All Forum Posts by: Darryl Griffin-Simmons

Yes. I own 10 properties. A few multi families, meaning 2-4 units. But from what @John B Clark says, this might be focused on bigger properties than I have which would be interesting. I'm mostly doing it to find some people to talk to. I'm a Software Engineering Manager for Sony by day and I don't have any friends who are interested in real estate myself, so I'm trying to find some folks who are into real estate investing to talk to.

Well done on the 10 properties and working full time! We’re so new we don’t have anybody at this point to really talk to about investing that we personally know. Being on the forums is helping and we’re looking at the Bootcamp similar to you- an opportunity to network with like minds.

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Quote from @Keri Carpenter:

I am taking it myself. I hope it teaches me something I don't know already! Looking forward to it!

@Keri Carpenter I need to confirm something’s with my wife before registering but my finger is inching to signup for the current Bootcamp offering. It will probably be one of those “ask for forgiveness” later scenarios haha.

Are you already investing in MF or other asset classes?

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Quote from @John B Clark:

I’ve attended and it’s super informative and helpful. Matt, Justin, Herve and the team are awesome teachers, share great examples, and provide a lot of real world data and documents you can learn from. There is also the opportunity for networking with your classmates via Google Classroom and Zoom (and in person if you’re investing in your home state). The only thing to be aware of is that it’s definitely geared toward larger multi family deals, as opposed to residential units in the 2-4 range. That being said, a lot, if not all, their strategies do carry over to the smaller deals.

@John B Clark thanks for the response. It is very helpful. We do have plans to venture into larger multifamily deals in the future. When you reference larger MF, are you talking 20+ units or closer towards syndication level around 50+ units? I looked at this Bootcamp as a spring board to learn more about multifamily investing quicker thank Google / YouTube searching.

Did you quickly leverage the information to do a deal shortly thereafter or feel more confident doing so prior to attending the event?

Thanks again for your insight along this journey!

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Quote from :

where is the bootcamp ?

@Gurpreet Kaur Matharu it’s online and I saw registration closes on the 15th of this month.

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Hey BP family,

I just came across information about Multifamily Bootcamp. Has anyone here attended the Bootcamp and can provide feedback? It appears interesting and something I’m considering on attending this year and then work on attending BPCon.

Thank you in advance!

Darryl

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Quote from @Andrew Garcia:

Quote from @Darryl Griffin-Simmons:

@Andrew Garcia thanks for the reply. My name is not on our current primary residence. Thus, I was thinking of house hacking a multifamily unit in the local area initially to lower the required down payment. Our son is young, 2yo and can be flexible to move to a different daycare if necessary. The opportunity to move is prime before pre-K starts. We don’t have a lot saved for real estate investing since we recently were introduced to it this month.

I appreciate your offer to help learn because we need it with just beginning this journey. When it comes to seeing what amount we would be qualified for, especially if going the FHA route, my name would have to be on the investment property mortgage since my wife already did an FHA for our current primary residence? Or my wife could do a second FHA as well once we decide to scale? I'd be glad to connect with you privately to learn more.

@Darryl Griffin-Simmons, sorry I missed your reply! FHA loans cannot be used on investment properties. However, they can be used on 2-4 unit properties in which you live in one unit and rent out the other unit(s).

Your wife cannot be on another FHA loan. You can only have one FHA loan at a time. Therefore, your wife would need to refinance into a conventional mortgage to free up her FHA.

I would be happy to connect with you.

@Andrew Garcia thanks for the clarity! Yes, I’ll be definitely reaching out to you.

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Atlanta, Georgia

@Paul Camuto why do you suggest going single family, townhome or condo initially compared to multifamily? Our initial reasons for multifamily were for house hacking while maintaining our current residence and making an larger impact on the community by helping out more renters at once. Eventually, we do want to be in commercial real estate long term and figured multifamily would be a good introduction (4 doors or less) to begin with. I encourage the challenge in thought for our reasons. The more I know and can reference the better.

I agree that we need to build up reserves for capex, maintenance, vacancy etc.

Thanks again for the diversity in thought!

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Atlanta, Georgia

Quote from @Meredith Von Kleydorff:

Hey Darryl - welcome to BP! I wanted to clear up a common misconception about FHA loans that I recently learned that may be of value to you. Many people think you can only use an FHA loan once for your first home purchase to put 3-5% down. You can actually use it as many times as you want as long as it fits certain criteria. You can get another one for a primary residence for reasons like relocating, growing family, divorce, if you ci-signed for someone and now want your own. I believe you can even have 2 at once if its in 2 different states that qualify. The main caveat is that they are not meant to be used for investment property purchases.

Meredith,

VERY helpful to know about FHA loans as I was unaware! You all are really increasing my knowledge here exponentially.

Thanks for your help along this journey!

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Atlanta, Georgia

Quote from @Michael Dumler:

@Darryl Griffin-Simmons, as others have mentioned, I would highly advise that you look into the strategy of house hacking. With current market conditions here in Atlanta, buying 2-4 unit properties is a challenge. If you do decide that house hacking is your best route, I would recommend you view SFHs that have in-law suites that could be used as either an LTR or STR via Airbnb. Since you'd be occupying the property, any traditional mortgage would suffice whether you go FHA or conventional. Furthermore, purchasing a new property for you and your wife to live in could allow you to turn the original residence into a rental thus kickstarting your portfolio. Hope this makes sense and helps! Let me know if you have any additional questions.

Michael,

I appreciate the feedback. Upon cursory look in the Atlanta area for multifamily I see what you mean by challenging. We’re still re-learning the Atlanta area post COVID and being away in another state and city for about 3yrs prior to that. A lot has changed with the city, growing development areas, etc. We have considered doing an Airbnb for our basement in our current home. I might have the HGTV eyes as I’d like to turn it into a suite with a full bath and kitchenette but having analysis paralysis on pulling that trigger based upon where we live (south of the airport) and the return on investment.

Do you know of any local meetups or groups we could seek out and glean from? We be interested in meeting people face to face and inquiring about mentorship.

Thanks again for the feedback along this journey!

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Atlanta, Georgia

Quote from @Joshua Janus:

Quote from @Darryl Griffin-Simmons:

Hello BP Family,

I’m new to real estate investing and have been binge watching BP YouTube videos this last week. I’m interested in multi family properties and want to land my first property this year. So, I’d love to meet some local BP family in the area if there’s a meetup or other networking opportunities.

I’ve been doing research to develop my CCC and would love to stack properties over the course of the next 5yrs. However, before putting the cart before the horse what would be the best financing options?

My wife owns the house that we live in, as she purchased before we met. With said that could I do an FHA if I'm not on the mortgage/ loan? Or should we pull some equity out of current house to put for a down payment?

Thank you in advance!
Darryl

Is a house hack a goal of yours in the future? Study the requirements for an FHA loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. These are some barriers I had to make sure to be able to climb over. Let me know what questions you have.

Josh,

That’s a great question around my goal. We definitely need to refine it with all this great feedback we’re getting. House hacking would be a lot of stress on the family if moving once per year. We could do FHA for the first property and then conventional or other financing ways for the 2nd and third. To your point we need to do more research on FHA loans and study it like it’s the bar or MCAT. Our credit is good, above 700 so I hope that would not be an issue for pre-approval. Again, we will continue to do our due diligence.

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Atlanta, Georgia

All Forum Posts by: Darryl Griffin-Simmons

Darryl Griffin-Simmons has started 5 posts and replied 23 times.

Post: Multifamily Bootcamp- has anyone attended and can provide feedbac

Post: Multifamily Bootcamp- has anyone attended and can provide feedbac

Post: Multifamily Bootcamp- has anyone attended and can provide feedbac

Post: Multifamily Bootcamp- has anyone attended and can provide feedbac

Post: Multifamily Bootcamp- has anyone attended and can provide feedbac

Post: Financing for first rental property

Post: Financing for first rental property

Post: Financing for first rental property

Post: Financing for first rental property

Post: Financing for first rental property