All Forum Posts by: Ryan McElroy

If your goal was to build $300,000 of passive income per year in real estate, how would you go about doing that? What would you specific strategy be?

Hi, I was wondering what the advantages are of building a new apartment complex from scratch vs. buying an existing complex. Im new to real estate and I have heard that if your in a financial position to develop an apartment complex, you can make a lot more money than buying an existing complex. I was hoping someone could briefly explain the pros/cons to both of these options. Thank you!

Hi guys! Im a new investor starting out in real estate investing. I have no money of my own to invest, however i want to get into owning large commercial properties like strip malls, office buildings, parking garages, ect. I dont really care for smaller game (4-25 units), i want the big boys that generate lots of passive income. My question is, where do i get money to finance these large deals? Where can i find mentors who do these large deals consistently? Im a hardworking, motivated guy whos ready to bust his a** to get what he wants. I just need some help on how to get there.

Thanks! Ryan

Hi guys! Im a new investor starting out in real estate investing. I have no money of my own to invest, however i want to get into owning large unit apartment complexes. I dont really care for smaller units (4-25 units), i want the big boys that generate lots of passive income. My question is, where do i get money to finance these large deals? Where can i find mentors who do these large deals consistently? Im a hardworking, motivated guy whos ready to bust his a** to get what he wants. I just need some help on how to get there. 

Thanks! Ryan 

When your at the point of hiring a property manager to run your apartment complex, what things do they typically NOT DO? In other words, what things would i still be required to do to keep my investment running smoothly? I cant imagine property managers do EVERYTHING for an investor so they can sit back and collect paychecks each month...or am i wrong? lol 

Thanks guys!

Ryan

Hi everyone! Quick question. 

Can I take real estate classes, pass the licensure exam and have full access to the MLS? Or am i required by law to work for a brokerage, continue education each year, work a certain amount of hour each week, ect.? I want to invest in RE and just want access to the MLS. Is this possible?

What strategy would someone use to make hundreds of thousands, if not millions, in real estate each year? In other words, what are some proven business plans investors have followed in the past to build their portfolio into a multimillion dollar business? 

At this point in my education, i understand how to buy single family properties/duplexes/triplexes/fourplexes, renovate them and then sell them for a profit. Then take those profits and buy an apartment complex. Then basically repeat. Renovate the apartment complexes, rent them out and then sell and upgrade to a larger apartment complex a few years down the road. This process has potential to make great money, but i'm curious as to how investors keep getting more and more and more rich? How do some investors make millions a year in real estate? 

Im not looking for a perfect strategy, I just curious as to how some people get so damn rich haha. 

Thanks, Ryan

@Sean T. 

Thanks for the response! Would you mind developing your advice a little more? What do you mean by having multifaceted plan? What types of investments do you suggest i look into in that case? Also, why do you suggest cashing out for millions? Isn't the point of having apartment rentals to generate cash flow month in and month out so you can retire and live ofd the income? Obviously having millions would be great, but it doesn't generate money every month. Once i spend it, its gone...

Im new to the investing world which is why i'm asking hahah. 

Thanks Ryan!

Hey! Im slightly confused on what the fastest way to accumulate >$500,000 a year in passive income would be. As of right now, I have a plan to acquire 3-4 fourplexes over the course of around 5 years. I would buy them individually, renovate them, build equity, have renters pay off part of the mortgage, save all cash flow and then sell them all and use the profits as a downpayment for a smaller apartment building ~24units. I would then do the same thing....renovate, build equity, get renters to pay off part of the mortgage and save all cash flow. After a few more years, I would sell the complex and use the profits for a large ~75 unit apartment complex. This complex will be brining in substantial passive income but not enough to meet my personal goals of >$500,000 yearly. 

My question is, what do i do now? What should i have done? Whats the fastest way to get to where i need to be? Do i start the process all over again with fourplexes? Do i use the profits from the 75 unit building as a down payments for another 75 unit building ~5 years later once i have saved up all the profits/equity? Do i go into commercial real estate? What do you all think i should do? What do the wealthy and experienced investors do? Any advice would help!

Thanks, Ryan

@Kyle Gregg Hey!

So essentially I can use an FHA loan for any property, it just needs to be inspected and approved by the FHA first? If it doesn't get approved, can i used the 203K loan to bring it up to regulations?...or will i need to let it go and find another property?