How Do I Start My Empire???
Looking to get into multi-family ownership. Good credit, but low cash. Do I start with 3's and 4's? Or is there a way to get into something in the 50-100 unit size right away?
I want to eventually own several in the 100+ unit range.
Thanks for your help!
Ryno
You start an empire with one peasant.
You start your future success with one property, pick one find out what will let you learn while providing income at the same time.
Then, as you are doing that you talk to people who own multi's and learn everything you can. As you learn from your mistakes with the one multi, you can apply that knowledge to bigger and better things.
Jump in too soon, too fast and you will not only get burned, but you will be beaten, taken down, and then buried. Multi's is not a place to jump in quickly without tons of great knowledge and people to back you up if you need help.
Good luck,
Christian "The Solutions Kid" Beebe
[addsig]
Ryno-n-AZ,
REI is not all that hard once you have learned the ropes. And even learning the ropes is not that difficult. As far as getting in to a 100+ building, asuming that you have not purchased RE i the past or mananged any properties, I would say to start out small, learn as you go, keep your mistakes to a minimum and then start thinking of the larger buildings. Dont get me wrong, I admire your courage and determination to "start your empire" but lets come back down to earth for a quick second. Can it be done? Can you buy a 100 unit building with little or no money down? Your answer is yes! It has been done, which means you can do it to. I would not encourage it. I rather make a mistake on a 100,000 property than to make one on a 2 million dollar property. Once you have learned from a few mistakes, then its time to take it to the next level.
How do you eat an elephant?
V
V
V
V
V
V
V
V
ONE BITE AT A TIME.
Repoman [ Edited by RepoMan on Date 11/03/2003 ]
Dave Lindahl has a great course on multi-unti homes and investing in apartment buildings.
Build it and they will come
[addsig]