Real Estate Investing
Multi-Family:
This is my new set goal and a long-time dream - owning and investing in multi-family or aparment complex. Since this is my first time of doing it, I will post and document all the steps and details of how I executed this journey, things that I went through, process of obtaining a loan, how I put partnership to come up with a 20% down payment, how I run the numbers to make sure it’s an OK deal, the do’s and dont’s, all the formulas, the negotiation process, closing, managing it, and hopefully flipping it or do a refi-cashout to bank roll the capital I and my partners put into it to another apartment deal.
Single Family Residential:
I wouldn’t claim to be the “Jack of all trades, master of none” if I haven’t tried investing and flipping real estate properties, right? - right! For the last five years, I’ve submerged myself into debt by buying distressed properties, fixing them up, and sell them for a profit or rent them for a cash flow. I’ve also ventured in buying agricultural raw lands and developed land with cell tower leases on them.
When it come to fixing this properties, I’ve done it all - cosmetics, total renovations, kitchen and bath remodel, plumbing, electrical, flooring, roofing, HVAC, etc etc. I’ve also done property management from tenant screening, lease assignment, evictions (this was fun - yeah right), small court claims, and credit agency reporting. I’ve dealt with government programs like Section 8’s and displaced Hurricane Katrina housing programs.
My fellow real estate tycoon wannabes, real estate investing will not be complete if you haven’t dealt with lawsuits and litigation. Capice!
Ok! the million dollar question - So you’re guessing, that I’m rolling dough huh? Not quite, I will be the first one to admit of my failures even if I know that I can fake ’til I make it. Facing your fears is the best medicine for stress and anxiety - not prozac! Face it, evaluate it, and learn from your mistake. It might cost you the same amount of money a physicians spend on tuition to get their degrees but there’s nothing compared to a “street” degree from Hardknock University. It makes you strong, it refills your guts, and it knocks your head for good. Here’s a looser excuse, at least I tried!
Lesson learned: I tried to start from the top and worked my way to the bottom - once again, the patience factor - I didn’t have it!. My family started from nothing and humble beginnings, literally living on dirt - sweet potatoes, bamboo shoots, rice, potato - all came from dirt heheheh but I will trade this lifestyle with the dirt lifestyle in a heartbeat (trigger point for another idea - primitivelifestyle.com). I sound depress and regretful but until then, I’m waiting for a bailout!
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