New to BiggerPockets and Multi-Family Investing

Investor · New York, NY · Member since 2016 · 23 posts · 7 votes

Hello Everyone!,

My name is Sean and I live in New York City. I am new to the BP community and multi-family investing. Really excited to connect, network, learn, absorb, ask, and execute.

Would love to hear about your first investment and what you did to execute and get it done.

Thanks again,

Sean

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Joseph CacciapagliaBusiness Member

Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes

My first deal was a duplex that I bought back in 2005. I probably made 25 offers before that first one was accepted. I moved into one side with a roommate, and it already had a tenant in the other side. I bought with a VA loan, requested a seller concession, used an agent that paid a rebate, and and used some negative points from the lender to put nothing down, and actually walked away from closing with a $1,500 check. Those were the days. With my roommate and the tenant, I lived for free, until I moved out 1.5 years later. At that point, I hired a professional manager, and it cash flowed very well until I sold it a few years later. I wish I had kept it, but I really needed the capital at the time.

There were a lot of things I would have done different. I don't think I'd ever use the negative points again. The upfront cash was nice, but living with the higher payment long term wasn't great. I also wouldn't use that agent again. I've learned that most of the agents that are willing to rebate some of their fee, aren't great. Looking back, I think I could have negotiated a much better deal, if I had a better agent. She really gave me no guidance at all, and there were some big issues that we missed. Overall though, it was a great deal, and provided a ton of lessons.

[email protected]979-218-2286

Joseph Cacciapaglia powered by Morty

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Andrea Weule
Investor · Member since 2020 · 324 posts · 278 votes
6y
Hello Sean,
Welcome to the family! Our first deal was almost 14 years ago and was a simple wholesale deal. We found a property that someone needed to sell fast and we found a fix and flipper that was looking for their next project. We made $4,400 on the deal and learned a lot.
We've grown a lot since then. We have a large network of people doing all strategies including multifamily. Shoot me a PM if you'd like some introductions depending on what and where you're looking.
Best of Success!
1 Reply
Joseph CacciapagliaBusiness Member
Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
6y
My first deal was a duplex that I bought back in 2005. I probably made 25 offers before that first one was accepted. I moved into one side with a roommate, and it already had a tenant in the other side. I bought with a VA loan, requested a seller concession, used an agent that paid a rebate, and and used some negative points from the lender to put nothing down, and actually walked away from closing with a $1,500 check. Those were the days. With my roommate and the tenant, I lived for free, until I moved out 1.5 years later. At that point, I hired a professional manager, and it cash flowed very well until I sold it a few years later. I wish I had kept it, but I really needed the capital at the time.
There were a lot of things I would have done different. I don't think I'd ever use the negative points again. The upfront cash was nice, but living with the higher payment long term wasn't great. I also wouldn't use that agent again. I've learned that most of the agents that are willing to rebate some of their fee, aren't great. Looking back, I think I could have negotiated a much better deal, if I had a better agent. She really gave me no guidance at all, and there were some big issues that we missed. Overall though, it was a great deal, and provided a ton of lessons.
[email protected]979-218-2286
Joseph Cacciapaglia powered by Morty
Website View Page
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Adam Leitman Bailey
Attorney · New York, NY · Member since 2019 · 72 posts · 27 votes
6y
Welcome to Bigger Pockets. Its a great resource for investing, buying, selling, and renting. Look forward to your posts
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Justin WindhamPro Member
Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
6y
@Sean Banilivy

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

Use the Bigger Pockets glossary to learn more about real estate terms that may be new to you: https://www.biggerpockets.com/rei/glossary

Alerts can be really helpful too: http://www.biggerpockets.com/alerts

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides
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Scott WolfPro Member
Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 958 votes
6y
Welcome @Sean Banilivy! Most of my deals are LP interests at this point, but the first deal where I'm the primary, I closed last year in January, I made an aggressive offer on a 3 family that was on the MLS and had gone through many price cuts. One of the best decisions I've made. Have offers out on multiple other properties.
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Sean Banilivy
OP
Investor · New York, NY · Member since 2016 · 23 posts · 7 votes
6y
@Justin Windham thanks so much! This is very helpful.
Really appreciate it.
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Sean Banilivy
OP
Investor · New York, NY · Member since 2016 · 23 posts · 7 votes
6y
@Scott Wolf thanks so much!
1 Reply
Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
6y
My first intentional rental was from a guy I had bought a desk from to open my business. I had just bought a house and had a new realtor show me a lot of houses but i didn't buy from him. Despite being a realtor for less than a year he was the best one I had found. The guy walked by, and I said hi what are you doing here and he explained how he inherited a house from his mom and the IRS had put a lien on it. He wanted to sell it and I asked how much and he said $14K. I knew it was a great price, even though I had never seen it, but I said honestly I have no money, the guy next to me also said he would love to buy it but he had no money and no credit. I said well I might have have ok credit. We looked at each other and said want to try to buy it together? We did just that. We had a partnership for about 20 years where we purchased a fair number of houses. I eventually bought him out at his request when he moved away. this story brings back a lot of memories. I think we each came up with about $300 to pay the bank when we bought it.
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Craig CurelopBusiness Member
Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
6y
Hey there Sean. Welcome to our group BiggerPockets!

Yup, that's right be excited in getting connections, asking, learning and acting on the learnings. BP members are experts in the industry about REI. I have so much to share too. But, just want to recommend initially the following tips:

  1. Subscribe to the BiggerPockets Money and Rookie Podcasts

  2. Attend the FREE WEBINARS

  3. Attend a Meetup in Your Area ( after lockdown, of course)

  4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

  5. Peruse the forums! Ask questions! Answer Questions!
Stay safe in New York and see you around the site!

Best regards,

Craig Curelop

[email protected]Podcast Guest on Show #350
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