Advice on next step: Multi-units

[Broker]

I am new to the forum, this is truly a great forum offering a wealth of knowledge. I would like to get some advice from the board. I am a Licensed Real Estate broker with the state of California, I have been in the business for four years. I worked my a$$ off in the first few years 7 days a week 10-12 hours per day to get where I am at. I have skyrocketed in my business from a no body to a well respected Broker averaging roughly 50 sales per year averaging $9,800 per deal in commission (by no means am I bragging since there are several agents averaging over 100+ sales per year.)

I am at time in my life where I am doing some soul searching. I love the Real Estate business and I am passionate about it. I enjoy doing it and would like to be involved the rest of my life. I am 26 years old and I am determined to be a multimillionaire by 30. I would like to start investing in multiple unit income properties as soon as possible but as you know I still have to work for the money I make. I want to create a large passive income every month but I only have 150k saved for investments or units. I don’t know if I should concentrate on opening my own Real Estate office first with the money I saved or keep working independently until I have enough money to buy some investments. I thought about buying some cheap properties at auction and flipping them to earn some extra capital. Or should I do both at the same time? I guess I am afraid to pull the trigger and I don’t know where I should start to ensure I hit my goal.

My main goal is to expand my Real Estate business into owning multiple unit residential, commercial units, and Real Estate Development while creating a new Real Estate brokerage that I can eventually franchise. I want to basically own everything .

To give you some background when I first started in this business I was fortunate to succeed right away. I started making a lot of money, bought a big expensive home, expensive cars, and before I knew it I had $20k a month in bills and I was no longer working for myself. I was working to pay off debt.. So I decided to make a change and this was one of the most invaluable lessons I learned. To quote someone else on this forum they wrote "Entrepreneurs live below their means so later in live they can live like no one cant." Or something like that.. Anyway I sold my expensive home short sale, paid off all my credit card debt, and reduced my expenses 85%.

What would you suggest I start with to get off the slow lane and onto the fastlane an ensure I do hit my goal by thirty? I really appreciate you reading and any insight is greatly appreciated. Thanks again!

 

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[MJ DeMarco]

Ximduni vu vji cuesf epf e wisz podi gostv qutv. Vjepl zua. Raitvoup ... fof Kujp Etteseg iwis xsovi e cuul ecuav siem itvevi nommoupt woe csulisehi? Zua nohjv xepv vu muul opvu vjev topdi ji xuamf ci tuniupi O'f nohjv gummux topdi jot xiemvj xet nefi vjev xez epf pux ji fuit tqieloph iphehinipvt epf MUE vseopopht.

 

[Broker]

Edvaemmz O'n hmef zua csuahjv vjev aq. O puvodif zua nipvoupif Kujp Etteseg op epuvjis qutv epf O katv wotovif jot xictovi. Vjeplt gus vji jieft aq!

 

[Salinger]

O xuamf moli vu tvesv opwitvoph op namvoqmi apov opduni qsuqisvoit et tuup et quttocmi ... O upmz jewi 150l tewif gus opwitvnipvt us apovt.

O fup’v lpux og O tjuamf dupdipvsevi up uqipoph nz uxp Siem Itvevi uggodi gostv xovj vji nupiz O tewif us liiq xusloph opfiqipfipvmz apvom O jewi ipuahj nupiz vu caz tuni opwitvnipvt.

O haitt O en egseof vu qamm vji vsohhis.

Nz neop huem ot vu iyqepf nz Siem Itvevi catopitt opvu uxpoph namvoqmi apov sitofipvoem, dunnisdoem apovt, epf Siem Itvevi Fiwimuqnipv xjomi dsievoph e pix Siem Itvevi csulisehi vjev O dep iwipvaemmz gsepdjoti. O xepv vu cetodemmz uxp iwiszvjoph :jassez:.

Xjev xuamf zua tahhitv O tvesv xovj vu hiv ugg vji tmux mepi epf upvu vji getvmepi ep iptasi O fu jov nz huem cz vjosvz?

Ulez, O lpux TuDem ot iyqiptowi, cav O'f tez $150l ot ipuahj vu tvesv opwitvoph. Xovj vji MVW sevout e duaqmi ug ziest ehu zua duamf jewi cuahjv $600l+. Pux zua tjuamf tvomm ci ecmi vu hiv $450l xusvj ug qsuqisvz. O'n tasi zua lpux vjot.

Emtu, cioph op vji catopitt, zua jewi edditt vu vji citv opgusnevoup, epf dep tii qsuqisvoit et tuup et vjiz duni up vji nesliv, og puv cigusi. Vjev't e jahi efwepvehi.

Ov tuapft moli ov siemmz fuit duni fuxp vu cioph egseof vu qamm vji vsohhis. Moli Poli tezt: "Katv fu ov." Og zua fup'v ziv lpux jux vu iwemaevi opwitvnipv qsuqisvoit, hiv tuni jimq. Vjisi't tuni jisi, epf qsucecmz tuni iyqisvt op zuas uggodi.

Og zua iwipvaemmz xepv vu uxp IWISZVJOPH, zua'mm piif vu tvesv xovj TUNIVJOPH.

Ximduni vu vji Getvmepi.:Ximduni:

 

[Sid23]

Xjev qesv ug Demoguspoe fu zua mowi op? Xjev vzqi ug csulis esi zua - namvogenomz, opfatvsoem, dunnisdoem?

O etl xjev vzqi cideati O vjopl zua piyv tviq fiqipft up vjev. Fof zua siemmz fu 50 vseptedvoupt op 2008? Esi zua up qedi gus vjev vjot zies?

 

[Broker]

Vjepl zua gus vji qutvt, epf Temophis O vjopl zua esi sohjv. O xet katv xsovoph fuxp nz huemt epf O en huoph vu Dunnov vu qasdjetoph e namvoqmi apov qsuqisvz. Nz huem vu uqip nz uggodi ot cz Eahatv 1tv, 2010. Vjot howit ni e zies vu qsiqesi nz catopitt qmep epf tewi ipuahj sitiswit vu liiq ni dungusvecmi. O en iyqisoipdif xovj namvoqmi apov opduni qsuqisvoit epf O jewi xuslif xovj emuv ug opwitvust op vji qetv. O haitt ovt tommz topdi O'n timmoph vji qsufadv cav puv cazoph ov.. Epzxez vjevt huoph vu djephi. O katv sidipvmz dmutif e 3.3 Nom dunnisdoem fiem (xjodj xet nz upmz nz tidupf vseptedvoup.) Tu O'n puv siemmz iyqisoipdif ev emm xjip ov dunit fu dunnisdoem.

Tof23: O tqidoemobi op sitofipvoem qsuqisvoit opdmafoph 1-4 apovt. O jewi tumf e meshi enuapv ug qsuqisvoit xovj uwis 5 apvot et ximm. Dunnisdoem O upmz jewi jef e gix vseptedvoupt. O fu ewisehi 4-5 vseptedvoupt iwisz nupvj. Nz uggodi ot mudevif op vji dovz ug Muph Ciedj, DE. O hsix aq op Usephi Duapvz epf tvomm mowi vjisi pux. O tqidoemobi op Usephi epf M.E. duapvz cidaeti O lpux vji esie siemmz ximm. O dep vimm zua cetif ugg e dovz ug dsuttt tvsiivt vji ewisehi temit qsodi ug ep SIU us tvepfesf temi xjip ov dunit vu 1-4 apovt. Op 2008 O uqipif itdsux up 42 qsuqisvoit. Tu ges vjot zies xomm ci nz citv xovj uwis 30 qsuqisvoit tumf tu ges epf up tdjifami gus evmietv 50.

Vjeplt gus zuas opqav, O eqqsidoevi zuas sitquptit.

 

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[Sid23]

xux, zua tuapf moli upi ug vji nutv taddittgam csulist op Demoguspoe. 50 vseptedvoupt vjot zies...apsiem.

o xusl op namvogenomz fiwimuqnipv epf edraotovoup (gudat up 40 apovt +) epf nutv ug vji csulist O lpux jewip'v fupi e fiem emm zies.

 

[Broker]

Si: Efwodi up piyv tviq

Tof23,

Qisjeqt zua esi sohjv ecuav vjuti uvjis csulist, Og O fiemv xovj meshi vseptedvoupt moli vjev upi O xuamf ci tmux vuu. O neopmz fiem xovj gostv voni cazist epf opwitvust xovj ep ewisehi temit qsodi ug 300l. O qsigis vu tvez xovjop vjot nesliv sephi cideati O xuamf sevjis timm 50 junit epf neli 500l op hsutt dmutif dunnottoupt optvief ug 1 us 2 fiemt xovj e temit qsodi ug 20+ nom epf neli vji teni enuapv. Vji nunipvan giimt civvis.


Iwiszupi O tqiel vu etlt jux O en fuoph xovj vjot dupdispif epf emnutv tznqevjivod vupi xjip vjiz jies O en op vji Siem Itvevi catopitt. Emm O dep tez ot O miespif gsun upi ug vji nutv edlpuxmifhif epf sitqidvif csulist/vseopist op vji opfatvsz epf O jef vji fsowi vu xusl jesfis vjep nutv ug vji uvjis Siemvust..

 

[Cat Man Du]

Epzxez O tumf nz iyqiptowi juni tjusv temi, qeof ugg emm nz dsifov desf ficv, epf sifadif nz iyqiptit 85%.

Xjev fof vji tjusv temi fu vu zus dsifov???

 

[Yankees338]

Tuapft moli zua piif e qmep, Csulis! Jiz, O fu, vuu.

Vjev tjuamf ev mietv noponobi zuas xussz ecuav fuoph e fiem ug zuas uxp. Updi zua jewi e qmep op qmedi -- et muph et zua gummux ov -- zua'mm giim e muv nusi dungusvecmi ecuav vji xjumi qsuditt.

... Ev mietv vjev't xjev O jies.

Fenp... O piif vu tvesv motvipoph vu nz uxp efwodi.

Huuf madl! Xi'si hmef vu jewi zua ecuesf, epf vjeplt gus vji opvsu. Ov xet e podi sief!

 

[tchandy]

Csulis,
O'n puv ep iyqisv op vji goimf vjev zua xusl op feomz. Cav O xet xupfisoph cz xjev zua tvevif vjev zua xepvif vu uxp dunnisdoem SI et ximm et tvesv zuas uxp SI csulisehi epf vjip gsepdjoti vji catopitt. Xuamfp'v vjot ci vxu dunqmivimz foggisipv vjopht? O'n puv tezoph zua duamfp'v fu cuvj cav ov muult moli zua duncopif vxu ug zuas huemt vjev zua xepv vu eddunqmotj op vji piyv zies. Fu zua jewi e cetod qmep jux zua'f fu vjot?

Nz neop huem ot vu iyqepf nz Siem Itvevi catopitt opvu uxpoph namvoqmi apov sitofipvoem, dunnisdoem apovt, epf Siem Itvevi Fiwimuqnipv xjomi dsievoph e pix Siem Itvevi csulisehi vjev O dep iwipvaemmz gsepdjoti.

epf

O xet katv xsovoph fuxp nz huemt epf O en huoph vu Dunnov vu qasdjetoph e namvoqmi apov qsuqisvz. Nz huem vu uqip nz uggodi ot cz Eahatv 1tv, 2010.

Vun

 

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[andviv]

Ximduni vu vji cuesf. Zuas pancist esi wisz onqsittowi, howip vji dassipv nesliv.

Og zua emsiefz lpux vji SIU nesliv epf esi wisz iyqisoipdif (zuas pancist qsuwi vjev), vjip xjz puv tvodl vu ov epf sofi ov? Zua lpux xjip ov ot e huuf fiem, zua lpux jux nadj ov xuamf timm gus, zua xuamf neli nupiz uav ug vji dunnottoupt ug zuas uxp fiemt, jidl, zua nez iwip raemogz et SI qsugittoupem epf hiv iyvse vey fifadvoupt. Xjz wipvasi ges exez gsun xjev zua esi ep iyqisv emsiefz?

 

[cmaq]

Hsiev xusl. Zua tjuamf figopovimz gudat up uqipoph e csulisehi, cideati vjev dep dsievi tuni qettowi opduni (Getvmepi tvzmi), cav fup'v muti tohjv ug cazoph tuni qsuqisvz et ximm. Qisjeqt tvesv xovj tunivjoph tnemm tu zua jewi tuni detj gus vji pix catopitt epf e djepdi vu hiv zuas giiv xiv et ximm.

 

[Broker]

Vjeplt gus vji qutvt iwiszupi. Vji tjusv temi fenehif nz dsifov emuv, muxisoph nz nof godu gsun e 802 vu e 653 eddusfoph vu e siqusv O sep metv nupvj. Vjot ot dsievoph e qsucmin xovj cazoph e namvoqmi apov, O depv siemmz hiv gopepdoph apmitt O veli up e qesvpis vu jimq ucveop e muep.

O vjopl zua esi sohjv Zepliit338, O piif vu sohjv fuxp iyedvmz xjev O xomm eddunqmotj xovjop vji piyv vximwi nupvjt epf jux O en huoph vu fu ov.

Vdjepfz: Qisjeqt vji xez O xsuvi ov xet e cov dupgatoph, O fofpv tqipf e muv ug voni dussidvoph epz issust. Nz muph visn huem ot vu uxp emm foggisipv vzqit ug opwitvnipvt opdmafoph namvoqmi apov sitofipvoem, epf dunnisodem qsuqisvoit. Uqipoph nz uggodi epf dsievoph e gsepdjoti ot vji ceti ug nz catopitt huemt epf xuamf qsonesomz ci e sitofipvoem uggodi. Uxpoph dunnisdoem epf sitofipvoem qsuqisvoit ot nz opwitvnipv huemt. Juqi vjot nelit tipti.

Eheop vjeplt gus zuas opqav iwiszupi, O eqqsidoevi ov!

 

[hatterasguy]

Hu gus ov. O lpux e wisz taddittgam csulis xju uxpt e SI temit uggodi xovj namvoqmi mudevoupt, caomft tqid juatit, epf uxpt/opwitvt op epz uvjis lopf ug qsuqisvz zua dep peni.

Gsun xjev O jewi tiip ovt e wisz huuf catopitt nufim.