Any junior bankers on WSO that have been able to develop a side hustle real estate portfolio? Perhaps rental homes, AirBnB, or other ideas?
Many bonuses could cover an income producing properties down payment. Curious to see if anyone has been able to or has heard someone able to juggle both.
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I’m considering IB in HTX and this is one of the reasons why. LCOL city so can roll over money saved on taxes/rent/other bills into multifam housing.
Excellent idea with such a fast growing city like Houston / all of Texas.
I was thinking about almost doing it passively and remotely from NYC. Wondering if that’s even possible with analyst work.
bump. In Chicago but interested in doing something similar (whether that be in TX or neighboring Midwest states).
My plan was to syndicate multifamily assets with some of my connections. It’s difficult to do because a syndication technically involves the creation and sale of securities, so I would have to work further with compliance to work that out.
Alternatively, the formation of joint venture acquisitions on NNN lease assets could work out but it’s very difficult to start out in this space with 0 track record. Most brokers / owners have no interest moving on an LOI if it’s your first purchase so having a strong partner is key.
I’m not banker (I’m in valuations) but I’ve been able to do it. Paid the down payment obviously but now each property is cash flow positive so it’s just sit and watch unless I want to pay it down faster. I own then through an llc for liability reasons and for anonymity. You can really make it as hard or as easy as you want. Hard: personally manage them and buy a house
Easy: hire a property manager and buy a condo
Good to hear. My plan is to do it with my brother who also has the same interests but resides in the area we are interested in. I would almost be an LP.
Condos not a bad idea as well, are you remote of the properties?
Haha I’m doing with my brother too actually. Really helps to split the work. I really think condos are great people kind of shit on hoas but if you do due diligence on the hoa they are fantastic. Especially early in your career if you need a new roof for instance on a house it could be 30k.
My brother and I are not remote of our properties but I wouldn’t think that is a huge deal. The last time I visited one of them was.. a year ago maybe? I think the bigger thing is that you know the market and know what a good buy is. Which usually comes with you living somewhere but not necessarily.
Can you provide any color into how you got started? Are you in a LCOL area?
Ideally I would love to replace my income with rentals by age 35 - have a semi retirement by then.
The start was pretty simple, my brother and I didn’t want to pay rent. So we bought a property, then saw how much it could rent for and listed it and got it rented. We also really liked the area so we sent a letter, yes a letter (address is all we could find online) to the owner of the unit next door (it was rented) and ending up fixing that one up and renting. Then just kept it going. I would say it’s in relatively lcol area. Think like Austin 2 years ago. The area I’m in has grown a ton and prices have increased a lot but they will probably increase more. It’s not cheap but it’s not New York or something
did you report this to compliance since you formed a llc?
edit: just saw you're not IB so not as relevant
Yeah not in IB, but I didn't report it.
What is the capital investment requirement to buy small units?
Is it worth purchasing out of the state one lives in?
What kind of price negotiation is made with realtors/property managers?
25% down generally to get most competitive fixed rates
yes out of state is super easy. I have four houses in Alabama which I’ve never been to, cash flowing hard
realtor you can try to find buying agents that will take a smaller % cut as a rebate (1-1.5% and pay you the delta to 3%). Property manager usually takes 6% to 10% monthly and 0-1 mos rent for renting out.
Appreciate the breakdown analysis. I am in the market to purchase a house right now. I will be looking to purchase the rest of my additional earned income into a property out of state when the time comes. The idea is to build a portfolio where the units will pay for my housing expenses later in the years, that way I can continue supporting a growing family (once I marry) and business opportunities.
This is very interesting, would love to connect and learn more. Could you PM me to potentially chat further?
Thanks.
I own 3 properties total. Each were less than 350, put 20% down on each.My brother has his real estate license so he takes the 3% he gets and puts it in our llc. We pay a property manager less than 10% monthly plus 50% of first months rent. Our cap rate is around 8-10 % on each property. As far as owning out of state, we don't do that but I don't think it's an issue. What is more important is 1. Getting a good deal and 2. Trusting and having a good relationship with your property manager. I feel like those typically happen when you are closer to the units but not necessarily
Nice. Those are generous cap rates.
Would it make sense to go towards a 5-7% cap rate as a starter?
Bump
Just invest in multifamily syndications (basically just smaller RE private equity funds).
Praxis Capital, Wildhorn Capital, Rise 48 Equity, Ashcroft Capital, Barratt Asset Management. Lots of good ones out there. Zero work (of course they have some fees and charge some carry, but well worth it for me to get RE exposure without any time commitment).
What are they payout rules/structure for small investors?
Or varies?
Also curious what is the difference in returns from syndicated investment vs a single family or going on your own? I know the asset class would differ but what about the returns? aka is syndicated investing worth it?
Curious to know if anyone in a MCOL or LCOL has ever house-hacked (buy tri/quadplex and live in it, FHA only requires 3.5% down, use revenue from leasing other units out to pay monthly payment)?
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