If I have to... Hi from Lincoln, Nebraska!

If I have to... Hi from Lincoln, Nebraska!

Rental Property Investor · Lincoln, NE · Member since 2013 · 91 posts · 31 votes

So I was just reading Brandon Turner's "How to Quit Your Job in 6 months" article
http://www.biggerpockets.com/renewsblog/2013/07/19/quit-your-job-real-estate-investing/?utm_source=BiggerPockets+Newsletter&utm_campaign=317adf07fd-July_21_2013_Newsletter&utm_medium=email&utm_term=0_97489b8401-317adf07fd-70969513 (I'm not trying to quit my job just yet, but hey), and he mentioned the introduce yourself to the BP community thing again. "HI EVERYONE!!11!" posts make me feel a little awkward but I'll suppose I'll bite the bullet and do so, haha.

I've been looking to buy my first multi-family property for about 8 months now. Yep, I'm extremely slow and methodical when I do something the first time... it's usually worth the wait. I'm going to make my first offer in the next two weeks, so it was definitely time to say hi to the community here. I've been reading BP for months - all the beginner guides, forum posts I'm interested in, and every BP email I get probably takes a half hour out of my day from reading nearly all of the article links - ha! I've done a lot of research - read Nickerson's classic book and Landlording by Leigh Robinson, as well as a ton of topic specific reading online.

I've formed and filed my LLC, been talking to banks (they like my deal!), and it's about time to pull the trigger on an offer. The property I'm looking at is in the 6-16 unit range which may be a lot for a first-timer, but hey, the economies of scale are great. My plan is to initially do property management myself just to learn it and understand the business better, so eventually I can hire/train someone to do it, and better understand what I'm looking for.

Things I still need to do - find a good real estate lawyer for looking over purchase agreements/questions I have, finding good plumbers/electricians/contractors for the work I will need to hire, decide what sort of management software I might want to use to make things easier, learn a TON about basic everyday fixes to units.

Also... hey @Ethan Hamilton, what's up buddy?? (we went to high school/college together)

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  • Rental Property Investor · Lincoln, NE · Member since 2013 · 91 posts · 31 votes
    13y

    Hmmm first question, how do I link to someone's name like I've been seeing in other posts?

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey Stephen Anthony welcome to the forums! You listened to my advice!! :) Love it!

    Looks like you are doing great so far! The research is important - so that's awesome. I'm assuming you've read them - but if not, check these posts out:

    How to Buy a Small MultiFamily Property: A Step by Step Case Study

    How to Be a Landlord: Ten Tips for Success

    How to Rent Your House: The Definitive Step by Step Guide

    Hope those help some :) Let us know how we can help! Jump into the forums anytime. We'd be glad to help you analyze a potential deal. And the "Buy and Hold" Calculator should be out in the next few weeks I hope!

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Oh - and to @mention someone, you have to be colleagues with them (or they have to be in the thread.)

    Then- you just click the @ sign, and start typing their first or last name. Then, when you see their name and photo pop up below the text box, click on their name.

    Try it out with me!

    Stephen Anthony

  • Rental Property Investor · Lincoln, NE · Member since 2013 · 91 posts · 31 votes
    13y

    Thanks Brandon Turner! No wonder I couldn't get it to work in my opening post.

    I should've mentioned a bit more background about myself. I have a BS from UNL with Math and Computer Science double majors, minor in Business. So the math/finance/running the numbers side of deals is easiest/happiest for me, I love that stuff. Already made my own custom spreadsheet to load info about multiple properties and compare them to each other using common metrics. The fixing/construction side of things I have zero experience, so that'll be the hard part. But long term, you want to get out of property management and focus on just finding/making deals, so I think that will really play to my strengths and interests.

    What has anyone else done to make connections and meet poeple if there appears to be no real estate investors club/meeting/group whatsoever where you live?

  • Real Estate Agent · Omaha, NE · Member since 2013 · 86 posts · 27 votes
    13y

    Stephen Anthony WELCOME TO THE SITE!!! Fellow Lincoln East Spartans indeed! Never thought I'd actually find someone on here that I know, so glad you're here! Congrats on the Multi! How big/what part of Lincoln are you looking to invest? Anyone else out here that went to high school with us?

  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    13y

    Welcome Stephen, you've come to a great site to start your education. There are plenty of people on this site that can help you on your way.

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