All Forum Posts by: Hubert Washington

@Thom H.

You have laid out exactly what my thought process was and it is great to see that it worked for you! My original goal was to purchase my first MF (no less than 8 units) by the end of 2016. By nature I am the type of person who wants to know everything before making a move but I feel like that approach will only hold me back. My main reason for starting this discussion was to make sure that I wasn't overreaching by wanting to go directly into larger MF properties. I realize I have a LOT to learn! Did your lack of experience make things more difficult for you to obtain financing for your 1st deal on the 16 unit?

Thank you for sharing your story and confirming that I am on the right path!

@Erik Nowacki

Between the 9-5 and 2 very young kids, I think that managing a property myself will be out of the question. That is part of the reason I am looking to get started in larger multifamily properties. I need to invest in something that can support a property manager because I just don't have the time to take on the additional responsibility of managing myself. Thanks for your input! 

@Joseph Konney

I will have to see if something like that is offered in Florida. Thanks for the tip!

@Account Closed

Thanks for the tip about asking for seller financing! I would imagine that should be done on every deal. Can't hurt to ask, right?

@Jeff Greenberg

Thank you for your honest and realistic advice! From what I have learned so far, I don't think it will be wise for me to try to tackle the job of property management. My brother and I are planning to start locally in either one of our markets so we are currently in the process of researching both Jacksonville Florida and Cincinnati Ohio. Your personal story seems to confirm what others have been saying, that it will probably be best for us to partner on another deal for our 1st time.

@Pamela Starnes

Thank you for your encouraging words! My biggest fear is not the fear of failing or making mistakes but it is the fear not taking action. Most of my life I have always wanted to know everything about something before taking action. If I take that same approach here, I am sure that I WILL be sitting on the sidelines. This discussion has confirmed for me that it CAN be done. Now it is up to me to do it!

@John Casmon

Thank you for yet another amazing piece of wisdom! I must say that I am more than impressed with the BP community. I was unsure of the responses I would receive from this post. However, I have received exactly the assistance I was looking for!

@Nick B., @Alex Chin, @Gino Barbaro

Thank you all SO much for your valuable insight. This is exactly what I was looking for when I posted last night - specific, actionable steps that I can take to make this happen. There are plenty of people who say that it can't be done this way. But how does the saying go - where there is a will there is a way! Thank you for shedding some light on the "way". I would love to continue to hear from more people who can answer the posed question and hopefully this discussion will be valuable to others who may think starting off in multifamily is not possible.

@Gino Barbaro

Thank you so much for your advice! As you know I am huge fan of Wheelbarrow Profits, the book that you and Jake wrote. (If anyone else is interested in the "Why" and "How" of multifamily, I would suggest this book and Ken McElroy's ABCs of Real Estate Investing. This is how i "stumbled into the world of multifamily investing" as I mentioned in my OP).

I have already introduced my brother, @Chris Washington, to the world of multifamily and we are going to partner together to make this a reality for both of us (and there is no one in the world I would rather partner with!). Between the two of us we have a good amount of capital to start with, but neither one of us have the experience. So based upon what you are saying, it sounds like we need to seek out a more experienced partner to join forces with? What value should we be looking to add/offer this partner?

@Jeff Greenberg

I just came across your post here. Would you mind posting a little more detail about your first RE deal on my discussion  Investment be in Multifamily/Apartments?

I would love to hear your story and I think others would too.