All Forum Posts by: Tyler Fontaine

It all depends. You should shop around and see who will suit your needs best.

Our company chooses to use our local bank as often as we can because we are able to get better service, terms, and $ amounts out of them. We have established the relationships and they give a little more flexibility than some larger players.

You most likely would be able to increase your buying power if you use hard money or private capital. $100-150k is a good amount to secure a loan for the purchase/rehab, have reserves, and so on.

Also if you are new to it I think it matters more with who you use as boots on the ground if you're going outside of your market that you know. So definitely look for a good market but be sure you find someone reliable that you trust to run the play with you.

This is not get rich quick... but it is get rich for sure. 

Definitely a good plan. If you can execute faster then do it. I'd find a seasoned agent and lender who can assist you through this. Let them know your plan and strategize for the long term if possible. 

@Carlos Ptriawan is on point with his BRRRR strategy there. Definitely the way to do it if you can make it work.

Also, it's worth noting that currently individuals can only have 10 mortgages active at a single time. A local bank, private equity, or certain lender may let you get more after that. You may have to start buying in LLC's at that point. You may need to get a partner or come up with a more creative lending solution. That's a long ways out but it's food for thought.

I was gunna say basically the same thing :)

Bigger Pockets Podcast is a good educational tool. Youtube has unlimited resources as well.

Books;

The millionaire real estate investor, The book on rental property investing, HOLD, Long Distance Real Estate Investing

In-person;

Best thing to do is to learn from people doing it. Start by finding local REIA's in your area. They could be on facebook, mortgage companies host them, real estate teams host them, and so on. Just get in a room with othet investors and industry people. Show up consistently. Shake hands, have genuine convos, collect numbers, and begin building relationships. Then see if anyone will mentor you (a GREAT mentor will want value exchange... buying them coffee may not do it)

Where to invest;

I can only speak to what I know but the Rhode Island, SE/NE Connecticut, and some Southern MA markets are all pretty hot. We have Boston people, New hampshire people, New York people all moving money into those areas. Let me know if you need help.

Best thing to do is get your books in order, get your taxes together, and then sit down with a real estate friendly CPA who can help you with everything. They can see things you missed or were ignorant to, they can plan/strategize the best way to make the exit, etc...

Apartments.com is good for self-managing anywhere from 1-10 units.

RentRedi is more robust and can work for one or many units.

Appfolio for large portfolios or management companies.

Shop around a little and find something that suits your needs. When you implement the program be sure to train your tenants on it. Yes, train them. Educate them as to why you're using the platform, highlight what makes their life easier by using it, teach them how to use it or provide youtube videos on how to. Then HOLD the standard. Stop collecting rent "in-person"/mail after 30, 60, or 90 days. Redirect any texts, calls, emails for maintenance requests to the platform you select. So on and so forth. Applications... use the platform. etc.

Oldie but goodie here...

You need an investor friendly agent or a local investor who can mentor you. I can help you out and take a look. I'm just not versed in your market.

You can use the "find an agent" tool on BP to find someone. You can go onto facebook and look into your local REIA's. Attend the meetings and start building the relationships you need.

Also, you can go onto where ever you look for properties (zillow, MLS, realtor.com, etc...) then filter for larger multi-families and/or commercial properties. Make a note of the agents with the most listings in your area and call them.

You will most likely have to change your buying box.

If there's not enough cashflow you need to up the total units being purchased if you can afford it.

That, or you will have to look for a distressed asset ideally off-market (could be on market though) that you can value add or rehab in order to get within your budget while still having enough equity to make the asset cashflow.