All Forum Posts by: Michael Orlando

You could always try cold calling or other marketing methods like direct mail! Definitely requires a time commitment, but we've found some very solid deals through cold calling and DM. You'll most likely need to pull lists from somewhere though or invest in software like Reonomy. 

@Jeremy Colvin sent you a connection

@Jeremy Colvin We've been buying multifamily here for over a year. 20+ units is what we go for. We're always looking for potential partners. In what capacity are you looking to partner?

Hey dude! I'm local to Cleveland and buy multifamily here. I have a great realtor if you need one and happy to help any way I can!

This is something my partners and I are looking to do on a property right now as well. We're leaning on the side of "air bnb motel" as opposed to long term rental, but I guess it's very market dependent on what that area would support best.

I have a fantastic real estate attorney here in Cleveland. Let me know if you'd like the contact!

Do your best to find comps in the area. Some simple websites will give you a pretty good gauge i.e. rentometer, zillow, apartments.com, etc.. usually you can get a very good idea just using these resources. 

If you rent your unit out at $X price in two days, your rate is probably too low and try to bring it up some!

@Jake Long Congrats on making the decision to start!

I would map out your long term goals first and foremost. Sounds like you want to quit the 9-5 in a reasonable amount of time. If so, unless you're really killing it at your day job, scaling a single family rental business will take some serious time if you're just using your own funds. 

I would research the various investment strategies. Brrrr is obviously one of the most common on the forum and would allow you to probably scale faster (again I'm just assuming you'll be saving up for some time for the next down payment). Finding a capital partner and Brrrr'ing could be a way to get to where you want to be faster as well. Also, putting together larger multifamily deals will allow you to use more of OPM to scale. 

So start with writing out your goals, find a good agent and get them on the same page if necessary, keep educating yourself, but take action in whatever direction you decide to go!

@Ari Hadar Your agent will probably just give you the typical 10% to be honest.. They might say 5% depending on the market and the property, but as the buyer you should definitely do your own due diligence and use the number you feel comfortable with. 

For example, an agent might want to get the property sold and tell you to use 5% vacancy in your analysis. However, truthfully the vacancy should maybe be closer to 10-15% depending on the property/market. It's pretty common especially on larger multifamily for brokers to oversell the numbers. Always do you own due diligence. 

I haven't joined a coaching specifically for real estate agents, but I am getting my license soon and also considering something. I've really been digging Ricky Carruth lately though; not sure if you've heard of him. If not, maybe check him out!