable VA mortgage (per the listing). https://www.redfin.com/TX/Dallas/4512-Sycamore-St-75204/home...

    [email protected]
    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y

    Class D is too risky for us, given this is our first venture in 5+ MFH. Classes B and C are okay, although we will spend more time analyzing a Class C. More importantly, at the moment, we do not have a network of contractors/PMs who can help us evaluate properties in any Class to tell us what we can expect once we purchase them. If you have any suggestions on how to build such a network in the market in which I am interested, I would greatly appreciate it. 

    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y

    Thank you for this additional lead. Would that property qualify for a commercial real estate loan since it has only 4 units? We don't want a residential loan.

    0Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Yes, it would qualify. I'll shoot you a DM.

    [email protected]
    0Reply
  • Diego AlvaradoBusiness Member
    Real Estate Agent · Flower Mound, TX · Member since 2016 · 301 posts · 140 votes
    1y

    Hi Sushil,

    The market for a 5+ is limited in DFW. This market is not always available in the MLS, so making it more difficult.

    A commercial lending is possible even with SFH, that will depend on your lender and the access to commercial programs, it will all depend on the situation.

    Reading the interaction with Jaycee, have you built your team yet? For making such an investment, you have your team build up.

    You can always do it yourself, but there are a lot of variables that you have to consider. It will be much more difficult, you need a team where is a mutual trust. 

    The team has to consist of a local realtor with experience in the areas, a lender with experience in commercial lending, and a contractor. 

    Let me know if I can be of any help.

    [email protected]214-833-8911
    Alvarado Realty Group522 Reviews
    WebsiteView Page
    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y

    Hi Diego,

    Thank you for your reply. It is helpful. To answer your question, we have not built up a team yet. I have reached out to a few agents that I found via Bigger Pockets and am waiting to hear back. If you have any thoughts on how I can go about building a team, I would be most grateful. I was told to attend networking events. But, I don't know where to start, to be honest.

    Cheers,
    Sushil

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    1y

    @Sushil Iyer

    With my experience, to analyze properties effectively, you can start with resources like MLS listings, Crexi/Loopnet, tax assessor websites, or paid tools like Costar and Reonomy. Engage with property managers for insights on rents, expenses, or off-market opportunities, and request financial documents like rent rolls and profit/loss statements from sellers' agents as part of due diligence. If information is limited, use market-based assumptions to run a "worst-case" analysis. Enhance your multifamily investing knowledge through books, podcasts, networking, and consistent deal analysis. Focus on growth areas, understand local regulations, and use your rental history to build credibility with brokers and sellers.

    Good luck!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
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    0Reply
  • Kristin Flores-Brockman
    Real Estate Agent · Fort Worth, TX · Member since 2021 · 142 posts · 59 votes
    1y

    Hey Sushil

    You've got the right idea. BP is a great place to start. Since you're looking at 5+, that is considered commercial, so I would seek out CREI networking groups. Still stay active in BP though because there is a lot of wisdom in this group. 

    When you say "is it proper etiquette to ask the seller's agent to share this info with us..." what info are you asking for specifically? However, I would still say definitely ask all the questions you have. If they want to make the sale, they'll provide the information, within reason.

    Also, make sure you have a POF ready to go for when you submit your LOI.

    I love analyzing commercial and investment properties. I am also located in Fort Worth. Reach out if you need any assistance.

    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y
    Thank you for the feedback, @Wale Lawal. Much appreciated.

    Quote from @Wale Lawal:

    @Sushil Iyer

    With my experience, to analyze properties effectively, you can start with resources like MLS listings, Crexi/Loopnet, tax assessor websites, or paid tools like Costar and Reonomy. Engage with property managers for insights on rents, expenses, or off-market opportunities, and request financial documents like rent rolls and profit/loss statements from sellers' agents as part of due diligence. If information is limited, use market-based assumptions to run a "worst-case" analysis. Enhance your multifamily investing knowledge through books, podcasts, networking, and consistent deal analysis. Focus on growth areas, understand local regulations, and use your rental history to build credibility with brokers and sellers.

    Good luck!

    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y
    Thank you for the reply, @Kristin Flores-Brockman. Much appreciated. Can you please point me to some CREI networking groups in the DFW area? Is Meetup a good place to find them? Are there other/better places? Thank you.

    Quote from @Kristin Flores-Brockman:

    Hey Sushil

    You've got the right idea. BP is a great place to start. Since you're looking at 5+, that is considered commercial, so I would seek out CREI networking groups. Still stay active in BP though because there is a lot of wisdom in this group. 

    When you say "is it proper etiquette to ask the seller's agent to share this info with us..." what info are you asking for specifically? However, I would still say definitely ask all the questions you have. If they want to make the sale, they'll provide the information, within reason.

    Also, make sure you have a POF ready to go for when you submit your LOI.

    I love analyzing commercial and investment properties. I am also located in Fort Worth. Reach out if you need any assistance.

    0Reply
  • Kristin Flores-Brockman
    Real Estate Agent · Fort Worth, TX · Member since 2021 · 142 posts · 59 votes
    1y
    Quote from @Sushil Iyer:
    Thank you for the reply, @Kristin Flores-Brockman. Much appreciated. Can you please point me to some CREI networking groups in the DFW area? Is Meetup a good place to find them? Are there other/better places? Thank you.

    Quote from @Kristin Flores-Brockman:

    Hey Sushil

    You've got the right idea. BP is a great place to start. Since you're looking at 5+, that is considered commercial, so I would seek out CREI networking groups. Still stay active in BP though because there is a lot of wisdom in this group. 

    When you say "is it proper etiquette to ask the seller's agent to share this info with us..." what info are you asking for specifically? However, I would still say definitely ask all the questions you have. If they want to make the sale, they'll provide the information, within reason.

    Also, make sure you have a POF ready to go for when you submit your LOI.

    I love analyzing commercial and investment properties. I am also located in Fort Worth. Reach out if you need any assistance.


     Perhaps Meetup.com may be good, I've haven't searched there in years. However, I find a lot on Facebook and LinkedIn, believe it or not. 

    0Reply
  • Sushil Iyer
    OP
    Member since 2024 · 38 posts · 10 votes
    1y
    Thank you. Interesting. I never thought to look there. I will. Much appreciated.


    Quote from @Kristin Flores-Brockman:
    Quote from @Sushil Iyer:
    Thank you for the reply, @Kristin Flores-Brockman. Much appreciated. Can you please point me to some CREI networking groups in the DFW area? Is Meetup a good place to find them? Are there other/better places? Thank you.

    Quote from @Kristin Flores-Brockman:

    Hey Sushil

    You've got the right idea. BP is a great place to start. Since you're looking at 5+, that is considered commercial, so I would seek out CREI networking groups. Still stay active in BP though because there is a lot of wisdom in this group. 

    When you say "is it proper etiquette to ask the seller's agent to share this info with us..." what info are you asking for specifically? However, I would still say definitely ask all the questions you have. If they want to make the sale, they'll provide the information, within reason.

    Also, make sure you have a POF ready to go for when you submit your LOI.

    I love analyzing commercial and investment properties. I am also located in Fort Worth. Reach out if you need any assistance.


     Perhaps Meetup.com may be good, I've haven't searched there in years. However, I find a lot on Facebook and LinkedIn, believe it or not. 


    0Reply
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