All Forum Posts by: Geoffrey Murphy

Serge S.- you sounded like my mentor for a second. He always says be ready for change, and take what the market gives you...

But after reading through this amazing thread, i would definitely start to say invest in both classes...

Any more thoughts BP, were rocking!!!

Serge S. - that makes a lot of sense now. So in your market, depending on multiple things, to make 5k a month, would you say you need 50 units, or less? i know there are a lot of variables here.

Ben Leybovich- that makes much more sense. So just like you said, it really depends on your track record, asset holdings ect....

Thanks for the clarity ben. I was confused at first but i figured a guy that owns, lets say a guy that owns 15 properties, wouldnt that be enough to qualify? but i guess it does depend on CF, Debt, Leverage ect...

@Ben L- how are things in your mrket? is this a fair enough number untis to accumalate in your market?

James Vermillion- great job...i can definitely say that you have given me some really good advice before.

Care to share the details?

It looks like higher end rentals, is defnitely where everyone wants to be...

Serge S.- great post. if you dont mind me asking, i dont fully understand, but why does w2 income play such a moajor role in financing? or why is it much harder without w2...

Tim W....wow over 300 units, thats pretty impressive Tim. I would follow my dads advice as well...

Mike H....William Bannister...Brian Burke..do you guys find it much easier now to build up to where you are?

Lets say, god frbid you guys lost everything today, do you think you could build back up to where you once were?

How about much faster?

Brandon Turner great point....i think it really boils down to you....

when i first started out, which is not that long ago, i went to the local REIA, and LITERALLY shook as many hands as i possibly could...

later that night it actually worked out perfect for me. i met one of teh biggest landlords there that night....at first it started of really slow, but i would call reguarly just sto start a conversation, just to keep me in front of his mind.

Long story short, he had some local projects going on, about 300 units worth, he threw me in the fire, and i LEARNED EVERYTHING i possibly could. I would get the guys coffee, i would the trucks they used to go and pick up the investors from teh airport, I would work from morning until night with the contractors on these buildings....

Fast forwardd two years, found a 3 uit REO, it fit his criteria....it was a 50/50 split with one contigency ***i was reponsible for doing all the work, renting, selling*** he would just provide material....Got that doen, now we have a cash flowing assest under our belt, and have TWO more properties under contract, AND i literally JUST helped him raise over 300k on a deal from my best friends DAD....

Alot of hurdles, but it DAM sure works, if you work it!!

GM

Brian Burke & William Bannister...thanks alot for the great advice guys, it really was very benfitial...

This was a topic that i've been pondering for along time. its like when your first starting out, it feels as if its almost impossible to get the wheels turning, but you guys made a great point when you mentioned KNOWLEDGE, TRACK REACORD, and pretty much a DESIRE to make it work...

AS most have preached, doing smaller deals is what allows you to build the desired track record you need...

Crawl before you walk analogy..

GM

Thoughts Bp?

Great point Tim W.