Naperville, IL · Member since 2016 · 49 posts · 11 votes
It seems like this is an impossible task with both limited funds and time. I work full time and with a kid in day care, how do you have the time and money to buy, rehab, and rent a multi family building?
What’s the best way to become financially independent?
Fort Worth, TX · Member since 2017 · 206 posts · 87 votes
6y
As far as I can tell, the answer is OVERTIME. To get ahead, we're going to have to work overtime and give up sleep, time with family, alcohol etc. But it is worth it. I fill my head with stories about people who put in the time and made it big. I just listened to THE WEALTH CHOICE. Made me feel like a spoiled brat and helped me get up earlier in the AM to get s%&$ done! Essentially, all the podcasts tell us to be Buddhist. "Life is suffering, it has a purpose, learn to deal with it, it will be worth it".
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
6y
@Account Closed you don't have time and money to do all of that. Rehabbing takes a lot of time and money. You should consider buying a turn-key property from a tired landlord. Ask for seller financing, otherwise seek traditional lending. It's the cheapest way to borrow money.
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
6y
An inexpensive way is to search your local tax records for people with multiple properties. Get in contact with them and try to work out a deal as well as try to learn from them.
New to Real Estate · San Francisco, CA · Member since 2020 · 44 posts · 25 votes
6y
Hey @Anthony Dooley, I am also new to REI. Working on building an effective "funnel" for leads. You mentioned searching local tax records, how exactly do you go about doing this? And how do you get in contact with these people after finding them?
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
6y
@Josh Rodriguez most cities, town, and municipalities have online access to search property tax records. Your tax assessor/collector website should have a link. The tax records have the mailing address of the owner. Direct mail to them, especially if they live out of town or out of state. You can also use whitepages.com to search them and get a phone number. This is the most inexpensive way. Others will purchase lists online for a few hundred dollars from companies like List Source.
Investor · New York City, NY · Member since 2012 · 332 posts · 385 votes
6y
@Account Closed, it is a competitive market and as a part time investor you will be competing with full time investors who specialize in sourcing deals. Take some time to figure out whether you want to compete at this level, with a full time job and a kid.
A better option might be to partner with the full time professional where you can help bring funds or to leverage your W2 job to get credit. If you are looking for something entirely passive, but with all the benefits of physical real estate ownership (depreciation, LT cap gains, debt pay down, value-add equity creation, etc) but run by a professional team you might consider investing with a syndicate. This approach worked well for me and allowed my to scale significantly with the limited time I had. Good luck!
Naperville, IL · Member since 2016 · 49 posts · 11 votes
6y
Thank you (and everyone) for being so helpful @Ronan Donnelly
few very newbie questions:
1) buy and hold: is this something that is sought after for wealth building? Obviously cash flow and occupancy is a focus. But if I bought and held properties, isn’t that a path to wealth? (I see a lot of people buying and selling here)
2) what is a syndicate and how to you get in contact?
Real Estate Agent · Charlotte, NC · Member since 2019 · 73 posts · 37 votes
6y
@Jeff Adams generally a syndicate is when you pool money with other investors to get into larger deals than what you could afford on your own. I’ve seen the word thrown around with a few other ways but that’s my interpretation (I’m new as well). Generally to find these people your best bet is to attend local investor meet ups, most towns have them now. If you’re looking to buy, also consider working with an agent. They’ll help find the properties for you and you don’t pay for agent the seller does.
Investor · Topeka, KS · Member since 2015 · 1k+ posts · 1k+ votes
6y
Originally posted by @Account Closed:
It seems like this is an impossible task with both limited funds and time. I work full time and with a kid in day care, how do you have the time and money to buy, rehab, and rent a multi family building?
What’s the best way to become financially independent?
Focus on growing your w2 income. Real estate is tough to get into if you have neither time or money. Also as has been stated rehabbing may not be the way to go for you. You may want to look into buy and hold and look for properties that don't need a ton of work.
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
6y
Originally posted by @Account Closed:
It seems like this is an impossible task with both limited funds and time. I work full time and with a kid in day care, how do you have the time and money to buy, rehab, and rent a multi family building?
What’s the best way to become financially independent?
Who says you need to buy a building that needs to be renovated?
Fort Worth, TX · Member since 2017 · 206 posts · 87 votes
6y
As far as I can tell, the answer is OVERTIME. To get ahead, we're going to have to work overtime and give up sleep, time with family, alcohol etc. But it is worth it. I fill my head with stories about people who put in the time and made it big. I just listened to THE WEALTH CHOICE. Made me feel like a spoiled brat and helped me get up earlier in the AM to get s%&$ done! Essentially, all the podcasts tell us to be Buddhist. "Life is suffering, it has a purpose, learn to deal with it, it will be worth it".
Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
6y
Originally posted by @Account Closed:
It seems like this is an impossible task with both limited funds and time. I work full time and with a kid in day care, how do you have the time and money to buy, rehab, and rent a multi family building?
What’s the best way to become financially independent?
I like this post, and I don't like many posts. I appreciate you cutting to the chase. I will do in kind.
The short answer is - someone else's money.
The real answer, though, is that in order to attract said money to do these deals you have to have an uncommon amount of knowledge, and this takes time.
Naperville, IL · Member since 2016 · 49 posts · 11 votes
6y
@James Wise you’re right man. I just kinda typed a post with what came to my mind a that time.
Now I'm thinking about turnkey and furthermore, whether I want to buy a townhouse down the block from me, or look at a multi unit. Without any experience, I don't know what the best ROI is. So I'm going to have to learn here from all you fine people.
Safer than syndicates( which will need a lot more work to not lose your money), one other option, which is completely passive, is REITS, e.g. https://investor.vanguard.com/...
Rental Property Investor · San Clemente, CA · Member since 2017 · 10 posts · 14 votes
6y
@Jeff Adams
I used to live out there and operated a retail franchise. But was spinning my wheels. So I did some long distance investing in rental properties in St Joseph, MO two years ago.
Long story short, I still have the store in S.C. But moved to MO and am up to 27 units so far. This is with $8,500 personal investment, all of which I’ve gotten back through cash flow.
The biggest thing for me was knowing my numbers and finding investors.
Rental Property Investor · Hastings, NE · Member since 2019 · 38 posts · 11 votes
6y
Originally posted by @Account Closed:
It seems like this is an impossible task with both limited funds and time. I work full time and with a kid in day care, how do you have the time and money to buy, rehab, and rent a multi family building?
What’s the best way to become financially independent?
first time homebuyer. you can get a property with no money thanks to a second loan for the down payment and closing costs.