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Updated over 8 years ago on . Most recent reply
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What type of Property should I start with? I have the Capital
Hello All, My name is Josh Freeman. I'm located in Tampa, FL and I'm a new PRO Member of BiggerPockets..Here goes my first post.. Its kind of lengthy, but thanks for reading and any replies are appreciated!
I am looking for suggestions of which type of properties I should be targeting to get my real estate investing career launched based on these goals and my current situation. (I am pretty well informed and have read multiple books thus far over the last 8-12 months) My girlfriend just got her Real Estate License and we have MLS access. She hangs her license at Pineywoods in Tampa, FL. We also have a great Mortgage broker who has been committed to helping us find the best loans.
Background:
Degree in Finance, Started my career in banking and I work at home as a Recruiter. Have read several Real Estate Book recommendations from Bigger-pockets. LLC established as of November 2015. I have great credit. (730+)
Goals:
My goal is to obtain 100+ cash flowing rental units within the next 3-5 years and grow that to 500 units within 10 years. I want my rental portfolio to include a mix of SFR and MFR.
I believe holding SFR's in the Tampa market would be beneficial based on the growing appreciation in our market.
Continue to build my real estate empire and quit my job ASAP!
Capital:
I have 115,000 Cash and access to 150K personal line of credit at a 4.5% interest rate, and access to Hard Money if I need it. (400K hard money approval)
Strategy:
Purchase first rental property(s), Refinance, Purchase more, Rinse and Repeat
which type of Property should I start with?
Thank you for your feedback!
-Josh
Most Popular Reply
![Armando Payano's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/554902/1621492472-avatar-armando_p5p.jpg?twic=v1/output=image/cover=128x128&v=2)
Josh
You have capital to start and have begun developing your team. Great job setting yourself up for success!
My advice is my motto. Take the time to learn.....so it takes less time to earn!
My wife and I own 3 units. All cash flow, 2 really well 1 not so much. Poor execution. Wish I would've found BP before I bought it. Lessons learned AND it lead me to finding BP. On one we executed really well and we will be getting a HELOC on that unit within the next few months to fund our first MFR minimum 4 units. Had we executed better on the poor purchase we could have been looking for 2 MFR. Fortunately we still having 80% of total investment capital available.
I was in a similar situation to you except I wanted to jump right into a MFR and was looking into a 20 unit. BEST thing I ever did was walk away from that deal. The lessons learned on the poor purchase will save me millions in the long run.
Start small. There will always be deals. Now we have a detailed plan on how to scale up and a healthy respect for the game and the lessons that each phase will teach us.
Imagine what your portfolio will look like in 5 years think about the smallest unit in it and go out and try to get the best deal you can on THAT one tomorrow.
Hope it helps and good luck!