All Forum Posts by: Mike Calandrillo

Welcome @Robert Wodogaza and congrats on your success.

As someone who is trying to buy their 1st multifamily in Providence (Fed Hill area), how have you effectively used your time while holding down a job and home life?  What do you find to be the highest priority action you can take in your down time?

Appreciate your input - Mike

@Christopher Kolasa Hi Chris,

He sounds like a genuine fellow, I would just make sure he can still make his payments as you take on this project. I do not believe you will be personally liable for his debts but if he finds the income from this property does not cover his payments then he may look to borrow from the profits or you.

Best of luck and congrats on finding a good deal

I'll try to help

1. Education - download audiobooks, read Real Estate books from the library, talk with one player a week. This is ongoing, never stop

2. Write down your goals, and share them with everyone.

Mine for example: I am looking to buy a 3-unit MFH in between Atwells Ave and Broadway st in Providence, RI for $150-200 within the next 4 months.

Try to be even more specific than me. Also make a goal for your 5-year, 1-year, 1-week, and each day.

3. Build a team - talk with agents, property managers, other investors, contractors, anything who participates in the business. Explain your goals to them and see if they will be the right people for your team. You will lean on them a lot and they will make it easier when you want to own more than one property at a time. Then ask them, "Who do you know that I should know?" and keep following up.

4. Get finances straight. Work with finances to get pre-approved or learn how to structure a deal if you are going to go more down the path of seller-financing. Pay off debt, stash some $ for down payment

5. Lead generate and see real estate. Tap into your network you have built, scavange the MLS/craigslist, tell more and more people about your goals. Try direct marketing if that's your preference and you have the capital

That should be a good base, essentially make a real goal and then follow up with massive action.

@Craig Moore Hey man, in the same boat as you to a tee. 23 in NE area looking for 1st property to invest in, "house-hack". Actually, I have the same goal by 30th birthday as well lol

I got analysis paralysis early on because I kept worrying about downstream issues like this when in truth payoff strategies, number of doors, etc. doesn't make a difference if you don't take the plunge into the game.  My (unqualified) advice is to lock down the 1st deal and then be in a place to chart your course how you want.

Also, give the 10x Rule audiobook a listen to.. $10k/mo will seem like small change

Ping me anytime if you want to bounce ideas, talk about markets or real estate.

Best of luck!

Hi Brandon, I'm a local investor looking to acquire my first property in some of the neighborhoods you mentioned. Other property managers and investors I have talked torecently have said that the West Side is a good move right now.

Doing some light research I found that the there are revitilization projects happening but the crime rate is pretty high, although getting better. Is that a concern you think will decline as the gentrification of West End continues?

Also, could you clarify on "true" West End? I took this to be Atwells and Broadway but I could be wrong.

Aprpeciate you sharing your knowledge, thanks,

Mike

Hello BP!

Like the title indicates, I am as green as the summer grass when it comes to Real Estate investing.  I have been educating myself over the past couple weeks through books and BP podcasts but now want to take a more action-induced approach.

I am originally from NJ and now living in an apartment in the heart of Providence.  I love the place I live but hate sending a check out for something I will never own.  After my first year lease is up, I plan to "house hack" a duplex and gain experience as owner and landlord.  In the meantime, I am looking for a hands on way to work with other real estate investors and continue to analyze properties in-case an opportunity arises. 

I have put a lot of pressure on myself to hit a home run on my first deal (prove it to myself, establish a track record, etc) but my long term goal is to buy at least 2 cash-flowing properties every year for the next 15 years.  BP has taught me a boatload so far and I look forward to becoming more active on the forums.  Nice meeting you!

That's awesome, congrats- keeps me motivated to find a deal like this in the near future. 

How much effort did you spend preparing for this deal? Or were you already confident enough to just dive in?