New to Real Estate · Member since 2024 · 7 posts · 3 votes
Hello all,
My name is spencer, me and my wife have worked with other investors for years, now we would like to branch out and do it for our selves. With the help of our mentor we compiled a new build, single family, and are closing on a flip soon. We would like to build our own relationships, gain knowledge and find deals. Our end goal is to build wealth over the next several years and leverage that wealth to buy multifamily commercial properties! Excited to be here and learn from you all!
My name is spencer, me and my wife have worked with other investors for years, now we would like to branch out and do it for our selves. With the help of our mentor we compiled a new build, single family, and are closing on a flip soon. We would like to build our own relationships, gain knowledge and find deals. Our end goal is to build wealth over the next several years and leverage that wealth to buy multifamily commercial properties! Excited to be here and learn from you all!
Hey @Spencer Blondeaux, welcome to the BP Forum from a fellow St. Louisan! Are you targeting a certain area of STL? Or perhaps a type of property and/or price point?
My name is spencer, me and my wife have worked with other investors for years, now we would like to branch out and do it for our selves. With the help of our mentor we compiled a new build, single family, and are closing on a flip soon. We would like to build our own relationships, gain knowledge and find deals. Our end goal is to build wealth over the next several years and leverage that wealth to buy multifamily commercial properties! Excited to be here and learn from you all!
Hey @Spencer Blondeaux, welcome to the BP Forum from a fellow St. Louisan! Are you targeting a certain area of STL? Or perhaps a type of property and/or price point?
Hello Jaycee,
Open to most areas other than north city. We just completed a new build in sunset hills and are starting a flip in Oakville. We do some pretty conservative numbers (probably because we are new) so if the numbers work, we will pursue it. As far as property type, for flips I like middle sized houses, 3/2 around 1500/3000 sq ft but not married to that. Long term hold, would do anything that makes sense but long term goal of multifamily! Price point really depends on the property type, again if the numbers work we will pursue it with in reason!
Welcome to BP, Spencer! It’s great to hear that you and your wife are taking the leap into real estate investing independently. With your experience and a clear goal to build wealth and transition into multifamily commercial properties, you're on the right path. Building relationships and finding the right deals will be key to your success - also make sure to start out small and go from there - don't get into something too big/you can't handle.
Welcome to BP, Spencer! It’s great to hear that you and your wife are taking the leap into real estate investing independently. With your experience and a clear goal to build wealth and transition into multifamily commercial properties, you're on the right path. Building relationships and finding the right deals will be key to your success - also make sure to start out small and go from there - don't get into something too big/you can't handle.
Thank you! And great advice. I feel we often want the biggest best thing and that may not turn out the way we hope! We will build our experience and team, starting with a good foundation and grown from there!
In our limited experience being on our own, finding the deal of course is the hardest part and is definitely a “it’s who you know” kind of deal. Our mentor has helped us find deals up to this point but they won’t be so generous for ever!! It’s time we build our own relationships!
Spencer, congratulations on the acquisitions. Once you can figure out how to buy your second property, then you've started beginning to master scale.
But I have a questions, you said:
"Our end goal is to build wealth over the next several years and leverage that wealth to buy multifamily commercial properties!"
You might be ready sooner than you think. It took me 11 years, 25 properties and 76 doors to replace my income but when I bought my first larger commercial deal, it replaced my wife's income in one year. Why didn't I do it sooner? Primarily self limiting beliefs.
One of my clients just closed on their first commercial deal and they only had one duplex before I started working with them. Just something to think about. If you want to get on a one on one, I'd be happy to look at your current situation and give you advice on next steps.