Today is my " I have decided" moment day to get into multifamily

[James Goggin]

Today on my drive home from work, about 3 months into really getting excited about the prospect of getting into multifamily investing to create wealth, I had the "this is it" moment.

I've been interested in real estate investing since I was 17(2009) when I really wanted to get into condo investing. Post crash, condos in my area were selling for 35-45k. I wanted to buy and hold, renting them out for income. I had no capitol, I was uneducated about it, I got cold feet and never pursued it. Hind sight, they would have appreciated in an x factor by now, while earning income.

At 21 I purchased my first single family home, because real estate was still always in the forefront of my mind. I bought it at $500 dollars down taking advantage of a home buyer program that paid 5% of the home value as a down payment at closing to promote home sales. I had two rooms rented out the entire 4 years that I lived there at $500 a month each, almost covering the entire mortgage, about 60% of total monthly expenses to live in the property. I moved out after 4 years and rented the property, it now cash flows right about $550 a month, while it has appreciated almost 100% of it's value. Rent is going up like crazy in my area, and after this lease, will be increased at least $100 estimated.

I purchased my second single family home 3 months ago, which I already have a room mate in place, covering half of the expenses to operate this home. Values in my area are absolutely exploding and this property has already appreciated "Zestimate" 10%.

I have been reading books, and listening to pod casts nonstop for about 2 months now. I have decided that the original single family route I am taking is not scale able, and I need to switch now so that I can maximize my time and effect by getting started earlier.

My current goals,

-Finish and digest the 3-4 books that are on my docket as soon as possible.

-Join a local REIA, and local investors groups

-start analyzing deals to get familiar and produce a sample deal package

-start contacting brokers to build network

-start contacting potential investors in my network

-start looking for a mentor, preferably a syndicator(this is huge)

What I am looking for,

-a mentor, multifamily investor that I can Shadow, learn from, assist, and possibly invest with. (I have capitol I would like to deploy)

-recommended people to network with in my area(Phoenix az)

-recommended groups to join in my area

Thank you so much too anyone that read through my entire post. I am very excited to start this journey, I believe I have the ambition and insatiable appetite to succeed and thrive in this endeavor. Best of luck to everyone out there starting out, and everyone that is already crushing it and making their dreams come true. Keep up the hard work!

-James

[Account Closed]

@James Goggin CONGRATS on starting your multifamily journey! My Dad and I had the "this is it" moment about 3 years ago...hired a syndication mentor...(minor speed bump - unfortunately, it was the wrong one)...finally found the right coach and our success took off.  2 years later we've been the lead sponsor on 2 acquisitions totaling 421 units (refinancing and stabilizing these by end of the year), in the process of underwriting a few more properties, AND starting a syndication on Texas vineyards! 

I'm SO excited for you because I know what the road ahead looks like - you're in for a wild but thrilling ride! If you want some help knowing what to look for in hiring a syndication mentor, I definitely have some lessons learned and happy to share those. The coaching space can be a bit confusing and we certainly didn't know what to look for back then.  Cheers to YOUR future success - it sounds like you have the grit that it takes to be super successful!!