What’s up everyone! New to BP looking to connect

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What’s up everyone! New to BP looking to connect

Don Carey
Rental Property Investor · Chesapeake, VA · Member since 2018 · 52 posts · 14 votes
Good evening BP fam. I hope your day is going well. My name is Don Carey. I’ve spent the last 10 years playing in the NFL. During that time I have acquired some real estate here and there. We currently live in the Hampton Roads area of Virginia and have about 16 units (mix between single, duplex and triplex units) that we manage. It’s going pretty well but I’m now wanting to get into to more multi family investing. Looking forward to connecting and learning from you all. Feel free to drop a line when ever! Funny thing is I’ve been doing the BRRRR technique before i knew it had a “name”. Just made sense to do it that way to me. Any way. Looking forward to meeting you all!! Be blessed!
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Joshua S.
Rental Property Investor · Chesapeake, VA · Member since 2017 · 100 posts · 75 votes
8y

Hey Don! Welcome to BP, glad to have you. I'm also an investor, just starting out looking to connect with people. I only have one rental right now but am looking to expand as quickly as I can. I recently got my real estate license to try and make some extra money to invest more. I've learned a great deal over the past couple years and am still learning more everyday. If you're interested, a colleague of mine named Melanie McDaniel hosts a meet up once a month for people from Bigger Pockets. Let me know if youre interested and I'll get the details over to you. If you need an agent too, I'd be more than happy to help. I also saw you might be trying to unload some of your SFR portfolio... let's talk.

Josh

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  • Joshua S.
    Rental Property Investor · Chesapeake, VA · Member since 2017 · 100 posts · 75 votes
    8y

    Hey Don! Welcome to BP, glad to have you. I'm also an investor, just starting out looking to connect with people. I only have one rental right now but am looking to expand as quickly as I can. I recently got my real estate license to try and make some extra money to invest more. I've learned a great deal over the past couple years and am still learning more everyday. If you're interested, a colleague of mine named Melanie McDaniel hosts a meet up once a month for people from Bigger Pockets. Let me know if youre interested and I'll get the details over to you. If you need an agent too, I'd be more than happy to help. I also saw you might be trying to unload some of your SFR portfolio... let's talk.

    Josh

    1Reply
  • Account Closed
    Plano, TX · Member since 2018 · 48 posts · 28 votes
    8y

    Welcome @Don Carey! I hope that you are able to find some great resources here. Have you considered NNN properties as well?

    0Reply
  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @Don Carey Welcome to BP family! Good to have you here. You'll find a ton of great material and people here.

    In terms of your RE strategy, are you planning to continue to be a landlord and buy SFH and residential multi-s, or do you want to diversify into other RE investments such as syndications for instance?

    0Reply
  • Don Carey
    OP
    Rental Property Investor · Chesapeake, VA · Member since 2018 · 52 posts · 14 votes
    8y

    @Joshua S. thanks for the connect bro. Im not looking to unload any of my SFR at the moment. That's not to say im attached to them. I'd sell them in a heartbeat for the right offer. Im looking to move away from SFR and get into multifamily. All my SFR are in Portsmouth at the moment.

    @Account Closed Im done buying SFR. my plan is to buy multifamily local and long distance. I want to manage the local units myself through my management company (managing is a passion of mine) and utilize a local team for my long distance props.

    0Reply
  • Joshua S.
    Rental Property Investor · Chesapeake, VA · Member since 2017 · 100 posts · 75 votes
    8y

    @Don Carey Oh ok, my mistake, when you said move away from SFR, I was under the impression you were contemplating unloading those properties and moving that money to more multifamily. Also, for NNN, he is likely talking about triple-net leasing. I don't know a ton about it and anybody feel free to correct me if I'm wrong, but from what I understand it's when you basically buy land or a commercial property and a business entity (or multiple business entities) pays you rent, but that entity is responsible for EVERYTHING and you just get to collect money. With those, you don't worry about maintenance or even taxes, everything is paid by the lease holder. For example, you buy a plot of commercial land and then rent it to Walgreen's, Walgreen's would pay to build their store, they then pay you monthly for the property and they also pay for all other expenses.

    Check out BiggerPockets Podcast 047: Apartment Complexes, NNN Leases, and Commercial Real Estate with Joel Owens - https://www.biggerpockets.com/renewsblog/2013/12/0...

    Also a good blog post: Triple Net Lease Investing (NNN): The "No Toilet" Method to Real Estate Investing - https://www.biggerpockets.com/renewsblog/2013/02/0...

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  • Don Carey
    OP
    Rental Property Investor · Chesapeake, VA · Member since 2018 · 52 posts · 14 votes
    8y

    Wow thanks @Joshua S.! Will look into those links. 

    As far as the SFR. If i had to unload those to move into multi family i definitely would. Like i said I'm not tied to them.

    0Reply
  • Joshua S.
    Rental Property Investor · Chesapeake, VA · Member since 2017 · 100 posts · 75 votes
    8y

    Not a problem.  Something else you may want to look into, if you did decide you want to unload some of those SFRs and have a good amount of appreciation on them, is a 1031 Tax Deferred Exchange.  Now, I'm not an accountant and again I don't know a ton about them, but it basically allows you to sell property and take the capital gains from that property and use it to buy another property of equal or greater value while deferring all of the capital gains taxes that you'd owe by just selling those properties.  Here's some more info:

    The 1031 Exchange Ultimate Guide for Real Estate Investors - https://www.biggerpockets.com/renewsblog/2015/09/2...

    What are 1031 Tax Deferred Exchanges & How Do They Work? - https://www.biggerpockets.com/rei/guide-1031-excha...

    4 Rules of 1031 Exchanges Every Investor Should Know - https://www.biggerpockets.com/renewsblog/1031-exch...

    0Reply
  • Katie Stewart
    Specialist · Fort Collins, CO · Member since 2018 · 557 posts · 191 votes
    8y

    Hi Don! Welcome to BP, I look forward to hearing more about your investing journey!

    0Reply
  • Jack Butala
    Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
    8y

    @Don Carey hello and welcome to BiggerPockets!

    Glad to have you on board!  I would say these 3 things would help you get well acquainted with BiggerPockets:

    1) Be a sponge and soak up all the free information here.  There is a wealth of knowledge in the podcasts, blogs, articles, and even here in the forums from fellow investors like yourself asking questions and receiving answers from more experienced investors on here.

    Speaking of more experienced investors...

    2) Network and connect with them on here.  When you have a deal brewing, bring it here for the experienced investors to analyze.  You can get your deals done the correct way on BiggerPockets.

    3) Consider joining a real estate investment club in your area and "rub elbows" with local investors and other real estate professionals (attorneys, contractors, lenders, title reps, escrow agents, appraisers, etc.). These clubs are a great source for you to build your team and streamline your deals.

    Happy to help in any way I can.  

    Once again, welcome to BP and I wish you all the best in your real estate investing career!

    0Reply
  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @Don Carey I'd advise you to visit the long distance area(s) you're planning to invest in. Meet with your potential team members there ( property manager, contractors, maybe insurance agent and mortgage broker).  Visit area a couple of time to ensure this meets your criteria as an area to invest in!

    0Reply
  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    Welcome to BP @Don Carey! 

    I always wondered how professional athletes make their entry into the real estate world. Looking forward to hearing about your experiences and having you on the forums. Best of luck!

    My Online Accountant572 Reviews
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