Rabby
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My main, building a business execution thread is:
EXECUTION - Building Industry-Specific Community -- Progress Thread
But there are times every day when I just have to let the work rest, because I want to evaluate results before continuing to act. So in that spare time, since TV makes me vomit, I'm running this experiment to see if I can acquire some houses/small-multifamily, and either hold them for rental or wholesale the contract for purchase to another investor.
The why: I think it's dumb that I don't have passive investments outside of my business (a school) and a few stocks and metals. It's also dumb that I have no experience with leasing out and maintaining real property. It bothers me at the identity level. I "identify as" an investor, but my investments are too weak.
I own one building as an investment, an 1800sf office condo near a major intersection. Since my school occupies it, it's more like part of that business. For accuracy sake, a land trust owns it and the business is beneficiary.
Back to residential RE. What I'm looking for are "deals." Someone has messed up the whole property ownership thing, and they have little chance of selling to a retail buyer. I am probably their buyer of last resort.
Awkward Disclaimer: Please note that this will not be evil or predatory in any way. I fully intend to offer them (whoever they end up being) a deal that is better for them than what will happen without my intervention -- mismanagement followed by morbid stress levels, tax auction, foreclosure, etc. I'm not coercing anyone. Plus, I want to leave the closing table with the same person willing to make future deals with me, or rent from me, or buy from my business.
I'm documenting my process here, and my progress. As of this writing, I am putting together the process. Some of my methods might be kludgy. It's an experiment. I'm taking what I can apply from business, or think up on the fly, and trying it on RE. That's it.
Also, if I fail utterly at this, I promise to openly admit it here and we can have a laugh about it, and maybe a postmortem. Let's see what happens.
EXECUTION - Building Industry-Specific Community -- Progress Thread
But there are times every day when I just have to let the work rest, because I want to evaluate results before continuing to act. So in that spare time, since TV makes me vomit, I'm running this experiment to see if I can acquire some houses/small-multifamily, and either hold them for rental or wholesale the contract for purchase to another investor.
The why: I think it's dumb that I don't have passive investments outside of my business (a school) and a few stocks and metals. It's also dumb that I have no experience with leasing out and maintaining real property. It bothers me at the identity level. I "identify as" an investor, but my investments are too weak.
I own one building as an investment, an 1800sf office condo near a major intersection. Since my school occupies it, it's more like part of that business. For accuracy sake, a land trust owns it and the business is beneficiary.
Back to residential RE. What I'm looking for are "deals." Someone has messed up the whole property ownership thing, and they have little chance of selling to a retail buyer. I am probably their buyer of last resort.
Awkward Disclaimer: Please note that this will not be evil or predatory in any way. I fully intend to offer them (whoever they end up being) a deal that is better for them than what will happen without my intervention -- mismanagement followed by morbid stress levels, tax auction, foreclosure, etc. I'm not coercing anyone. Plus, I want to leave the closing table with the same person willing to make future deals with me, or rent from me, or buy from my business.
I'm documenting my process here, and my progress. As of this writing, I am putting together the process. Some of my methods might be kludgy. It's an experiment. I'm taking what I can apply from business, or think up on the fly, and trying it on RE. That's it.
Also, if I fail utterly at this, I promise to openly admit it here and we can have a laugh about it, and maybe a postmortem. Let's see what happens.
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