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GOLD! Envision - Real Estate Progress Thread

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CareCPA

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Sure. I'd love to invest in USA. How can I go about it?
I'm not sure I understand the question.
Find a property that fits your criteria, and make an offer on it. Even easier if it's already for sale.
I'm not aware of any restriction for a non-US person to own real estate in the US, but I'm always open to being corrected.
 

Akshay Kumar

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I'm not sure I understand the question.
Find a property that fits your criteria, and make an offer on it. Even easier if it's already for sale.
I'm not aware of any restriction for a non-US person to own real estate in the US, but I'm always open to being corrected.
Would american banks be willing to lend me the money considering that I am a foreigner? Would I have any issues with this?
 

CareCPA

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Would american banks be willing to lend me the money considering that I am a foreigner? Would I have any issues with this?
I would guess you need to bring your own financing from wherever you can get it.
However, I do not speak for the banks. A couple phone calls would help you.

The seller would accept the cash no matter the source, so you would just need to figure out if you can get financing in the US or if you need to get it in your home country.
 

Akshay Kumar

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I would guess you need to bring your own financing from wherever you can get it.
However, I do not speak for the banks. A couple phone calls would help you.

The seller would accept the cash no matter the source, so you would just need to figure out if you can get financing in the US or if you need to get it in your home country.
That's the issue. If I can't get loans in the US, then I MAY again have to deal with negative cash flow because the interest rates on home loans here are way too high. The only option then would be to pay 100% cash which is a tough task. I need to research more into this, I guess.
 

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I'm obviously not @Envision but my advice would be:
Invest somewhere other than India.
there is a thread by @GlobalWealth which guides international Real estate investing.

but it's too much dependent on tourism industries and Airbnb.
also getting a loan in a foreign country is troublesome.
 

Akshay Kumar

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there is a thread by @GlobalWealth which guides international Real estate investing.

but it's too much dependent on tourism industries and Airbnb.
also getting a loan in a foreign country is troublesome.
True. I never understood why prices of properties in India are so high compared to other countries. Everything related to real estate here just seems so speculative.
 

Raja

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That's the issue. If I can't get loans in the US, then I MAY again have to deal with negative cash flow because the interest rates on home loans here are way too high. The only option then would be to pay 100% cash which is a tough task. I need to research more into this, I guess.
I understand buddy, but this is not the thread for this.

you will need around 100-80% money upfront for your first investment as you don't have a credit score in that country, and I doubt it's good in India as well as we generally deal with cash.
 

Akshay Kumar

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I understand buddy, but this is not the thread for this.

you will need around 100-80% money upfront for your first investment as you don't have a credit score in that country, and I doubt it's good in India as well as we generally deal with cash.
I guess Index funds are the best bet for us at the moment until the prices correct :D
 

ChrisPec

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Current Situation:

Currently, I work a full time job (VP of Operations of a real estate holdings company), run my e-commerce business, attend school full time (just 1 year left), and invest in real estate when I have the opportunity to. I would like real estate to become the bulk of my income as it has many benefits with the major one being secure form of income.

Current Properties:

I purchased my first property when I was 20 by house hacking it. I lived for free, paid down the mortage, and purchase my second property when I was 22 and house hacked another larger duplex (i've spoken on these at the summit). If you're interested in househacking check out @G_Alexander thread here it's jam packed with good info.
Hi man, I really appreciate you sharing your jorney with us, keep going cause you're doing great!

I have a few questions if you don't mind:
1) how did you become VP of a holding company if you were really young? I presume you were something like 19 or 20 right?
2) How did you afford your first property, I mean you had some money or did you earn it in some ways? If the latter one, how much did you earn to buy that property and how you did it?
3) How much did you pay for those two properties, because I would like to understand how much was your expense. Unfortunately things are really different in Italy which is where I live and I'd like to understand if I can tak your process and actions as an ispiration or if this process cannot be repeated in Italy.
 

Envision

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Hi man, I really appreciate you sharing your jorney with us, keep going cause you're doing great!

I have a few questions if you don't mind:
1) how did you become VP of a holding company if you were really young? I presume you were something like 19 or 20 right?
2) How did you afford your first property, I mean you had some money or did you earn it in some ways? If the latter one, how much did you earn to buy that property and how you did it?
3) How much did you pay for those two properties, because I would like to understand how much was your expense. Unfortunately things are really different in Italy which is where I live and I'd like to understand if I can tak your process and actions as an ispiration or if this process cannot be repeated in Italy.
1. I met the owner at a real estate meet up and built a relationship with him. Today we're business partners in multiple companies. He owns $250MM of real estate.

2. I was making $14/hr working at a call center and had $6k saved up from that job. I offered on a duplex that cost $155k. I needed 3.5% down to buy the property and I repaired the property on credit. I had two jobs working through the rehab on that property - it allowed me to live for free and today is worth $450k.

3. I paid 155k for my first duplex, 270k for my second, 450k for my triplex, 235k for my first SFH house and $230k for my second SFH. Sold my second duplex a few months ago for $560k. The appreciation in my area is insane so I doubt it can be replicated.

You will have to create your own process and opportunities. My opportunities cannot be repeated as they are unique to me.

Opportunity comes to the prepared mind. Education, knowledge and experience will create opportunities where no one else can see them and you will need to go through the door and take them. I have dozens of people wishing and wanting to do what Ive done with all my companies.

None of them had the balls to do what I did. So they will stay where they are at and I will go where I am going.
 

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ChrisPec

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Thanks for the answer man, you really give us details and I appreciate this a lot!
2. I was making $14/hr working at a call center and had $6k saved up from that job. I offered on a duplex that cost $155k. I needed 3.5% down to buy the property and I repaired the property on credit. I had two jobs working through the rehab on that property - it allowed me to live for free and today is worth $450k.
I'm sorry to bother you but since I'm not an English native speaker I have few problems time to time: what do you mean by saying that you needed 3.5% to buy the property? So in order to buy a property that has a value of 155k you only paid 6.5k at the beginning and the others 149k were mortgage?
I am not sure I understood what you meant but I hope what I said is right.
 

Envision

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Thanks for the answer man, you really give us details and I appreciate this a lot!

I'm sorry to bother you but since I'm not an English native speaker I have few problems time to time: what do you mean by saying that you needed 3.5% to buy the property? So in order to buy a property that has a value of 155k you only paid 6.5k at the beginning and the others 149k were mortgage?
I am not sure I understood what you meant but I hope what I said is right.
Yeah, that’s correct. The government in the us has a first time home buyers program that allows people to use loans that put very little down.

there’s added insurance that the government charges for this called PMI so my payment t was higher but eventually I just refinanced out of those into conventional loans. I don’t know what that looks like in your country but if there’s people that own real estate I am sure it’s possible for you too.
 

ChrisPec

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Yeah, that’s correct. The government in the us has a first time home buyers program that allows people to use loans that put very little down.

there’s added insurance that the government charges for this called PMI so my payment t was higher but eventually I just refinanced out of those into conventional loans. I don’t know what that looks like in your country but if there’s people that own real estate I am sure it’s possible for you too.
In Italy if you want to buy a property you need to pay 20% or 30% of the value, because banks will not give you money for the entire value of the property but only 70% or, best case scenario, 80% if you are really convincing in your financial position.
At least this is what I know.
 

Envision

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Update:

Finalizing details on building a 30k sq ft office/warehouse/distribution center. We'd lease for 2 years and purchase at the 24 month mark - its going to be more expensive than going the other route I was trying to go but this is a long term play, its on a main road in one of the fastest growing cities in the country and I think over the next 10 years the value will far our pace what I pay today.

Im getting first right of refusal on the lot next to it for a future 20k sq ft building and Im working on getting the existing 10k sq ft warehouse in the same lot under contract as an investment property.

My company is on track to do 8 figures this year (this was a goal three years from now). The amount of growth we've seen is unreal and its not slowing down and we're just continuing to work our process day in and day out, 13 employees, we're working on multiple new product lines, improving systems, and i think a CFO is probably the next big hire I need to start to think about.

Plans on the storage facility are still being worked on, its a huge project and there are alot of difficulties when it comes to getting hard bids which has delayed things. Potential for it to be a 1200 unit facility. Hopefully we can start construction within the next 3 months.
 

Genius01

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Update:

Finalizing details on building a 30k sq ft office/warehouse/distribution center. We'd lease for 2 years and purchase at the 24 month mark - its going to be more expensive than going the other route I was trying to go but this is a long term play, its on a main road in one of the fastest growing cities in the country and I think over the next 10 years the value will far our pace what I pay today.

Im getting first right of refusal on the lot next to it for a future 20k sq ft building and Im working on getting the existing 10k sq ft warehouse in the same lot under contract as an investment property.

My company is on track to do 8 figures this year (this was a goal three years from now). The amount of growth we've seen is unreal and its not slowing down and we're just continuing to work our process day in and day out, 13 employees, we're working on multiple new product lines, improving systems, and i think a CFO is probably the next big hire I need to start to think about.

Plans on the storage facility are still being worked on, its a huge project and there are alot of difficulties when it comes to getting hard bids which has delayed things. Potential for it to be a 1200 unit facility. Hopefully we can start construction within the next 3 months.

Wow! @Bolded part, You're one hell of a bull man!!!
Keep the updates coming please.
Don't stop updating ever, I'm sure even greater things still lie ahead.
 

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@Envision,
I'm curious....what's your approach to researching things and decision making.... especially in unfamiliar areas where you don't have all the information at hand.
E.g. when you were building out your ecommerce website initially, or learning the ropes about building your real estate business, and had to take important decisions when you didn't have a lot knowledge yet in the field.

I find that one of my biggest problems is I tend to spend a lot of time to research things I'm not familiar with, in an attempt to get the best possible solution, to avoid making mistakes.
For example, choosing an affiliate link plugin to use for my content website.
To do this, I feel I have to read as much as possible on that particular topic to find the best possible option for my situation, which leads me to opening like 20-30 tabs (or more at times) from Google search on that topic, and before I'm through, half the day or the entire day is gone.
And worse still, sometimes I may not have concluded on that particular decision by that time.
All this is in an attempt to gather all the information necessary to make the best possible decision on that particular topic, to avoid making mistakes and having to waste significant money or time in the long run, but I find it slows me down a huge lot in getting things done.

So I'm curious, what's your approach to research and decision making on unfamiliar subjects.

Do you belong to the "move fast and break things" school of thought like Mark Zuckerberg, .....and grab the first available option that seems to make sense after brief research, even if it might turn out wrong and you ended up wasting significant time or money on it.

Or do you do indepth research on the topic to find the best possible option, and also gather knowledge on that topic that may come in useful in other ways later on, ....but wastes much more time upfront?

Looking at the volume of things you have on your plate at the same time, and the things you've accomplished, I suspect I know your answer already, but I'll like to hear your thoughts on it nonetheless.

Thanks.
 

Envision

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@Genius01

It's impossible to avoid mistakes and failure, its better to observe, learn, implement, fail, adjust and repeat that process.

To give you context, I blew 25k on an order deposit that didnt work 2 weeks ago, I lost out on 3 warehouses over the last year, I lost 60k on product that arrived damaged from shipping. I have massively delayed shipments that are costing me thousands of dollars each month, I didnt have workmans comp for a long time and just fixed that... I could go on. I mess up so much I just move from failure to failure without it impacting my overall vision. I dont post about my failures but dont think they dont happen.

I do the same thing, I have tons of tabs and I deep dive subjects im interested in. Ill read books, listen to podcasts, breakdown articles, ask people and then I pull all of the information that I believe is the best and make my decisions off of that.

Business, once you understand it is quite simple. People just like to make it hard.

Im fortunate to have surrounded myself with really smart people and that drives progression, I think I have a higher tolerance for risk and acceptance of those failures than most people so I am making big leaps because most people would not make the decisions I would make.

But in my mind I don't have anything to lose.
 

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@Genius01

It's impossible to avoid mistakes and failure, its better to observe, learn, implement, fail, adjust and repeat that process.

To give you context, I blew 25k on an order deposit that didnt work 2 weeks ago, I lost out on 3 warehouses over the last year, I lost 60k on product that arrived damaged from shipping. I have massively delayed shipments that are costing me thousands of dollars each month, I didnt have workmans comp for a long time and just fixed that... I could go on. I mess up so much I just move from failure to failure without it impacting my overall vision. I dont post about my failures but dont think they dont happen.

I do the same thing, I have tons of tabs and I deep dive subjects im interested in. Ill read books, listen to podcasts, breakdown articles, ask people and then I pull all of the information that I believe is the best and make my decisions off of that.

Business, once you understand it is quite simple. People just like to make it hard.

Im fortunate to have surrounded myself with really smart people and that drives progression, I think I have a higher tolerance for risk and acceptance of those failures than most people so I am making big leaps because most people would not make the decisions I would make.

But in my mind I don't have anything to lose.
I totally agree. I too have a whole string of successes and failures over the years. I've made money and lost money again and again. Some losses were huge and some were completely manageable. I guess I just don't know how to quit the overall program. But, I've walked away from situations and failed decisions on a regular basis. I'm always taking risks. I just try to make sure that the odds are in my favor and the upside is worth that risk.

For all these years, I've had a secret weapon -- my ex-business partner. He's my devil's advocate and accountability partner. I've had a continuous conversation with him for the last 35 years. We haven't invested in properties together for many years. We each retired in different states. BUT, I still tell him what I'm thinking about doing. And he tells me everything that can go wrong with my plan. Now it's just a friendly exercise since I counter every objection he raises with a solution. What's funny is that I do the same for him. On his last house flip, I told him exactly what was going to hold up his deal -- and I was totally right. My friend is getting very old and frail. Soon I won't be able to call him. I'll miss his wise counsel and our ritual reality-check conversations.
 

Genius01

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@Genius01

It's impossible to avoid mistakes and failure, its better to observe, learn, implement, fail, adjust and repeat that process.

To give you context, I blew 25k on an order deposit that didnt work 2 weeks ago, I lost out on 3 warehouses over the last year, I lost 60k on product that arrived damaged from shipping. I have massively delayed shipments that are costing me thousands of dollars each month, I didnt have workmans comp for a long time and just fixed that... I could go on. I mess up so much I just move from failure to failure without it impacting my overall vision. I dont post about my failures but dont think they dont happen.

I do the same thing, I have tons of tabs and I deep dive subjects im interested in. Ill read books, listen to podcasts, breakdown articles, ask people and then I pull all of the information that I believe is the best and make my decisions off of that.

Business, once you understand it is quite simple. People just like to make it hard.

Im fortunate to have surrounded myself with really smart people and that drives progression, I think I have a higher tolerance for risk and acceptance of those failures than most people so I am making big leaps because most people would not make the decisions I would make.

But in my mind I don't have anything to lose.

Wow, thanks so much for the detailed response, I really appreciate it.
I've read it over and over again, and it makes a whole lot of sense.


One last question on this, particularly regarding your speed of research and decision making.
You said this-
I do the same thing, I have tons of tabs and I deep dive subjects im interested in. Ill read books, listen to podcasts, breakdown articles, ask people and then I pull all of the information that I believe is the best and make my decisions off of that.

How are you able to do this extent of detailed research, "diving in deep" on issues, and still be able to get so much done in a day?
Cos for me, such diving in may take the whole day (or more), and that's just one item out of many on my to-do list.
So at the end it feels as if I've wasted the whole day, as I only did one item on the todo list for that day, (and maybe didn't even complete it), when I actually have several items to do on that day's list.
Do you have a hack or tip that helps you do this research and decision making much faster? Cos that's a major issue for me.
 

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Envision

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Another update,

Offered on 3.5 acres we found thats zoned for light industrial and if they accept our offer Im looking to build 40k sq ft concrete tilt. The more I look at light industrial real estate the more I love the model of the NNN and long term leases.

If I can pull that off we will be a year out from moving in but I'd be able to build our dream building for the coming years.

I have the architect working on drawings for the ADU on the triplex, and on my personal residence the garage is detached and I want to rip it out and put in a longer/taller garage with a sauna that opens into the backyard so thats a project Im working on on the side.

The ecom side of things is absolutely insane. Our systems are all hitting, everything seems to be going in the right direction and the single best thing ever done was hiring more people. We have 13 now, just under 1M in revenue per month.

If you're stuck in the 1-3M/yr range you need to hire people for ops and sales. I split marketing and operations up and just tacked people on and you find people who are better than you to run those systems. If you're carrying inventory and its an inventory based business find the best management software to manage your back end and invest in that!
 

Envision

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We're moving along with the PSA and contract on the land and I've mocked up a 30-40k sq ft warehouse on it. The SBA has approved my ability for the loan and now we're working through contracts, timelines..

As you can see in the image I'm trying to design the building as if I needed to rent it out so I could multi tenant it and diversify the risk if I were to not occupy the whole building. Currently we're working on making the building larger to take more advantage of the full lot size without losing the turning radius for the trucks.

On another note, I've been thinking of opening up some form of mentoring to one or two people in a group or one on one. I was talking with my sister yesterday and I've come to realize that the progression and growth is really what motivates and inspires me more so than money or material things and a lot of the times (especially weekends) more so recently I can get bored with other aspects of life. Not interested in partying, drinking or whatever "normal" people do, but I do want to connect with like minded people...

So with that being said if anyone is interested in 1 on 1 mentoring dm me if you fit the following criteria:
- Company with 250k Revenue Minimum
- Ecommerce or Real Estate Investment focused
- Wanting to grow/ Willing to do the work
(If you do not fit all 3, do not apply)

Please note this is not:
-Babysitting
-Me doing the work
- 24/7 access

This is targeted and focused weekly calls to grow your company, challenge existing through processes, and actually scale your life. There will be a fee for the duration of time and most likely weekly/biweekly calls that cannot be missed. It'll probably run for a minimum of 3 months and more so 6-12 to see tangible results. Ill vet you and if @MJ DeMarco needs to review anything before hand please let me know in order for me to do so with this community.
 

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We're moving along with the PSA and contract on the land and I've mocked up a 30-40k sq ft warehouse on it. The SBA has approved my ability for the loan and now we're working through contracts, timelines..

As you can see in the image I'm trying to design the building as if I needed to rent it out so I could multi tenant it and diversify the risk if I were to not occupy the whole building. Currently we're working on making the building larger to take more advantage of the full lot size without losing the turning radius for the trucks.

On another note, I've been thinking of opening up some form of mentoring to one or two people in a group or one on one. I was talking with my sister yesterday and I've come to realize that the progression and growth is really what motivates and inspires me more so than money or material things and a lot of the times (especially weekends) more so recently I can get bored with other aspects of life. Not interested in partying, drinking or whatever "normal" people do, but I do want to connect with like minded people...

So with that being said if anyone is interested in 1 on 1 mentoring dm me if you fit the following criteria:
- Company with 250k Revenue Minimum
- Ecommerce or Real Estate Investment focused
- Wanting to grow/ Willing to do the work
(If you do not fit all 3, do not apply)

Please note this is not:
-Babysitting
-Me doing the work
- 24/7 access

This is targeted and focused weekly calls to grow your company, challenge existing through processes, and actually scale your life. There will be a fee for the duration of time and most likely weekly/biweekly calls that cannot be missed. It'll probably run for a minimum of 3 months and more so 6-12 to see tangible results. Ill vet you and if @MJ DeMarco needs to review anything before hand please let me know in order for me to do so with this community.

PM sent. Would absolutely love to take you up on this.
 

biophase

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We're moving along with the PSA and contract on the land and I've mocked up a 30-40k sq ft warehouse on it. The SBA has approved my ability for the loan and now we're working through contracts, timelines..

As you can see in the image I'm trying to design the building as if I needed to rent it out so I could multi tenant it and diversify the risk if I were to not occupy the whole building. Currently we're working on making the building larger to take more advantage of the full lot size without losing the turning radius for the trucks.

On another note, I've been thinking of opening up some form of mentoring to one or two people in a group or one on one. I was talking with my sister yesterday and I've come to realize that the progression and growth is really what motivates and inspires me more so than money or material things and a lot of the times (especially weekends) more so recently I can get bored with other aspects of life. Not interested in partying, drinking or whatever "normal" people do, but I do want to connect with like minded people...

So with that being said if anyone is interested in 1 on 1 mentoring dm me if you fit the following criteria:
- Company with 250k Revenue Minimum
- Ecommerce or Real Estate Investment focused
- Wanting to grow/ Willing to do the work
(If you do not fit all 3, do not apply)

Please note this is not:
-Babysitting
-Me doing the work
- 24/7 access

This is targeted and focused weekly calls to grow your company, challenge existing through processes, and actually scale your life. There will be a fee for the duration of time and most likely weekly/biweekly calls that cannot be missed. It'll probably run for a minimum of 3 months and more so 6-12 to see tangible results. Ill vet you and if @MJ DeMarco needs to review anything before hand please let me know in order for me to do so with this community.
The warehouse looks great!
 

thechosen1

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We're moving along with the PSA and contract on the land and I've mocked up a 30-40k sq ft warehouse on it. The SBA has approved my ability for the loan and now we're working through contracts, timelines..

As you can see in the image I'm trying to design the building as if I needed to rent it out so I could multi tenant it and diversify the risk if I were to not occupy the whole building. Currently we're working on making the building larger to take more advantage of the full lot size without losing the turning radius for the trucks.

On another note, I've been thinking of opening up some form of mentoring to one or two people in a group or one on one. I was talking with my sister yesterday and I've come to realize that the progression and growth is really what motivates and inspires me more so than money or material things and a lot of the times (especially weekends) more so recently I can get bored with other aspects of life. Not interested in partying, drinking or whatever "normal" people do, but I do want to connect with like minded people...

So with that being said if anyone is interested in 1 on 1 mentoring dm me if you fit the following criteria:
- Company with 250k Revenue Minimum
- Ecommerce or Real Estate Investment focused
- Wanting to grow/ Willing to do the work
(If you do not fit all 3, do not apply)

Please note this is not:
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Did you draw that in AutoCAD? Very nicely done.
 

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Did you draw that in AutoCAD? Very nicely done.

I made it sound like I drew it but it was drawn by my architect lol - yes in autocad

Here's the revised version to make more utilization of the land. We found we can pave over the easement above to use as truck court so we can extend the building up and make accesses on both ends.
 

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I made it sound like I drew it but it was drawn by my architect lol - yes in autocad

Here's the revised version to make more utilization of the land. We found we can pave over the easement above to use as truck court so we can extend the building up and make accesses on both ends.
What are those things on the bottom left and top left they look like offset double doors on the drawing.
 

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What are those things on the bottom left and top left they look like offset double doors on the drawing.
Enclosed Dumpster storage - the city most likely requires it
 

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