What to do next?
I fell in love with real estate investing almost 2 years ago in February. I had always been an entrepreneur and as soon as I read Rich Dad Poor Dad I vowed to learn every aspect of real estate I could.
Since then I've taken major action not all to my prevail but I have been making headway in RE investing. After about 30 books and countless hours building a small team and in the field I currently own two triplexes and have closed a few wholesale deals.
I have come to a bit of halt in my RE investing which is the basis of this post. I am 24 and work part-time for FedEx and trade stocks for a hedge fund. Unfortunately, I have only been trading profitably for almost a year now and can't prove my trading income (profitable for 2 years)and show about 28k/year W2 income from working part-time at FedEx. I also am stuck as I can't use my passive income from my properties (18k/year) because I haven't had them for 2 years either.
I am very passionate about RE investing and would like to continue moving forward.
1. What have investors that were in my position at some point in their career done to move forward? Any suggestions? I recently enrolled to get my RE license to capture more of my leads through my wholesale campaigns. In my area a lot of the clients who respond to WE BUY HOUSES CASH ads or marketing do not have a property that can be discounted to wholesale so I figured with my license I could list their properties at least and capitalize on those leads.
2. I am in search of JV partners. I live in NE TN where real estate prices are some of the lowest in the country. I see various investors from out west always asking about out of state investing due to the west's high RE prices. Through out my few years of investing I have built a small team of investors and real estate professionals who bounce deals off each over time making me pretty intertwined with our market. The only problem is 90% of the deals that come my way I am not able to capitalize like i'd like. Our market is great for the SFH investing triad and also for multi families. Quick example I was just offed a 12 unit brick complex built in 1974 for 500k owner financed with 100k down at 5% for a 5 year balloon. I ran the numbers in regards to the taxes, property management, insurance, vacancies, and repair fund and the property was making 34k/year before a profit maximization plan as 8 of tenants have lived there for more than 6 years.
3. If there are any investors out of state or in my area interested in being a JV partner I would love to hear from you and get to know you better. I feel like my position in my market as well as the great prices in our area I could be of some value to some out west or out of state investors.
Thanks for your comments ahead of time please feel free to speak your mind in regards to my situation!