My quest for $9,000 net cash flow in Florida
Hi everyone,
I'm a business owner in California looking to invest in my native Florida. I currently own one unit in Florida and used to be a mortgage broker before I moved to California to work in the entertainment business..
For the last decade I've given myself various financial "challenges" to help keep me focused. For instance, my first challenge was to earn enough in the entertainment business each month to pay rent. Another challenge was to raise "X" of dollars in a savings account to cover a years worth of living expenses etc..
My next challenge is to see what i can do first..
1) Double the profits of my entertainment business
2) Earn $9,000/month in net cash flow from Real Estate (not counting the investment property I already own)
Here's what I'm planning to do in Real Estate...please chime in with any thoughts and/or let me know if we can work together. I'd LOVE it if we could reach our goals together..
I'm looking to pick up some properties wholesale. 200 "We Buy Houses" signs are going up around town, plus radio and TV ads. The phone number will be forwarded to a virtual assistant who'll take some general info about the property and weed out the cranks, pranks, fakers and flakes.
I'm not doing ads on Facebook, Instagram etc... my thought is the people who need to sell their home fast are more likely to be watching TV or listening to the radio..
I'll drive by any properties that seem promising and call the owner back for a chat. The first property will probably be paid for in cash. We'll do some light remodeling to force appreciation, rent it out and refinance..
This will have to be repeated many times over the next year or two.
Another idea is to buy multifamily properties.
The area in which I'd like to invest does not have any type of "landlord association"...so I made a "landlord association" website and appointed myself president. I'm going to cold call 100+ landlords in the area and organize an informal meet-up at the local tavern so I can meet a couple dozen landlords and let them know I'm looking to buy some multifamily properties..
The downside of this idea is having to syndicate the money between what I can put down and what the local bank will finance. If a landlord has a $2,000,000 apartment building he wants to sell, I'll have to raise significant funds via syndication. That will take a lot of time away from my main business...but I'll learn a lot and hopefully make some coin..