I am a new attorney looking to start investing in real estate in the Cincinnati Metropolitan Area. I would like to know if there are any other attorneys here that can lend some advice about their real estate ventures. Specifically, I’d like to know how you managed to devote your time to investing as well as your practice and other career commitments.
I am an attorney and investor. I turned over my buy and hold multi family investment to a PM so I can concentrate on legal work and the acquisition part of real estate. I work in the fields of real estate and contract law so it also lends itself to real estate.
I am not an attorney, but I understand the balance of career vs. side hustle very well. It sounds like you're in a place where contributing capital is much easier than committing time. Based on this you have a few options, but they all revolve around you partnering with folks who have the time and expertise, and are looking for capital. The first option is to buy "turn key"/rent ready residential properties (1 - 4 units), and find a full service PM company you can trust. You will of course pay full market price for these properties, but that is to be expected (that's the trade off you're making). You can buy these properties from a turn key provider, or find a realtor who understands how to model investment property returns. Secondly, you could find a local partner in the markets you're interested in who is looking for capital. They may be flipping, or some form of the BRRRR strategy. And lastly, the strategy I prefer, is to find an experienced deal sponsor who is putting together apartment syndication deals, and invest passively. You will find that these will often be the most professionally run businesses of the options I mentioned, and that's primarily due to scale. Of course that's not true across the board, but it's what I have found to be true amongst successful deal sponsors.
@Kris Wong Thank you Kris for all of your words of wisdom! I will definitely take all of these options into consideration going forward!!!
okay great! Thank you Paul for your insight! I will certainly keep that in mind as I go forward! Would you be interested to speaking further about how you chose your properties seeing that you are in the Cincinnati area as well?
@Ebony Sheckles would be happy to talk further about it. I will PM you my email address.
As a real estate investor, one of the most important members of your team should be your attorney. A real estate attorney can help protect your business from future liabilities. The right real estate attorney should be well versed in real estate law.
@Ebony Sheckles You'll need to hire a property manager or project manager. At some point you'll run into a scenario where you'll need to be in court and something happens at a property.
Thank you for your response Bob.
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