All Forum Posts by: Frank Crianza

@Jeff Wallace The position I held with my employer (while very lucrative) just didn't fit the lifestyle I had envisioned for my wife and I. I was able to save enough to be comfortable with separating in the anticipation of learning a new skill-set, and I have the ability to still finance an investment in the 250k range comfortably (after researching for many hours how to obtain financing with no proof of income, only assets). Any advice on the multi-family investment? Any tips/tricks you'd be willing to share with a newbie, like myself?

thanks for the reply.

I'd like to know where you get your $350-$500/door numbers from. Is that a personal preference or is there strategy behind it based on your experience?

Like I said, this would be my first REI and I really don't want to make a big mistake on a deal, but based on the numbers I've come up with, this property would cash flow about $500 initially while the loans are being paid back, but should generate in the area of $1800 once the loans have been repaid.

At this point, I would be willing to take on any positive income, but I'm sure there are factors that play into this that I know nothing about. Would you be willing to share your thoughts?

Thank You, truly. I've jumped off a ledge and dedicated myself to learning this industry. I will humbly accept any advice I can from people who are wiser than me in this endeavor.

First of all, thank you for clicking on this thread, there are a million of them out there and I promise not to waste your time.

So here is the scenario:

Multi-Family property (4 units) - Listed @ $205,000, on market 65 days.

Estimated Acquisition: $195,000

Realistic rent: $3000/mo ($750/unit)

Property Taxes/yr: $5200

Insurance/yr: $2400

Planned Maintenance/yr: $1200

Estimate Vacancy: 5%

Down Payment: 25%

Management Fee: 8%

I have just recently gotten into the concept of REI and I've read all of the forums, blogs, etc. of investors having a hard time trying to find a good deal in the Houston area market, and I found this property quickly, in a public method of discovery with very little effort in about 45 minutes of searching.

Financing the entire investment (through very creative means, which took me MUCH longer to figure out compared to finding this deal) seems like a no-brainer to me, but I'm scared I got something wrong in the math and this is not as good of a deal as I believe it to be.

I'm a newbie, I quit my job in the Oil & Gas industry, enrolled in real estate school, completed it in 3.5 weeks and I take my test 9/4/18. I have dedicated literally everything I have to learning and perfecting my role in this industry. I would welcome any advice/suggestions, and in appreciation to that advice I would welcome the opportunity to be able to return the favor in the future.

Great advice. 

I separated from my employer about a month ago, spent 10-12 hours a day reviewing course material necessary to take the state licensing exam (180 hours in TX) and I've finally completed the required education. I'll be taking the state exam in about a week.

Today was the start of my journey to find a broker I feel would be a good fit for the goals I have set for myself. Commission splits, desk fees, transaction fees are not very high on my list of priorities. I am dedicated to find a brokerage that will provide me the opportunity to learn from someone who truly knows they're doing and genuinely wants to help other agents share in their success. 

I know, with a little help from someone who knows what they're doing, I can turn my business into something substantial. Right now, it's all about trying to build a rock solid foundation, and with the discovery of this site, I'm feeling confident that I have the right people in my corner.

Thanks again for the advice. I will be in the 10%.

Hi BiggerPockets community!,

I'd like to start off by saying I am very impressed at the varying levels of expertise represented on this site and that I only wished I would have learned of all of these opportunities earlier.

A little background on myself, I 32 years old, a Texas Native (Houston Area) and for most of my adult life I have been employed (comfortably) in the oil and gas industry. The 90+ hour work weeks coupled with the rotating work schedule of days/nights has led me to reevaluate my priorities. Mainly, I want to be able to provide a comfortable life for my family while still being able to spend quality time with them.

I have decided to throw everything I have into the Real Estate industry. I have a little over 2 years worth of bills in savings, I've separated from my employer, completed the necessary education to proceed with the licensing process of becoming a real estate sales agent, and will hopefully be a licensed agent by the beginning of September.

I'm posting this thread because I want to know, what are the mistakes you made when you were starting out? What do you wish you would have known when you first entered into the industry? What are the investment avenues you wish you would have gotten into before you did?

At this point, I intend to be a sponge. I want to absorb as much knowledge as I can, from like-minded individuals, to become the best investor/agent that I can be.

Thank you to everyone here on these forums, whether posters or commenters, all of your words and your advice, truly, does not fall on deaf ears.