J R Dorsainvil - Bronx, NY - Somewhat Newbie
Hi Everyone,
I'm new to the Bigger Pockets community and wanted to introduce myself. I'm a co-owner of an Edible Arrangements franchise in Westchester County, NY. Just made 5 years this past February. I'm an entrepreneur at heart, could not stomach my first professional job out of college. Have never held a full time professional position for more than 8 months. It's just not for me. Real estate peaked my interest in the mid '00s. I jumped in in 2006. Started off mostly reading a bunch of books. "Rich Dad, Poor Dad" really opened my eyes. I saw the world in a whole new light after that book. I participated in local real estate investment club meetings and have attended seminars. Around that time I did get close to closing some deals. I've had sellers accept offers and pull out when a better one came along - didn't get the contract out fast enough. In 08, I was making moves on a 12 unit. Got the seller to hold a note for 10%, was approved for 80% from the bank, but I hadn't gotten the balance figured out yet. Well, unfortunately that's when financial institutions started to fail, the investors I had lined up bailed, the deal fell apart. Rather than stick with RE, I decided I would go into franchising business. It seemed like a smart move at the time. Got some partners together, purchased a failed Edible Arrangements franchise and have spent the last few years building that up. I've been itching to get back in RE investing and here I am.
My immediate goal is to start out with rehab & flipping. I intend to successfully complete a deal by 8/31/15. I will buy and hold when the opportunity presents itself. My intermediate goal is to build a portfolio of multifamily, 20+ Units. Long term, I want to get into development.
I've been devouring the BP podcast. I know there are some amazing investors utilizing this platform. My hope is that I'll be able to make a solid contribution to the community and that we can get to know each other well.
Thx