Investor · Member since 2024 · 10 posts · 10 votes
Hi everyone,
I'm new to the BP community. I listen to the podcast and the Real Estate Rookie pretty religiously. I have one property that is a 4plex in Carson City, NV. I closed in late 2022 and have had a journey since that hasn't allowed me to make any more moves but this year I'd like to get buy my next property. My niche is buy & hold multiplexes. I bought my first property with no knowledge or history and out of state. I really trusted my agent and knew several people who had invested in Reno so I took the leap after trying and failing for years to buy my own home in really high cost cities where I lived (NYC, DC, SF Bay area).
Now I'm in learning mode as I'd like to build my own mini real estate empire and want to be better informed for my next deal.
It’s awesome that you jumped into a 4-plex in Carson City as your first deal, especially out of state. That takes courage! It sounds like you’re on the right track, refining your strategy and preparing for your next move. Since you’re focused on buy & hold multiplexes, consider networking with local investors, refining your underwriting skills, and researching markets with strong cash flow and appreciation potential. With one deal under your belt, financing may also be easier this time. Keep learning, stay patient, and take calculated action—your mini empire is in the making!
It’s awesome that you jumped into a 4-plex in Carson City as your first deal, especially out of state. That takes courage! It sounds like you’re on the right track, refining your strategy and preparing for your next move. Since you’re focused on buy & hold multiplexes, consider networking with local investors, refining your underwriting skills, and researching markets with strong cash flow and appreciation potential. With one deal under your belt, financing may also be easier this time. Keep learning, stay patient, and take calculated action—your mini empire is in the making!
Thanks Ty. I know, I think I took a big leap but it came after many years of trying to buy my own place and giving up bc I was always just out of reach. So I had a solid enough down payment that I thought, why not go out of state where it's cheaper, where I have friends who've been successful and can get more bang for my buck? It's not as high performing as what's traditionally recommended (it's still cash flow positive but has a small margin) but that has a lot to do with the high interest rate. I only wish I had gotten in sooner as I initially looked at that area in 2015! I'm now trying to analyze deals on my own.
Advancing my knowledge of underwriting is a key area for me to grow, as I've always understood this to be something the lender does but I keep hearing that we as investors get creative with underwriting.
Analyzing deals can be the most stressful part because of the assumptions that have to be made and there are so many unknowns that can change a deal from good to disaster. If you're looking for local data in northern NV check out Address Income there is a rental map with hyper-local rents to use for your underwriting. Happy to share other references and resources in the area.
Analyzing deals can be the most stressful part because of the assumptions that have to be made and there are so many unknowns that can change a deal from good to disaster. If you're looking for local data in northern NV check out Address Income there is a rental map with hyper-local rents to use for your underwriting. Happy to share other references and resources in the area.
Ty Coutts - Aslan Home Lending 544 Reviews