All Forum Posts by: Marty Summers

I am interested in finding a good multi-tenant apartment complex like a 16 to 24 unit for a price range of 300-700k. However, I have no idea where you guys find these deals. Can you assist? I would like to find an older investor that is looking g to retire, put 200k of my own cash into it and finance the rest.

@Paul Shannon That's awesome, we live in Newburgh and most of our properties are in Evansville. Would like to connect with you and hear your strategy.

We have 8 rentals in Southern, In area. Been buying these wholesale, rehabbing and having forced appreciation of about 15-20k per home.

Will have 7200 in gross cashflow with a very small LTV 30% or less. Been at this for 2.5 years...going for cash-flow of course.

Is there anyone out there remember these days of 7-8 properties and how long before I'm at 10-20k + per month??

Please share how you made the snowball really big??

Thanks

-Marty

@Matt Ashbrook. Awesome, how are things going?

@Troy Forney. Your answer is exactly what I've been saying. I have to pay taxes on that money 10 years from now anyway. Also, Who wants to wait 10 more years to retire? We have built a nice portfolio and this 200k would be adding 4-5 more SFR's. I am not interested in hope and stress if it does not go my way. I want full control over my investments and these boom & bust in the stock market is why I see people working until they are 60. Not for me!

My biggest question now is....how do we justify the 200k withdrawal to the IRS?? We've all been affected so not sure if the IRS is going to fight people on this after they left this wide open.

During Covid-19...everyone has been affected one way or another. Who out there is withdrawing 100k per person (married) and buying real-estate?

My wife and I already have a nice portfolio, this could get me out of Corporate America this year at 49 & purchase 4-5 more SFH.

Let's here your perspective please!!

@Cameron Lam. Awesome story...reminds a little bit about myself. Went from nothing to 6 Properties in right under 2 year mark. Cashflowing 5900 per month and very excited because I see this snowball effect.

@Jeff Byrne Hi Jeff, sounds like we have the same family. Haha! On a serious note, the best way I have detracted their comments & criticisms...is

1.) I sought out a mentor that has 30 or more properties at a minimum. Learn from them only!

2.) I have become close friends with my Property management company owners. When these guys manage over 400 doors, I learn everything I need to know from them.

When family members of mine squabble about what I am doing or ask & make comments. I told my uncle that I appreciate his opinions but I only listen to my mentors that have 30 or more properties. Then walk off with my head high.

It boils down to this from Grant Cardone's book.

"Understand that naysayers are trying to protect themselves from being reminded that they have relegated themselves to an average life. They cannot afford for you to do something big because it will challenge the justifications they made for their own decisions. You are a threat to all thing average. You remind the average that they have settled"

@Bjorn Ahlblad. Yeah the home already has French drains.

We have a SFR home that is just about finished to be rented. It's a 2 bed 1 bath home with a basement that has a finished living space.

My question is how do you landlord's deal with tenants complaints if that basement does leak?

I purchased the home on a wholesale deal and rehabbed it nicely. It has not rained much this summer so I can't tell. My worst fear about it is it leaks a little and I get calls about it. What do you do?

Thanks