All Forum Posts by: Daniel Wetherill

@Daniel Wetherillthe first thing I'd identify is your #1 goal. Were you going to live in the 4 family? If so, that's going to take you a different direction, at least from a financing standpoint, than a 10 unit. Also, beware of the great cash flowing 10 units and go in with a skeptical eye because deferred maintenance, poorly screened tenants and old infrastructure can quickly turn a good deal into a nasty one.

Once you identify your #1 goal, I'd take the appropriate action. If it's simply "cash flow" then a 10 unit would be a great place to start assuming you're armed with the right knowledge, team members and it's a good deal.

P.S. I host a free meetup group in Cincy once a month for BP members and would love to meet you there sometime

Hey Joe, I actually listened to one of your interviews last night about cold calling. My goal is to have 50 units in 5 years. I am not planning on living in any of the properties. I am definitely looking at everything with a cautious eye, but i am afraid I am being too cautious and might pass up a good deal. I almost feel that if I purchase the 4 family it will set me back a couple of years before I have enough cash to leverage on other properties. The meet-up sounds awesome, just let me know where and Ill be there!

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Hey BP Fam!

For the last 12 months I have been educating myself on BP and other resources and I am currently searching for my first multifamily property. I live in Cincinnati, Ohio and I am having a hard time finding a 4-Family that has decent cashflow without taking a big risk on bad parts of town and units that are in horrible condition. So I decided to look at bigger properties such as 10 units, wow, what a difference. I have found multiple that have great cashflow, and have much better cap rates, etc. and are just better deals. My question is should I start my REI career with a bigger unit, or smaller?

All advice is much needed. I have been stuck on this for a while and I need to make a decision soon! Cant just think about it forever.

Thanks!

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This sounds awesome! Will there be a Webinar version also? I am not sure I will be able to be actually attend at location.

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Originally posted by @John Cohen:

@Daniel Wetherill what size multi? If you need a manager i have a great contact in Cinncinati.

Hey John, I am looking at four families. I appreciate the reference, as this is my first property I will be taking on the management of the building, but as I grow I will definitely be in need of one, I am always networking so please send me his info.

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@Tim Graham

Yes, I am looking at a four family, I would like at least half rented out...I have a couple of properties I am currently looking at. I would prefer the lease terms to be full year leases and not month to month. Thanks for the confidence! I love the advice about changing the lease terms for specific months targeted around hot lease seasons.

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Originally posted by @Alex Chin:

@Daniel Wetherill - That sort of mirrors my plan. I have the expectation of finalizing my list of properties I'm going to check out in the next month or so, and then begin making offers after October with expectation of trying to maximize my buying power based on market timing.

Awesome, sounds like a great opportunity after all! I am more excited and confident then ever to get this deal done.

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Originally posted by @Tom S.:

@Daniel Wetherill

I've found between Thanksgiving and Christmas is a great time to make offers as most people are busy with the holidays and there is less competition. Even better if you can close by December 31 and get the tax deductions!

Most rental properties will usually already have tenants so that shouldn't be an issue filling them (agreed in cold weather states people don't move much during winter). Then transition your leases to June 1 - May 31. I prefer to keep mine all on those dates so I manage it all at once.

Good luck!

- Tom

Thanks Tom,

I haven't really thought about the whole less competition during those times due to the holidays, that is great! I will definitely take your advice. Thanks again.

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Wow, thanks for the responses so far...so would you agree that I stay the course and buy now as apposed to wait?

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Thanks Joe for the information! I guess there is no time like the present!

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Thanks Alberto,

That is what i have been leaning towards, also I think there might be more of a chance to get an even better deal in that season.

Thanks for the post!

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All Forum Posts by: Daniel Wetherill

Daniel Wetherill has started 9 posts and replied 22 times.

Post: How Small or Big Should You Start Out?

Post: How Small or Big Should You Start Out?

Post: THE SCIENCE OF FINDING DEALS - The SEMINAR!

Post: Is there a good or bad time (season) to buy a rental property?

Post: Is there a good or bad time (season) to buy a rental property?

Post: Is there a good or bad time (season) to buy a rental property?

Post: Is there a good or bad time (season) to buy a rental property?

Post: Is there a good or bad time (season) to buy a rental property?

Post: Is there a good or bad time (season) to buy a rental property?

Post: Is there a good or bad time (season) to buy a rental property?