New investor looking for multi family

10 Replies

Hi, I have been reading posts on BP for awhile now but never thought to introduce myself. So here it goes. My wife and I live in NJ but we are interested in buy and hold rentals especially multi family properties. I work full time and I enjoy my job but see real estate as a way to supplement our income. I'm looking to build our network of contacts to include a real estate agent, property manager, contractors, etc. although we live in NJ we are interested in investing in Delaware.

Hi Eric,

Where in DE are you interested in investing?  I invest and have a bunch of good contacts in the Wilmington area.  I've got a very investor friendly agent that a few folks form BP have used and liked, a roofer, granite contacts, etc.  My agent normally knows of what is coming down the pipeline before it hits the market so he is good to know (PM me if you'd like his contact information).  Happy to help if you need anything or would like to get a tour of Wilmington if you are not familiar with the neighborhoods. 

All the best,

Glen

Hello @Eric Waterman and welcome to BP. BP is a great place in finding information on real estate. It's also a great place in networking with other real estate investors. I wish you all the best. You are not alone in your real estate ambition. 

congrats on taking the step and getting into real estate. If you are looking into buying multi family properties be sure to read the abcs of real estate. Ken the author is very smart and really lays it out word for word on how to not only buy multi family properties but also on how to find an offer price that is fair and will eventually allow you to make a profit.There is no way possible you can hold in all the info in that book by just reading it once so read it a couple times before making ANY purchase at all. Trust me you will be thankful you did. That book makes buying a property at a bad price pretty difficult to do. Read the book let me know what you think

hope this helps and welcome to bigger pockets

Sweet, thanks for the recommendation Corey!

@glen Beringer.... I was looking at new castle county primarily. My best friend lives in the Wilmington area and suggested I stay north of the canal. he didn't know much about Sussex or Kent. Hoping an agent can help connect the dots. 

 Hello and welcome to BP!  Your timing kind of sucks right now because it is being said that inventory is kind of low right now and finding a decent deal has gotten harder.  Prices are kind of high right now.  So it will take a little more hussell right now to get a good deal.  You will have to get lucky and find a motivated seller right now or just wait until inventory catches back up.  Since you have a job right now it may can wait it just depends on you and your goals.  It is good that your wife is interested in investing in real estate.  Always do the numbers and try to look at the property before you close or have a clause in your contract that will allow you within a certain time to back out without a penalty fee after you inspect.  Do not try to do everything yourself.  Find a local, experienced, and trustworthy Team that will return your phone calls.  You need people to help you with things you don't or can't do.

I am 59 years old and I found BP about 7 months ago and I am still trying to decide what to do.  Since I have had a stroke I am looking for something I can do part time.  I did go to college, not that it is necessary, I got a business degree that emphasized real estate.  In Texas I qualified for and I got a broker license in 1980. I kept it for about 30 years.  My father has been in real estate for about 40 years and he has taught me a little bit.  If you think that I can help you please contact me through BP at any time.  Good luck!  I forgot to tell you that I have never been east of the Mississippi.  See you!

I'm not smart enough to know if there are more deals to be had in Delaware than in Texas. Sounds like I have my work cut out for me. I'm just starting to look at properties online and learning as much as I can with regards to analyzing a property. If I have to stay on the sidelines if the numbers do not work for me then I would rather do that than make a bad deal. We'll see what we can find. I appreciate your insight. 

@Corey Woodruff I just bought a copy of ABCs of real estate investing online. Should get it in 3 weeks. In meantime I'll be reading What every real estate investor needs to know about cashflow by Gallinelli.

Im on that book now! Let me know what you think.

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