All Forum Posts by: Elizabeth S.

A couple of ideas: 1. Increase your income. Can you take a part time job, freelance or find a way in real estate to make money? 2. Explore buying property on terms or partnering with other investors. 3. Cash out refinance the property you currently have and invest that money in other makers. It increases the loan amount and is risky so only do it if you feel confident in the markets your going into. 4. Borrow money from family or friends of family who are interested in investing and making a better return on their money. Again, risky so that extra side hustle will keep you from going under water as you bring in more money. 5. Wait. Sometimes the hardest advice in real estate is to just be patient. Allow your money to stockpile and then take that cash and use it to invest, and just keep repeating as often as you can. It's not fun or exciting but its safe and will increase the chances that you'll be successful long term.

The best way to amass large amounts of wealth is create multiple streams of income. Generally speaking, the poorest people rely strictly on one source of income and with that income focus on providing their families with a comfortable life style (boats, new cars, yearly vacations, designer clothes, etc.) When their job is suddenly gone or some medical emergency keeps them from work that one source of income can no longer sustain the lifestyle they've become used to. When you work and invest in real estate, (which can be exhausting) it gives you time to build that stream of income so that its more reliable. Then you can go off on your own and start a business or make money in real estate through other avenues. The key is having multiple streams of income so that your never stressed about one. I read someone's Facebook page today and she said her goal is to have 10 different streams of income/unique markets so that she truly has built lasting wealth.

Welcome to the group. I love your area of the country. My husband and I went down to get married.

It sounds like you're a step ahead of the average newbie since you already have experience with rentals. Are you a part of your local REIA?

Great advice everyone. I agree, partnering is very complicated.

@Chris Martin, I'm glad you mentioned that example, doing deals gets complicated and missing those little details is big!

@Brie Schmidt, you make a great a point. Everyone handles those purchases, even a just a few hundred dollars differently and when it's all your money you don't even have to second guess it.

I have a good business attorney so that isn't a problem. I guess I'm looking for more creative ways to partner.

Here is an example of something I'm considering but not quite sure of the structure:

Partner is from out of state, I find the deals, they use their money to purchase the deals, I manage the contractors to get the house rent ready, find a tenant and then hand off to a PM. How would I get paid in there and how would you even know what you to charge that is both worth it to me and the other investor?

Welcome! Step one, lurk...step two, talk to us! :) You're on track

Getting a morgage is the safest in my opinion. It takes longer but it gives you more options later. If you have the cash but also have a morgage you can always pay it off if your situation changes. If you pay cash and then run into a problem you weren't expecting you now don't have cash and haev to cut corners.

I'm new to partnering in real estate, what are some of the strategies for partnering with other investors on buy and hold deals? Flipping seems easy: buy, remodel, sell and split the profit....but long term seems more complicated to me. Any advice would be great!

I started with single family properties and just bought my first multi-family last year. One advantage for me is that I can rent a single family for about $650 but the duplex rents for $995 each month. The other nice feature is that if one side is vacant I'm still making money on the unit.

The flip side of that is that the duplex, even at a great price, cost twice the price of a single family so it could be argued that two sets of $650 (doubling the price of a single family) would be better than one duplex.

As long as the numbers are just double and not over, which a lot of multi-family's I see are more than double, it seems to make sense to me.

Travis Russell & *********** , pun intended!! Haha I did pass the graphic along to a colleague speaking at our REI this weekend, its a powerful truth.

Great point.