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Updated over 3 years ago,
Unique situation… Best route to financial freedom?
Hello BP community! This is my first actual post and I wish I would of joined the community sooner, as I have read a ton of BP books, and listened to several podcast!
I’m in a bit of a unique situation… I am a CPA, 25 years old and have been studying real estate for 3 years. I am currently in the rehab process of my first flip! It took me so long to pursue my first flip because I wanted to be educated and feel confident for when I venture out. Once I was ready, I found my first deal within a month through door knocking. With that being said my uncle who also invest in commercial real estate ( he does a lot of hotels) was impressed with the deal I found, the analysis and how organized I was. I told him I’m trying to build capital and eventually use that money as a down payment on small MFH, and eventually apartment complexes. The main thing for me was getting my first deal and pursuing my path to financial freedom $4k a month.
After having that discussion with my uncle he told me that he would be willing to partner with me on an apartment complex. He'd provide the $, and I provide the deal, management, everything else. That is exciting, but makes me a little nervous. I've ran tons of analysis on small MFH, and SFH, but not big complexes. If I cash flowed $100 per door then I'd need a 40 unit complex hypothetically. My question to you guys is should I pursue this opportunity now, or wait till I've done a couple more flips/ get a couple more rentals? My uncle is a multi millionaire and a great guy, and I appreciate him for wanting to help me, but I want to make sure I do right by him. With that being said it would be a dream come true for me to be able to pursue real estate full time, and this could get me there.
I would love to hear everyone’s thoughts?