So just to come out swinging, I did my first deal about 3 months ago. Bought a duplex for 56000, that rents total for $1000 a month. Things have been going well thus far.
My situation is i have some cash to play with (30,000) and a bit of equity (100,000). The cash is from a sale of a boat I owned and is going to be used for investing. It is not our personal checking ect.
I am obviously very very new to this and want to make sure I do things correctly and keep building. I am currently a flooring contractor and to be honest if I could go full time land lord tomorrow I would do it.
Extremely long story made extremely short, had leukemia a couple times and a stem cell transplant and my body can't take the flooring thing to much longer.
I am not sure what to do at this point. I really like e multifamily properties so far. I have looked at big apartment complexes (34) units. I just feel that is out of my league right now as far as know how.
Our market is soo dried up as far as multifamily it's crazy. There is two on right now that I am looking at today.
I am learning about flipping and considering partnering with a friend and see how ones goes.
At this point I am thinking I should just keep waiting for multifamily to come up and try to snag them if the numbers work and maybe try flipping.
Thoughts or ideas on buying a large building?
Any thoughts or advice would be greatly appreciated.
First things first, you have to believe there is no such thing a deal that is too big. All you have to do is develop your own investment model (Inputs, Actions and Outputs) based on what makes you feel comfortable. a $10 million deal is just like a $100K deal, just more zeros. if you come across an opportunity that you don't know how to take advantage of, that's when your turn to your team. Every investor should have a sold team, and each teammate has a different role. You don't have to be an expert at all parts of the deal, just focus on what you are best at or like the most, then connect with those who can compliment your skills.
I can't give you advice on what you should or shouldn't invest in without knowing more about you: your goals, objectives, risk tolerance, financial condition, etc. But I can give you advice on what mindset you need to be successful in this business.
Believe It, Declare It and then Do it!
God Bless You!
@Michael Evans Thanks for the great advice. I deal with a lot of different contractors and have been building a team and not really realizing that I was doing it.. I have a few go to guys from financing to plumbing.
My goal is to own a few multifamily unit properties. I would love to be full time doing that. I would love to chat about details of financials and objectives in a message if you wouldn't mind?
Again I appreciate the advice
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