All Forum Posts by: Nick Newman

Appreciate all the feedback from everyone!  A couple of other things I should mention...

I purchased this multifamily for 1 MM in 2012 put down 250k (loan was 750k). I added 300k in value and held the property in a NYC sub-market market for 7 years. 

The reason my outstanding debt is 1.4 MM.  

I recently pulled out 400k with a HELOC to gut renovate my primary residence (750K purchase) (new assessed value is 1.3MM).

I also recently refinanced and pulled out 250k of equity to make another move (multifamily, flip..).

My ultimate goal is to leave my corporate job and be an active investor.. I love the process of buying, renovating, renting or selling. 

From all the things I have been reading and listening to trading up to the bigger multifamily property is the best way to build wealth and income.

Thanks @Jaysen Medhurst! Appreciate the feedback.

@Greg Dickerson - 11k is gross per month. After expenses I walk away with $2500.

Thanks Michael! Appreciate it 

I bought, sold and traded up several times since 2003. Ended up with a triplex that generates 11k per month.

It’s worth 2.4 million, the mortgage is 1.4.

Which of these options make the most sense or if you have other ideas please share.

1. 1. Trade up again (1031), use the million in equity towards a bigger multifamily property.
2. 2. Try to pay off the note as fast as possible and pocket the 11k?
3. 3. Go down the syndication route and have an equity stake.
4. 4. Buy a couple small multifamily turnkeys.
5. 5. Get into a conservative NNN lease.
6. 6. Wait to see where the market goes.

My goal is 20k monthly passive income.