All Forum Posts by: Jeffrey Holst

@Alec McGinn If I could summarize this thread it would be go big when you are ready to go big. My thought is that for many people buying their first rental is going big. It's easy to forget that most people in the world and probably even most people on BP never actually start investing. So yeah go big but do whatever is right for you. I think larger multi-families are a great asset class but it took me 8 years and hundreds of smaller deals to get my first 12 unit (last October) since then we have bought a 19 and a 32 unit and are under contract on a 41 unit. Last year at this time a 41 unit would have been too big for us and the 12 was a big stretch. Now I am not super interested in anything less than about 30 units. Next year if all goes to plan we will probably be only looking at 50+ unit deals. I do wish I had scaled up a little faster but there is no way I could have handled our 32 unit 8 years ago. Maybe I could have gotten there a year or two after starting but not as the first deal. My first deal was a condo for 30k my second deal was another condo for about the same price and both of those deals seemed huge to me at the time. I don't regret buying either one and still own them both.

Seller finance could be a good option and then use a more traditional loan to get it cleared out but you will need to be able to have the cash to make the deal work, and it doesnt sound like you are quite there. Id suggest taking in an experienced partner, someone with more money than time that can advise and can fund part of or all of the deal.  That way you end up with a piece of something rather than either nothing or all of a dog you cant control.

I do like the idea of a 4 plex in that area, I am a MSU Law grad, but declining population and deferred and poorly understood maintenance issues is a recipe for disaster if not properly analyzed.  You definitely need to understand what you are getting into before signing a contract on it. 

Keep us posted

If i was within a few hundred miles I'd do it.  Its always great to play a little cash flow

I am happy to talk to you as well,  I mainly function as an investor but occasionally represent other investors in purchasing property locally.

@Kyle Mitchell great goals.I should actually add the podcast to mine because we were planning on starting a video podcast in January. Also congrats on the upcoming wedding hope that goes well

I have been thinking a little about this,  my preliminary thoughts are that I'd like to add 100 apartment units, buy at least one deal in another market some place, do a couple more syndications, buy at least one free and clear property for my own account, sell my 5 duplexes, and get the 12 unit on auto pilot. These are all open to change but this is my starting point.

I started a 2018 goals post with a list of my goals and I have enjoyed the periodic updates about other peoples goals and accomplishments all year, so I thought why not do it again.  Ill post my personal goals as we get closer to end of year,  I am still developing them.  I know that one is to sponsor a couple new syndication deals but other than that as a starting point I havent fully fleshed out my 2019 goals quite yet.  

I do look forward to hearing what everyone else is planning so if you have some goals please share them here.  

Here is a link to my 2018 post for reference.  

Goal Update,  I'd love to hear how some of you are doing as well.  

Just so you dont have to scroll back my 2018 goals were as follows.

1) I plan to post a minimum of 120 times this year with a minimum of 10 posts in each calendar month. (killing this im at about 490 posts so far and more than 10 a month each month,  except December but I am working on that now)

2) I plan listen to all of the BP podcasts. I think I have listened to about 40 total prior to this year and if there is one that I remember well Ill probably skip it and move on but if I dont recall the details I am going to relisten to it.(I am up to show 296,  so I think Ill be able to finish this up before year end.)

and now some real estate goals

3) Purchase 1 property in my Self directed Roth (ended up loaning the money out instead and I think it was a good call)

4) Purchase at least 1 property without a partner. ( I didnt do this but instead formed a new partnership and bought in a different asset class (also did two syndication deals)  I am also under contract with my Michigan partners to buy a 41 unit.  We will have gone from 19 apartment units to  to 92 this calendar year in that partnership.  That total doesnt include my 12 unit in Georgia nor any of the single families, duplexes and commercial units.

I dont disagree but I will say this type of post would be more useful when it wasnt time to write the checks.  We handle ours a bit differently we dont create a savings account for it but we do think about it regularly and monitor our balances to make sure that our company accounts are growing sufficiently to ensure that these bills are manageable. 

That being said if you are new this post by @John Thedford is a great reminder. 

Originally posted by @Nathan Recchia:

@Jeffrey Holst forgot tag you in this earlier this morning when I wrote it so not sure if you saw it or not. Still getting used to this whole website. 

 Here's the link for this Thursdays meet up

https://www.biggerpockets.com/forums/521/topics/642977-november-chattanooga-investor-happy-hour?page=1#p3815575