All Forum Posts by: Brian Briscoe

Exciting Virtual Meetup Opportunity!! Come learn to improve your investment returns via exceptional opportunities in apartment buildings with Whitney Sewell on May 18th at 7:00 PM EDT. https://us02web.zoom.us/j/9607...

Following the guest speaker, we will break-out into virtual networking rooms where you can meet and network with like-minded individuals. On our first meeting on 27 April, we had 54 attendees and we're planning for even more this month!! The virtual meetup was a HUGE success!!

Once the public gathering restrictions are eased a bit, we will meet on a monthly basis in Gaithersburg, MD... Just a few miles to the NW of Washington DC.

I'll try to avoid politics here as many are resorting to turn this into a political bash-fest.

My opinion, we'll either find a vaccine or we will simply learn to live with the virus - just like our parents and grandparents lived with measles, and polio, and smallpox....  We will adapt.  Businesses that adapt quickly will thrive, businesses that don't will be replaced.

For people like me that are in no danger of losing their income, it's easy to say that we should keep the economy closed and take drastic measures to ensure the safety and health of everyone.  For people that are out of work with no means to buy food and pay rent (except through government handouts) -- well, their number will grow and they'll grow more and more restless and then angry, they'll force the politicians to reopen the economy... it is, after all, a democracy.

In my current day-job, I deal daily with COVID in the DoD.  I'm literally the guy that puts numbers on documents for the senior leaders.  What I've learned is that the COVID is not a big risk for the young and healthy (granted, we don't know long-term risks).  Sure, they become infected just like anyone else, but the vast majority recover quickly.  USMC has had many COVID cases, but not a single death.  What does that tell me?  We can (with relative safety) put the majority of the workforce back in their jobs.  We just have to be more careful with the higher-risk population and those that live in areas of high population densities. 

Bottom line -- the collective pain of under- or unemployment will push state and national governments to reopen.  Jobs will bounce back up.  Even if COVID resurges later this year, we've learned a thing or two already and can probably survive with less extreme measures.

I don't do much in the 4-6 range. I do see that some realtors will kind-of specialize in that area and those listings frequently hit the MLS. I've also heard that direct mail works well too... Fortunately, most owners of 4-6 units are not professional real estate investors, so you may have better luck negotiating.

Hi Nina!  Good question.  Here are a few I keep going back to:

 city-data.com 

fred.stlouisfed.org

bestplaces.net

census.gov/data

Costar is good if you have someone that can pull data for you...

A lot of commercial brokerages will also publish reports for regions or specific cities...

Best ever though is Google.  Just search for what you're looking for, like "unemployment rate charlotte NC" or "job growth Greenville SC" 

Thanks @ALYSSA!!  Glad I could help, even if only a little.

@Chance Charlton - we operate in the Carolinas and have primarily used brokers to source deals (though, admittedly, it took us a while to get traction with them).  We've connected on a few apartment complexes in Upstate SC and Columbia, but none yet in NC.

Like @Ryan Daigle, we use Michael Blank's SDA and I actually found my partners through his network.  (What's up Ryan!)

What are your goals with multifamily?  We've had a lot of potential syndicators/DIY investors realize they could meet theirs through passively investing...  All the benefits of investing in real estate without the headache of managing.

Thanks @Dexter Harris - look forward to seeing you online.  There were a handful of people from LA on the last virtual meetup.

@Greg Dickerson - I've heard your name quite frequently....  A few people at the local DC meetups have asked if I know you...  Apparently you're kind of a big deal.

@Eric A.

Bingo!  

I should have mentioned -- my wife is from Lexington, SC, and we travel there frequently.  That definitely played a role in my selection criteria.  Thanksgiving last year involved a few days of due diligence then a few days with relatives...

Hopefully your unemployment situation fixes itself as the world slowly gets back to normal (though may not be as a sommelier).  Now, there are other ways to invest besides the traditional 25% down and a bank loan. With a lump sum of cash, your options include (note, all of the below should include significant due diligence and proper legal paperwork before jumping in) :

1. Investing money in a syndication.  Can be any asset class, but I like multifamily myself.  You'd have to thoroughly vet the deal sponsor and the deal itself.  

2. Lending money to others - I know several people that make solid returns keeping flippers in business.  Once again - make sure its a reputable professional and the deal makes sense.

3. Buying notes - a few guys at my local REIA do this.

4. Finding other lenders that don't care as much about your income.  Hard money comes to mind.  Their rates are typically much higher than a regular bank, but they'll frequently loan based on the asset.

5. Joint venture - find a partner or two, pool resources, and look for something a bit bigger than you'd normally try to tackle.

Oh, and once you have a day job, don't quit until you've got substantial income from your real estate side hustle.

@Alyssa Feliciano

Good question. Also tagging a few responders that expressed similar concerns: @Raul Carrillo @Marlen Weber

In 2018 I moved from San Diego to DC, so I have an idea of the challenge you're facing.  It's hard to find cash-flowing assets in either market...  Not impossible, but there's somewhat of a barrier to entry on both.

Up front, my goal was to build passive income and I had decided that multifamily syndications would be my vehicle.

I started by determining how far I was willing to travel - my opinion is you need to actually have YOUR boots on the ground in an area in which you're investing.  For me, I thought an 8-hour drive was my limit (about 500 miles).  I also included cities that I normally travel to that are outside of that radius (e.g. my hometown).  I picked 8 hours because I can wake up early, drive, and be there by noon on any given day.

Next step - I decided that metro size was important... there has to be sufficient demand for housing and all the support you need to run a business (contractors, property managers, etc.).  My minimum metro size for me was 500k.

Next step - I made a list of every city that fit the above and evaluated those markets... criteria included looking at data over the past 10 years and projected numbers for the following: economic/job growth; population growth; rent growth; median home price growth; crime rate; and maybe a few others.  I also looked for landlord friendly areas (which roughly corresponds to red states on a political map).  I live in DC - Central Atlantic Coast, so my initial list had cities from NY to SC.  I found that cities in the Southeast were doing much better than northeast.

Final step was to narrow the field down.  I eliminated the bottom feeders on my list.  I also eliminated some of the larger metros because of the increased competition (e.g. Charlotte).  I ended up with a list that included mostly cities in the Carolinas.

After selecting the market, I started simultaneously looking for deals, building my team, and searching for investors (all with a full time job).  Good news is I now have three amazing partners with whom I've closed on 3 apartment complexes with number 4 closing soon (very soon).

Good luck in your efforts and let me know if I can help.