Need help go from SF to 100+ MF or Multipurpose Commercial
Hi everyone,
Has anyone out there done what I'm trying to do? Care to share your journey...please.
I'm no expert but have some knowledge and a1 successful REI experience in my SF (Albuquerque NM state) . I do have some knowledge on MF investing-group syndication out of FL. I have my SF posted in my profile as my first that is cashflowing $300/mo. I'd like to multiply this by 100, doable? I'm crazy? I'm insane? or what? I'm in the process of selling my SF now (no capital gains/5 year lookback lived in it for 2 of 5 years). target listing 6/10.
Anyway, my goal is to get to passive income $3k-$10k or higher from SF to MF 100+ units. I want to go big with a MF deal aiming at the $3k-10k monthly passive income.# of units secondary to $ goals.
I I don't have a job income coming in right now, so trying to do this with OPM and accelerate. I may need to tap into the $ from the sale of the above home until I can land that first big million dollar deal for me to stop looking for a j-o-b. Guess there's nothing like getting a kick, a push, and a shove...LOL
I'm also thinking of a duplex in Chicago, trying to get my daughter who lives there get started with me on this one so she can have her own place 'rent free' (OPM/other people's $ pay for her rent).
I was thinking of splitting the from the SF sale into 2 deals. I believe it's doable. Thanks
Annie
Most Popular Reply
Yes, others have made the jump.
I think you need to keep working on narrowing down your criteria and getting educated on multifamily investing.
Look at what resources you have at your disposal - who in your network (friends, family, and beyond) might be interested in investing in a deal and earning some passive income? Write all of their names down, then go talk to them.
Before you do that you'll want to have a clear business plan, and be able to tell them why you'll grow their money, rather than lose it all.