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Updated over 9 years ago on . Most recent reply

User Stats

54
Posts
40
Votes
Toby Bergstrom
  • Engineer
  • Worcester, MA
40
Votes |
54
Posts

Need to buy a 15 unit building this week... what will I do wrong?

Toby Bergstrom
  • Engineer
  • Worcester, MA
Posted

Well OK I don't need to close this week and I am willing to settle for a 25 unit building I'm not married to 15...

I just got off the phone with one of my mentors. We were talking about the deals I am working on right now and he told me I'm thinking too small and need to get out of my comfort zone a little. 

I can identify and buy 3 unit buildings all day long in my market (until I run out of capital at least.) After I run out of capital I can work some creative deals and know how to pull capital out of the properties I have after appreciation or more likely forced equity. This is all stuff I've done and understand.

I don't want to own 3 unit buildings any more. As I make the transition what am I likely to miss in my math and property evaluation  as a "small property investor" moving into bigger properties? 

My goal for this venture is to establish 25k/month cash flow withing 3 years...

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