Property Manager / Real estate investor · Lynchburg, VA · Member since 2014 · 37 posts · 6 votes
In 2014 we paid off all of our renovation debts from our first purchase, and we're gearing up to buy again in 2015. First we were thinking small scale (like another duplex) but since I got a job managing 100+ properties I'm sure I want to take a bigger bite.
I have the opportunity to owner finance 6 units from my boss, but now I also have the opportunity for 8 units w/ some acreage, 10 units, and I've also spotted another opportunity with 48 unit complex.
Clearly I'm cash depleted at this time so besides finding local investors to partner with can you think of any viable options?
That is the worst and best part about real estate. Once you get bitten, you get bitten HARD! Just make sure whatever you can do you do it successfully! While it is painfully slow my husband and I only partner with each other. On the other hand, we have still been VERY successful within these criteria on our goals.
Thanks I want to buy the empire state building at this point, LOL, but I've been reading Unfair advantage by Robert Kiyosaki and there's no way for me to reach my goals with out partnering or learning the different ways of constantly acquiring in which case partnering is the only way I currently know.
Is it personal preference to only partner with your husband, or because you guys move around so much <<< I read your bio.
We only partner with eachother because of my husbands job requirement! Financial solvency is very important to staying employed. Therefore the way to guarantee control is to do it on our own ;) We have learned to get good at using the system to the fullest, loop holes all legal sources! We do short sales, but personals etc. We have done single family homes. It has been very good to is. Te numbers have been great, similar to the large apartment complexes just at a smaller investment capital!
You will figure out your niche ;) for us this has worked great for us!
@Account Closed When you say you paid off your renovation debt, does that mean you have 100% equity in your original duplex? If so, you may have the funds you need right there...with a refi.
@Joe Villeneuve No we didn't pay off the mortgage, just the debt that came from the renovations. Assuming we'll have that same amount if not more in 2015 we'll only be able to purchase one of hose options on our own.