Hello everybody! My name is Sheila and I'm NEW to BP. A few days...
A little about me...
I've been a property manager for over 8 years. I've managed properties as big as 480 units with 8 employees plus vendors etc. Five years ago, my fiance and I decided to open up a pest control business. We began planning up until the day it was time for him to quit his job at Orkin and began working full time for the business. I decided to stay working for a couple more years until we were stable enough. It's been two years since I quit my job and it's been five years since business inception! So far so good.
Here is the problem... I have NEVER stopped thinking about managing properties. It's what I was doing for so long and it hasn't gone away. The thoughts are always there. Just that this time, I would like to own them and manage them rather then working for someone else.
I must of been good at what I did because I've received recognition for consistently achieving investors objectives and meeting NOI every month. etc...
BUT why is it so hard for me to achieve these same goals for myself?
What is wrong here? I've managed to get this far for other people. BUT I'm in fear of not being successful as an investor. The fear of losing. My doubts have become overwhelming, and it has stopped me cold in my tracks prolonging me to take any action whatsoever.
Not sure if others have felt the same when they first started. I would appreciate hearing about your experience and what measures were taken to overcome it?
My passion is to own an entire apartment complex and rebuilding my team! I know, I know. Property Management has its moments, but I can say I really did enjoy working in a fast paced environment. A girl can dream right! ;)
Here is my current situation and some of my thoughts...
I own a home which I live in with no mortgage. Cash Purchase. If I come across an attractive deal, If need too, I can cash in on the homes equity. Would prefer not too, but it's an option.
My debt has increased these last couple of years due to the purchase of three company vehicles for the purpose of the pest control business. Each technician requires a vehicle and unfortunately, there all on my credit. On a good note, the business has no debt besides the vehicles.
For Investing purposes...So far, I've saved $50,000 which I can use in several ways. I can opt in and use it as a down payment if I can get a loan... or I can start small and purchase within that price range... Perhaps, a duplex? My preference is a multi family home versus a single family home simply because I feel I can collect rent from the other renter (s) in the event an apartment or apartments become vacant. Better to collect something then nothing at all! Just my thoughts...
Please by all means what are your thoughts on the matter?
By the way, I live in Lutz Florida. About 15 minutes from Tampa. Tampa and it's surrounding cities is my market.
I believe I would feel better if I can figure out which road to choose. Help!
Step one, get off your *** and do something. No more reading about real estate, actually do something.
If you can manage property successfully then you have nothing to fear. All you have to do is to plug in the math and go forward.
Look at purchase price, expenses including debt service, and then determine cash flow. If the answer is a positive number then you have a maybe. If the answer is a big positive number then you buy the stinking thing, this is not complicated.
You already know how to do the hard part, now get out of your own way and make some money. The math is simple, the math does not lie, believe the math and take action.
To your success
I agree with Josh, but want to add if you are needing to build your confidence do what you mentioned and start with some small multi family. You could always partner with someone on them and you charge the partnership a management fee to manage. You can grow as fast or slow as you want according to your efforts because you have the experience! I think you should go for it NOW because it sounds like you truly enjoy it. Find some REIA meet ups to help network. Hope to see you at some meet ups around Tampa.
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