All Forum Posts by: Patrick Drury

@Jared B.
Find a mentor. If you don't know anyone who owns rentals, cold-call investors who own multifamily in the areas, you are interested and ask about how they got started and if they could teach you. Ask how you can help them (try to add value to them, be it mowing lawns painting or other labor). You could reach out to a property management company and ask if they have any jobs available to gain experience in managing properties. Lastly, you could get your real estate license and sell real estate which is a good option. 

@Doug Johnson
No problem! Appfolio is a beast of a PM software. I highly recommend it. 

@Carl Dela Cruz
Once you get your first house hack completed, just rinse and repeat. This is a good way to get traction and start buying real estate. From one house hack into the next. 

@Doug Johnson
I have heard good things about Buildium. Once you get to 50 doors or more, you should pursue Appfolio, you will outgrow buildium and it will no longer be effective. Appfolio is great, but they require you to have 50 doors or they won't even talk to you. 

@Cody Burckhardt
With delayed financing, you can start it right away after closing. The biggest difference to keep in mind between delayed financing and a cash-out refi is that delayed financing is based on what you paid for it. It doesn't matter if it appraises 100k more and most importantly you need to buy it in cash. A cash-out refi is the exact opposite. With a cash out-refi, you could buy the property in cash or via a loan you just need to wait for the seasoning period which is typically 6 months, and it's based on what the property appraises for. A cash-out refi would be great for a BRRRR. Delayed financing is great for being aggressive to acquire properties in cash and pull the money out and put a loan on it. I am not a lender through feel free to consult with lenders where you are investing and ask them what products they offer that would best help you.

@Gary Fritz
The best thing to do in this situation would be to consult an attorney and have them review this letter you talked about and verify if it's enforceable vs just wondering. 

@Boruch Vann
Investing out-of-state if it doesn't make sense to invest locally is a good idea. Just start with building your core 4, which will be your boots on the ground and help you operate from out of state. The core 4 consists of an investor-friendly agent, lender, contractor, and property manager. 

Here is the article about it from David Green -https://www.biggerpockets.com/...

@Brock Edwards
There are brokerages that specialize in multi-family out here in Columbus. It's definitely a thing I just can't speak to if there are any in the long beach area. Multi-family is our bread and butter at Reafco. There are a few other brokerages that do it out here as well. 

@Justin Schrey
I would say go for the duplex for 100k vs a single family that's not going to cash flow. If you want to sit back and be hands off and never do anything, a syndication would be best and the second-best would be that single-family you mentioned. From the info you provided, I would say go for the duplex. If the goal is to have supplemental income, I think cash flow would be the best way to get there and the single-family is not going to give you that, so the duplex is a pretty clear winner, in my opinion. 

@Brian Cerezo 
Most commercial lenders will not work with out-of-state investors. The best workaround I have found is to have investors buy small multi-family, then go and buy a commercial property after owning a rental in Columbus. It has worked pretty well for me and my clients.