All Forum Posts by: Bill Manassero

OK, I'm 60 years old and have started building my investment portfolio late in life.  I have a lot of other older friends who see real estate as the means to fill in the gaps/shortages as the plan or live their retirement years out.  As an older guy, I don't have the same timeline as you young pups but I'm plowing forward, nonetheless.  Cash flow is king and that is my primary focus, however, I'd love to build a legacy (and equity) for my children and grandchildren as well.  In two years I have purchased 2 SFRs, 2 duplexes and will soon close a 22-unit multifamily.  I'm in Memphis, Atlanta and Indianapolis and have learn to manage from afar.  My goal is 1,000 doors/units in 6 years.  It may be ambitious but I am very determined to double the number of doors/units each year (looking to add 100 units in the next 12 months).  I don't believe in the whole "Get Rick Quick" scenario but do believe my goal is obtainable.  Would love your feedback, advice and thoughts on what  strategies might help me reach this goal.  Or, if you think I am ridiculous, I'm also open to your comments, with explanation.  Thanks!

@Damian Leonard Wow! What a remarkable story. Congratulations. I, too, am targeting 1000 units/doors but not in a year -- in six. I, too, pulled all my funds out of the stock market and am opening a self-directed IRA to invest in real estate. I currently have properties in Memphis, Atlanta, and Indianapolis. I'm closing on a 22-unit next month and hope to double units every year. Would really like to connect. Write when you can.

@David Krulac That is the most succinct, honest and telling description of tax sales that I have ever heard!  Bravo!  You certainly won't hear the ever-growing list of tax lien/deed gurus espouse the true challenges of tax sales in such a way.  Thank you.

It sounds like you have to go into each county with an open mind -- an open page, ready to be written upon.  As you learn that county, you either stay and continue to work it or experience it and move on.  After you develop your list of familiar, lucrative counties, do you just stick with those, or keep moving on, where the search is part of the adventure? 

Patience and persistence seem to be key!

Wow!  These are all great, very tangible ideas... keep 'em coming!

@Chris Mason elaborate on the AirBNB idea.  That sounds interesting, too.

Thank you!

@John Underwood Wow!  That's great how did you do it?  How did you learn how to do acquire the properties?

Hi.  I've got a 22-unit apartment building in Indianapolis (17 studio units and 5 1 bed/1bath units) with one, possibly two unrentable units, both are small (475-500 sq feet) 1 bed/1bath units, located in near basement level of three level building.  Both are pretty dark with limited light.  One has the main water shut-off value for entire building as well as the sewer clean-out access in a closet. The other is right next to the other unit but next to the boiler room.  It can possibly be rehabbed and rented.  I'm bummed that I'm losing the income of the units but hoping I can find another possible creative way to still produce some income from the 2 units.  So far, I'm considering building secure storage closets in one of the apartments or storing furniture for rent.  That's alI I have.  Have any of you heard of or implemented other apartment unit conversions for extra income?  Would love to hear your creative ideas.  Thanks.

@John Underwoodthanks for your comments and yes, I will go check out some auctions.  So, you have been investing for years.  You must find them as a worthwhile investment.

@Darren Eadythanks for the feedback and offer.  Yes, I am also looking at notes but they seem a lot more complicated and involved than tax liens.

Hi.  I am really interested in hearing from those who of you who started real estate investing late in life (60 years plus) and have been successful.  I am writing a book that will be a free resource/handbook for those in their senior years who are struggling to survive in light of disappearing IRAs/401ks, insufficient pensions, inadequate Social Security.  I am also looking at practical ways people on fixed income can invest in real estate to generate cash flow now and leave a legacy for their children's in the future.  Thanks.

Here's a recent LA Times article spotlighting the plight of some seniors who dealing with the survival challenge http://graphics.latimes.com/retirement-nomads/

I've been looking at various videos and books on investing in tax liens and deeds and would like to hear from others who invest in the same.  Did you take a course or seminars?  Do you have a mentor/trainer?  Do you feel they are a good investment?

Any feedback would be greatly appreciated.  Thank you.