Bought my 1st 4 Plex. No what?

Question

What’s up Bigger Pockets!? 23 years old! I decided to dip my feet into the entrepreneur world and just invested in my first 4 plex. I want to grow my portfolio and maybe some day, quit my day job and just live off cash flow and passive income. The 4 plex I bought generates 2100 a month. I bought it for 250k with 50k down. I still have 50k saved up. What’s the best way to grow my portfolio quickly, but smart? I have educated myself the last year through podcasts and reading many books. I would just like some real world examples on what I could do. Someone that’s been in my shoes. I feel like I’m pretty educated but I’m always willing to learn more and be the best I can absolutely be. Thank you so much for your time! God bless!

Joe Marquardt · Answer

@John Michael Mattingly friend and family are your best bet. Next is just network and be vocal about what you do, to everyone. You go to real estate events/happy hours....shit, tell your dentist next time your at an appointment about your investment property and how you’re looking to do it again. Put a document together that shows your current property on paper. A little “presentation” showing Purchase price, construction costs, P&L, ROI, IRR. That way you can hand it to someone who shows a little bit of interest and they can see you are legit and you really are making money while you sleep.

Another thing is if you don’t want to invest with friends, still tell them you’re looking to partner with people, because they know people who know people. Get past that first degree of separation and your partner is out there.

John Michael Mattingly · Answer

@Joe Marquardt I’m investing in Kentucky. I still have about 50k saved up after buying my first property. I’m already looking to buy something else once I save a little more from the cash flow I get from my new 4 plex. And how do you go about finding someone to partner up with? I don’t really want to invest with friends.

Joe Marquardt · Answer

@John Michael Mattingly what state are you in?

Having a piece of something big is almost always as good or better than having it all for yourself. The best way to scale, and 99% of the big league in RE ventures are not one person’s checkbook and 100% ownership.

I have a few rental properties and some I have bought/renovated and sold, and an moving into “next steps” as you describe, let me know if you want to bounce ideas off each other.

Antonio Cucciniello · Answer

@John Michael Mattingly whats better 0% of a profit? Or 50% of one?

John Michael Mattingly · Answer

@Antonio Cucciniello I’ve thought about joining with partners. I just see that as I’m only getting 50% profit if I’m investing with one partner. Thanks for your input! Maybe in the future I can pair up with someone that has the same goals as me.

Antonio Cucciniello · Answer

@John Michael Mattingly Yes, thats exactly how I was able to scale up from one within a few months (with partners)

Jim Pellerin · Answer

Joint ventures.