Need the power of BiggerPockets to help make my dream come true by getting me an apartment building!
This thread is very important to me, so I will be attaching some people's names that I directly need advice from based on the research I have done about them on this forum.
When I was 19, I stumbled upon Loopnet, and I told myself that one day I would want to become an Apartment Building owner. At the beginning of this year I came across BiggerPockets and I kept reading and reading and I found some amazing stories, that gave me more confidence in achieving my dream. I had nothing at the start of the year, but I worked extremely long hours, and got lucky with an online investment and managed to save a good amount of money, but still it is not enough to secure approximately 1M funding. One day I went to go get my cheque from the owner of the security company I work for, and he told me that he loves real estate as well, and has had many dealings. He assured me that based on the amount I have, he will also bring the same amount in cash and we can do 50% partnership, and he also assured me that for the rest of the amount he can get us approved.
So to sum it up:
- Budget: 1M
- Good % as down payment.
- We can get the loan approved as well.
- Experience: My partner has owned a motel before and currently owns multiple houses in Southern California.
- Where and what kind of deal are we looking for? The deal can be anywhere in the states with decent rental market, and we want to make 10K per month from the property. Based on my research one place that seems to be really good is Memphis.
- What kind of help do I need? Deals and Guidance. Main reason to put this out there is to find a good deal, but I need help in everything else as well.