What would you do?

[Account Closed]

Hello everyone,

I'm a 23 year old accountant (soon to be CPA) working at a local accounting firm. I've always had a fascination with real estate investing and know I'm ultimately going to get into the game.

I like to start things with the end in mind and ultimately (way down the road) I want to have many cashflowing commercial properties with a few million dollars in equity.

For all the big players here in commercial, how did you start? Did you start with residential SFR's, Multifamily, etc and roll those into bigger deals or did you just straight up start in commercial real estate?

I'm thinking I'd like to end up with retail and office space, some storage units, and hotels in my portfolio.

If you had to do it all over again, what would be your path?

Thanks,

Daniel

[Rob Gillespie]

Daniel,
I love the ambition! We started in residential and we are now involved in a larger commercial property. Be cautious on commercial, you really need deep pockets to ride out the lean times. I personally like single family homes. They are cheap, and their is always a market for them. If you buy something commercial, you gotta absolutely STEAL IT! If we had a mortgage on our place, we would be screwed. The taxes are high and the upkeep is a lot more than residential. My opinion, times are changing, there is vacant commercial real estate everywhere! I would not want to be the one servicing the debt on an empty 100k sq ft place!
So to answer your question, flip residential, build LOTS of cash, STEAL a commercial building with a big up side! That is my formula! Good luck! :mrgreen: