Where is my multi unit?

Question

I make a great living going to a cubical each day of each week, I shouldn't complain!  I have had investment properties in the past and have sold them to take another rat race job in the great state of FL.  I am looking to work myself out of a job by reinvesting into rentals.  This time I would like to figure a way to buy one large property and run it efficiently in order to leave my 9 to 5 behind.

Kirk Roberts · Answer

Thank you all, good advice.  I hope to leave the rat race soon.  Looking to build that investment property income.

Garrett F. · Answer

It's gonna feel nice to leave that cubicle one day, i agree.  But, In the meantime you will need to study and know your market well enough to identify that grandslam deals. You need to know the rent rates, vacancy rates, cap rates, utility costs etc.... if your market sneezes you should know.  A deal never happens out of the blue unless you are conditioned and trained to see it

May we all escape the rat race

Garrett

Steven Bond · Answer

@Kirk Roberts so you are specifically looking for opportunity propositions correct and you're financially ready to acquire the buildings through conventional means?  If you are ready to buy are you looking to stay local? Capture the best cap rate regardless of location? Looking to relocate with your purchase to follow a different market?  What are you specifically looking for and there are many here that with specifics will jump in and help you.  All the best!  The cubicle life....ahhhhhhhh! (but it pays the bills and helps us appreciate the life that can be created over time with wise real estate decisions.

Rob Brautigam · Answer

Seems like you are at the point where you'd rather turn over management to a designated property manager/management company, rather than dealing with the day-to-day maintenance yourself. Generally, the more units a property has, the easier it will be to afford a property manager.

Kirk Roberts · Answer

Thank you sir.  I definitely understand.  I have had 18 investment properties and have dealt with some unbelievable tenant situations.  I quit sometime ago and took a break, my properties where all spread out and in NY.  They were small I to 5 unit props that always needed help.  LOL I would like to find one large unit to start and slowly obtain a few large units to replace my rat race figure.  If you know of any please point me in the right direction.  Thanks

Kirk

Matt Motil · Answer

Welcome to BP @Kirk Roberts

Hitting that grand slam happens from time to time, but most here would suggest the slow and steady route instead. Real estate is more of a get rich slow proposition. Not sure how much you need monthly to quit the rat race, but a building that size for a relatively newbie investor will probably make you broke or hate life without the experience to back it up. I'd suggest networking and teaming up with others in your area doing what you ultimately want to do. Learn as you grow and you'll be where you want to be in no time.