The guy from the RD forums that went by the name SeriouslyStubborn?

I loved reading his posts and am currently beginning my REI career, trying to follow his model for success. Seems like he just vanished... Anyone know his story?

 

Yes, eventually my goal will be to create passive income of $5,000+ / mo. through investing in SFH's (selling on lease-options, then 1031 exchanging into another property). I figure this will take me 4-5 years; but first, I'm going to focus on building up a cash cushion through a few small flips.

In my area, median home prices are around $118,000, so I intend to pick up some decent deals by helping out homeowners that are facing foreclosure - creating win-win solutions that will save the homeowner's credit from further damage and help them with a new start, while allowing me to pick up investment properties at a 25% discount to FMV. Then it will be a quick makeover (landscaping, carpet, and paint), put it on the market, and sell at 90-95% of FMV in order to move it quickly. After a few of these, I should have built up my cushion enough in order to proceed with the lease-option path.

I know that you have built a great business model in multi-family properties, but to be quite honest, I don't feel that I'm ready for that yet. Maybe after gaining some experience I'll feel more confident; but for now, I'm taking it one step at a time...

:cheers:

 

Thanks Bob!

 

I realize this, but like I was telling SeveO, I'm just not ready for it yet. It would be like giving a Lambo to a 15 year old that's never even driven a stick. (Can you imagine the sound of the transmission grinding - yikes!)

Commercial property is something I will absolutly consider in the future, but I recall someone once saying that you have to do your first deal before you can do your second, and you have to do your second before you can do your third...

 

No, no, I certainly don't feel like you guys are hammering me; I respect everyone's view point and appreciate everyone's willingness to help.

What would you recommend to someone, wanting to learn about commercial real estate investing?

And as far as financial basis and industry experience - what would you consider the minimums that an investor have to begin in commercial investing? Is it necessary to have 20-30% down to purchase commercial property; and do you recommend an approximate percentage for a cash cushion to have to cover the necessary repairs / maintanence / vacancies? Also, what kind of industry knowledge / experience is necessary to have before starting out?

Thanks for the hammering. :smx4:

 

Thanks for the encouragement andviv. I'll pick up those books on Amazon.