All Forum Posts by: Yannik Cudjoe-Virgil

@Jamaar Brown Everyone has to start somewhere as long as you get to your destination. One of the reasons I love multifamily is the risk-aversion of having multiple doors under one roof. As one tenant vacates your are stuck with the mortgage at 100% occupancy. Also, one big ticket item like an HVAC repair, etc can potentially wipe out your cashflow for the year. Maybe you can look at 2-4 units? In my opinion, those can be sleepers for cashflow in certain markets. 

@Emily Laughlin Word of advice.... Don't interfere with the brokers commission. They want to get paid. I would prefer to go directly to the sellers broker to avoid having any communication issues as things often get interpreted incorrectly and too much back and forth can ruin a deal. Hope this helps!

Mitchell - Congrats on your activity. In my experience, it is great to have a specific criteria when speaking with brokers so they know exactly what you are looking for and you can pass the "eye test" as they will likely run this to see if you are a "real investor." Another thing is aligning yourself with trustworthy, likeminded partners that have the focus on finding deals. In multifamily, to achieve a high level of scale it almost impossible to wear all the hats (raising capital, finding deals, etc). You are going to have to work to partner with someone who has deal flow to get to a high level. Hope this helps! 

@Account Closed I think the post above mentioned great points. Those properties at 20k per door may seem enticing but they are most likely going to be in war zones and attract tenants that you probably are not going to want at your property. Evictions are tough to deal with in Baltimore. I recommend you learn what you are getting into before investing there. With all being said, it is a good city that has cashflowing properties

@Nia Laing house hacking is a great way to get started. Tenants pay for your rent. Makes sense right? Would just have to be ok potentially evicting someone next to you. Great way to get into a property with FHA financing and a low downpayment

@Shepard Solomon What ever you do...pull permits for everything! Especially plumbing. Don't play around in Baltimore without any permits. You can pull your building permits yourself, get the contractor or sub to pull the other three (Mechanical, electrical and plumbing). And just look out for the historical preservations in some neighborhoods like the above mentioned 

@Gabriel Johnson-Wesley Joe Fairless

@Kenneth Ryan Agency debt can be very powerful if used correctly. They come in the form of non recourse loans if you meet 100% net worth equal to or greater than the loan amount from your Kp's (Key principles or who ever is signing on the loan) and 10% post close liquidity or 9 months P&I depending on the deal/lender. They can come in the form on 5,7,10 or 12 year fixed rates. You may able to get interest only on these loans as well. Typically the loan balance has to be at least $1m. Speak with a mortgage broker who is familiar with these loans and has a track record of closing these transactions. Hope this helps!

@Gabriel Johnson-Wesley that book will be a great foundational book for you. You would not be disappointed 

@Alexis Nworah you can look at downtown baltimore: Canton, Federal hill, etc. There are alot of development in the core of baltimore that is going to drive demand particularly in the south baltimore market. Especially as port covington plans to do some development in South Baltimore