Honestly, if I get halfway through rehabbing the rental we just purchased, I'll be pretty happy. Sometimes it can be intimidating to read about everyone else's crazy successes when you're just starting out!
You guys are doing so many cool things! In my wildest dream world - I would love to close on my first small multi- family. I have been on the hunt for about 8 months and have had some things fall through. I started out with my older brother being my realtor and I do not think that was the best idea. So please, fellow investors please send me some good vibes.
@James Masotti I have been struggling with the same thing. I am looking to grab my first small multi family house. Keep me updated on your journey if you get anything!
I am actually closing on my first sfr in December so big end to the year for me. (In the option period now though, but if everything pans out we will be closing on our first this year)
my goal is to get off the sideliines and into the game. I've spent the past 6 months educating myself on BP, reading/podcasts, and studying for my license exam. Now I need to get my feet wet in a deal for myself or for others, but I need to start the "hands on "learning process.
1: Wholesale the 4 deals that I have under contract right now. 2 in Austell, GA and 2 are in Carrollton, GA. The last 2 are in a new market for me and I don't have a buyers list where they are located. But I'm networking and have never lost a deal because of that.
2: Complete one more mailing campaign this year (Absentee Owners/40%+ equity) and close 5 deals in December. (Assignments or Lease Option to Tenant Buyer)
3: Locate, by direct mail, and make offers on 10 Commercial/Multifamily properties, with a Binding Letter of Intent and get at least one accepted that have value add, potential for one of my buyers who is begging me to find him a $2.5M+ deal so he can put his money to work out here in the Atlanta market. OH YEAH!!! (I'm all over that.)
4: Let my family know how much I care and appreciate them, and spend as much time with them as I can during the Holidays.... (This should have been first)...And it will..
They are what keeps me motivated to grow my business. Not for the money, but for the freedom, and the personal development.
Good luck with your sale! Is the property a flip? If so, have you posted a description of the deal and your experience? I love to see what others are doing in our area.
I'm buying three more rental properties (which are already under contract, so that's not a big deal), AND placing a blanket loan on them so that I can ramp up my investing in 2016, which IS a big deal.
I'm in the process of doing a cash out refi on a quad Plex I just finished rehabbing, this will allow me to pay off student loans, my home loan, home Equity line of credit, this will lower my monthly expenses $1600 per month.
I will change the furnace filter in every rental and do an inspection on it in the process. I WILL hire someone to do at least 10 items on my Do List that I would have done myself. I will finalize one way or the other an open offer I have on a four plex. I will install at least 3 more windows on my stalled flip property. I will finalize the attempted buy out of a partner in a commercial property. I will prepare at least 4 weeks in advance for one of my jury trials that will occur in January, I will take my wife somewhere for at least 3 days away from from home so we will not work. I will analyze the current books to see if I need to save or spend for tax purposes by the end of November. I will begin work on a plan of how I will capitalize on what I predict will be a 3 year recession in our local economy.
I will change the furnace filter in every rental and do an inspection on it in the process. I WILL hire someone to do at least 10 items on my Do List that I would have done myself. I will finalize one way or the other an open offer I have on a four plex. I will install at least 3 more windows on my stalled flip property. I will finalize the attempted buy out of a partner in a commercial property. I will prepare at least 4 weeks in advance for one of my jury trials that will occur in January, I will take my wife somewhere for at least 3 days away from from home so we will not work. I will analyze the current books to see if I need to save or spend for tax purposes by the end of November. I will begin work on a plan of how I will capitalize on what I predict will be a 3 year recession in our local economy.
You've got some good ones, Jerry, but I like this one in particular:
"I WILL hire someone to do at least 10 items on my Do List that I would have done myself. "
1. Find a portfolio lender in Atlanta (surrounding area) Ga to refinance and cash out 2 fully paid property. I got a lead from the awesome Ken Corsini to check out Dwell Finance but that failed because the 2 property did not meet Dwells minimum $300,000.
2. Just got approved for my LLC name from the state. Now working on Operating Agreement.
3. More self educating on asset protection
4. Purchase 1 more property by year end to put in my rental portfolio
5. Take good care of my current tenants and properties.
6. Most importantly, I am expecting my first child this December.
I spent this year self educating rather than purchasing. Not a lot of REI activity but I feel very Blessed with the arrival of my first child.
Close on an apartment building in Japan by fiscal year end (which is actually April 2016).
That's great, Dmitri. Are you under contract?
Was very close but ended up passing on this building. Shady owner putting lipstick on a pig and leaving some sucker holding the bag (painting over rusted steel structure, cement over cracked foundation blocks, etc). It may be a decent deal once it comes up in the next owner's foreclosure as a tear down and rebuild. Potential 5mil+ spread for a condo build on the site, but that's not a project I'm willing to tackle just yet.
Looking for the next one now. One way or another though, it will happen!
Hi, Thanks for this conversation! Lots of great goals. Inspiring! As newbies we are aiming to be well acquainted with making offers, have our team in place, and wholesale at least 2 properties.
1. Get prepared for my RE exam and get the license.
2. Find the right broker/mentor in my area (I need to get a list of questions to ask them)
3. Continue to educate myself reading business and REI books, reading BP forums and listening to podcasts (I do it daily for 4 hours while in the car and at work)
4. Study my farm
5. To reread the book by Brian Tracy "Million dollar habits"
Good luck with your sale! Is the property a flip? If so, have you posted a description of the deal and your experience? I love to see what others are doing in our area.
Best regards.
Thank you! It was a foreclosure that we lived in and fixed up, then rented out for 4 years, and now want to sell to free up our money to buy in a new location. I'd love to tell our story. Where should I make that post?
@Jon Klaus My first rental is something as tiny as a parking garage, but it's taught me a thing or two about landlording.
I have incorporated an LLC to purchase my first SFH rental next year, and that's what I am saving up to. As you know getting started can be slow, but I have a due date and am tracking my networth every week.
STEVE FORMAN get off that fence STEVE and join the party its the same as getting a strait flush you don't get them often but you will never get them unless you join the game .
send me your email and i will forward you more info.
I just got a job working for a guy doing property maintenance and construction work... My boss does a lot of custom cosmetic work for high end clients in the North Seattle area, and he's going to teach me what he knows!! Excited to be working for knowledge and decent pay, and getting to work at a beach house on Lake Washington is very nice!
I'm going to finish going through the enrollment process at University of Washington for architectural design!! I'm 26, but I decided to sing and travel the world for a few years instead of going to college... so its exciting to going back with a passion for something!
And I'm going to be setting up a marketing plan to hopefully wholesale my first house within the year!! School's expensive, trying to pay for it without taking out any student loans by wholesaling as much as I can and flipping houses during the summer breaks.
Wishing everyone all the best as 2015 comes to a close!