This thread is very important to me, so I will be attaching some people's names that I directly need advice from based on the research I have done about them on this forum.
When I was 19, I stumbled upon Loopnet, and I told myself that one day I would want to become an Apartment Building owner. At the beginning of this year I came across BiggerPockets and I kept reading and reading and I found some amazing stories, that gave me more confidence in achieving my dream. I had nothing at the start of the year, but I worked extremely long hours, and got lucky with an online investment and managed to save a good amount of money, but still it is not enough to secure approximately 1M funding. One day I went to go get my cheque from the owner of the security company I work for, and he told me that he loves real estate as well, and has had many dealings. He assured me that based on the amount I have, he will also bring the same amount in cash and we can do 50% partnership, and he also assured me that for the rest of the amount he can get us approved.
So to sum it up:
- Budget: 1M
- Good % as down payment.
- We can get the loan approved as well.
- Experience: My partner has owned a motel before and currently owns multiple houses in Southern California.
- Where and what kind of deal are we looking for? The deal can be anywhere in the states with decent rental market, and we want to make 10K per month from the property. Based on my research one place that seems to be really good is Memphis.
- What kind of help do I need? Deals and Guidance. Main reason to put this out there is to find a good deal, but I need help in everything else as well.
I would not invest in another state or even another city. Unless you plan to come check on it. And no management company would take care of your property like you can. That's my 1 cent or is it 2 cents? :)
@Tony A. We not only plan on coming and checking on it, but I will actually be making the move to manage the property myself as well.
Got lucky with an online investment!?! Give yourself some credit. I love hearing stories like this where people step out and do things that give them success.
I also like the fact that you are willing to move to make your dream happen.
One thing I would like to caution you about is the state of the market. It seems a bit overheated to me right now. It sounds like you are doing plenty of research though.
I unfortunately agree that the market is overheated right now. At the same time deals do exist, personally I am tired of sellers not even willing to share rent rolls or financials "due to the market". Yes, it is hot, but that doesn't mean anyone should buy without digging into info.
Another scary thought is our 401k, IRAs and really other investment funds with RE as a focus are being managed poorly with upside down assets purchased to move cash by the managers that like to buy pretty buildings at a premium with OPM.
I don't want to see a crash, but my money is ready and waiting.
@Rizwan Alam sounds like a good goal. I missed exactly what you're looking for help on though.
like @Joe Fairless i also am unsure of what you need help with. You asked me to comment here and I'm happy to help, just let us know exactly what you're looking for. It's easier for us to provide relevant guidance when you ask specific questions.
Also, you said that you're looking for deals, you should do a little more homework and understand what you're looking for. (location, stabilized or value add, desired return...) Once you understand that you'll better target and will be able to find deals.
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