All Forum Posts by: DaNeale Canidy

Quote from @Mackaylee Beach:

Congratulations on starting your journey in Real Estate Investing! This platform offers a fantastic opportunity to network and forge valuable connections. Have you identified your financial goals yet? Defining clear objectives will help guide your investment decisions and ensure you stay on track. Whether you're aiming for steady cash flow, long-term appreciation, or diversifying your portfolio, understanding your goals is key. Remember, the more specific you are, the easier it will be to measure your progress and make informed choices. Don't hesitate to reach out to experienced investors or mentors on this platform for advice tailored to your unique situation. Here's to your success in building a prosperous real estate portfolio!

Thanks Mackaylee, I’m definitely more cash flow focused right now because I plan to reinvest the cash flow to build my portfolio. I see you are in Kansas City which is a market I’m interested in learning more about because I was actually born in KC and still have family there. I would love to connect and learn more about your experience in the KC market. 

Quote from @Berenger Greer:

DaNeale, 

Congrats on getting into real estate! I have been an investor/agent/property manager in Atlanta for almost a decade now and will be happy to provide any resources you need. 

I hate to be the bearer of bad news, but multifamily investing in Atlanta is a difficult game as we have a general lack of affordable multi-family homes, most are sold at a 4-6% cap rate, and getting a return on your investment with these can take years. 

I do have a few strategies that I have implemented to still grow door-count quickly, utilize multi-family style investing with single family homes, and make sure you are mitigating risk as much as possible. 

It would be a please to talk and see where I can help.

Thanks, 

Berenger

This is great insight! I would love to connect and learn more about your experience in this market and the strategies you have found to be successful. 

Quote from @Eric Gerakos:

Why multi family? Depending on location and quality, they may not perform as well as SFH.

It just seems like I could scale faster with small multifamily properties. I don’t have a ton of capital to invest initially so I’m trying to get more bang for my buck and use the BRRRR method to grow my portfolio and eventually 1031 exchange for a larger multifamily property. I’m not quite ready to jump in just yet but these are my initial thoughts as I’m learning about real estate investing. I’ve listened to podcasts and I’m on my 2nd book as I’m in the very early stages of learning as much as I can before I get started. I would love to hear your thoughts on single family vs multifamily for beginners as an experienced investor. 

My name is DaNeale and I’m based in Atlanta, GA. I’ve been soaking up information from podcasts, books and the BP forums and I would love to start building my portfolio with multi family properties. I would love to invest locally but I still have a lot to learn about this market. Let me know if you’re interested in networking! 

That’s excellent insight. Small rehabs vs complete gut jobs makes more sense both from a financial standpoint and a practical standpoint as a beginner.

You also make a great point about redirecting your extra cash. I would do the same if I had a solid real estate portfolio. My only property is my primary residence which is cash flowing zero. My focus right now is diversification since all of my investments are in the stock market. My monthly 401k contributions and company match are still going into the stock market but this latest dip is motivation for me to build wealth through other investments as well. 

Thank you for your reply! From listening to the podcast I’m learning that your network can make all the difference in the success of your business. I’m definitely planning to build my network before diving into my first purchase. 

Thank you so much for your reply. That is really helpful. It's easy to get captivated by the stories of people building up their portfolios rather quickly using BRRRR but in this environment it could be a longer process if I'm leaving some money in each deal and relying on additional W-2 income to help finance the next deal. I'm actually more comfortable with a slower process as I know the learning curve will be steep to begin with.

Thank you so much for your response. I certainly plan to take time to learn as much as I can with all of the great resources. There is so much information that at times it can feel like drinking from a firehose. But I’m committed to the process and I’m most excited about using the BP calculators to analyze deals because I’m a numbers person by trade. 

Hello! I am the rookiest of rookies having just joined the community last week. I'm currently saving to invest in my first property. I work full-time so all cash flows will be reinvested to build my portfolio. I would like to purchase a multi-family property for long term rental, market still undecided as I'm learning. I am very interested in the BRRRR method but I'm wondering if that strategy will be unrealistic in the next 6 months given the cost of materials, and possibly labor, is projected to increase. Should I be rethinking my strategy? As a family of 5 we aren't interested in house hacking so I'm interested to learn how other investors are approaching this new economic landscape.