Hi im new to the forum and have some questions about real estate. When i hear people who are flipping or who are talking about flipping they are usually only talking about flipping low priced or averaged priced single family homes (and theres nothing wrong with that). my thing is yes you need to start small, with say a 50k or 100k property etc. but i want to eventually graduate to flipping a commercial property that i bought for 8 million and flipped for 10 million, i know that sounds kinda stupid but hear me out, it seems to me that most people who are flipping never graduate past just flipping these cheap homes, hence why they never really make any big, real money (10-20million liquid minimum) theres no real upside in just flipping these cheap properties over and over again unless you want to do it for 30-40 years and save basically every penny. You need to move up the ladder an say hey i flipped this 100k property and now im gunna flip a 500k and then a 1mil property and then a 3 mil and 5 mil and so on u get the point, (yes im not an idiot i know its not that easy) my thing is i know its harder and riskier to flip expensive properties but to me thats the only way to get to the big money….not just make a good living off flipping. But do u guys think its best way to go if u have big goals of getting to the big money, i see it as the only way there in the real estate game (buying and holding is way too long term for me) one side not also is the guy who got me focused on this high end flipping strategy was manny khoshbin, he has a book called the contrarian playbook that i read where he basically talks about how he flipped these 5m,8m,12m dollar commercial properties for big profits, also one thing to note is he started with nothing and by the time he was 35 he was worth in that 10-20 million range which from what ive seen in my research is unheard of for real estate guys. if any one has any comments on manny or knows him personally or has read his book please comment.
also i have a few questions on the buy and hold strategy. If i was to pursue the buy and hold strategy with and end goal of building up as big as portfolio as i possibly could and then just unload it and liquidate every single property 15-20 years from now, i know its hard to say because there are a million different factors that come into play, but do you think i can achieve that 10-20 million liquid figure i stated before in that time frame?
also some background info is im 20 years old, im not in real estate i dont own any properties, ive never done a flip, i havent started any businesses yet, i have about 35k in savings. Im honestly really thinking that real estate is just not right for me because of my big goals (10-20 million liquid minimum by age 30-35) i just think it would be better to try and shoot for big growth from a business not real estate investing
also i have a few questions on the buy and hold strategy. If i was to pursue the buy and hold strategy with and end goal of building up as big as portfolio as i possibly could and then just unload it and liquidate every single property 15-20 years from now, i know its hard to say because there are a million different factors that come into play, but do you think i can achieve that 10-20 million liquid figure i stated before in that time frame?
also some background info is im 20 years old, im not in real estate i dont own any properties, ive never done a flip, i havent started any businesses yet, i have about 35k in savings. Im honestly really thinking that real estate is just not right for me because of my big goals (10-20 million liquid minimum by age 30-35) i just think it would be better to try and shoot for big growth from a business not real estate investing
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