- Joined
- Aug 9, 2007
- Messages
- 682
Rep Bank
$865
$865
User Power: 17%
Hi everyone,
I hope this finds everyone on the board doing well. I've been gone for some time.
Wanted to let everyone know what I'm up to these days.
I'm in the process of locating and buying a 4 plex to live in. My market is severely undersupplied and after a lot of study I think rents are poised to grow in the nice neighborhoods significantly over the next 5-7 years. The growth might be 2-3 years away, but that makes now the perfect time i.m.o. to buy some units. The development pipeline is pretty empty, so not many units coming online in the next few years.
As some of you know, I worked as a project manager for a development firm for 5 years. I've now spent the past 8 months as an asset manager for an apartment portfolio of 327 units spanning 8 states with a value of ~$90M.
My wife and I are living rent free at a friends vacant home right now. We are taking care of the place for them and paying the utilities, etc. So we have a lot of flexibility. We decided instead of buying a home to live in, we would instead start with a rental property that we lived in.
Right now I'm getting my brokers license. Finding the deal myself and rolling my brokers commission into the deal as my equity. Getting an owner occupied FHA loan that requires 3.5% down. Living in one of the 4 units with my wife. Managing the building. Plan is to own the building for minimum of 3-5 years (if not 7-10) and then trade up.
My wife and I are both working and we have a low six figure income right now. I've had several conversations with my mortgage broker and it appears we'll qualify for an FHA loan.
I'm also working with a few local developers on finding deals that make sense. Lots going on, won't have much to show for a few years, but thinking this is a great time to be buying and getting things going.
I'll be in touch with more details as things progress.
best to all.
Sid23
I hope this finds everyone on the board doing well. I've been gone for some time.
Wanted to let everyone know what I'm up to these days.
I'm in the process of locating and buying a 4 plex to live in. My market is severely undersupplied and after a lot of study I think rents are poised to grow in the nice neighborhoods significantly over the next 5-7 years. The growth might be 2-3 years away, but that makes now the perfect time i.m.o. to buy some units. The development pipeline is pretty empty, so not many units coming online in the next few years.
As some of you know, I worked as a project manager for a development firm for 5 years. I've now spent the past 8 months as an asset manager for an apartment portfolio of 327 units spanning 8 states with a value of ~$90M.
My wife and I are living rent free at a friends vacant home right now. We are taking care of the place for them and paying the utilities, etc. So we have a lot of flexibility. We decided instead of buying a home to live in, we would instead start with a rental property that we lived in.
Right now I'm getting my brokers license. Finding the deal myself and rolling my brokers commission into the deal as my equity. Getting an owner occupied FHA loan that requires 3.5% down. Living in one of the 4 units with my wife. Managing the building. Plan is to own the building for minimum of 3-5 years (if not 7-10) and then trade up.
My wife and I are both working and we have a low six figure income right now. I've had several conversations with my mortgage broker and it appears we'll qualify for an FHA loan.
I'm also working with a few local developers on finding deals that make sense. Lots going on, won't have much to show for a few years, but thinking this is a great time to be buying and getting things going.
I'll be in touch with more details as things progress.
best to all.
Sid23
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
