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Updated over 11 years ago,
What would you do?
I'm currently an employee managing a multi-family with over 200 units, collecting about 1 million dollars in rent every year. I have worked for this private investor for the last 7 years. I have been responsible for the entire operation including managing a maintenance crew of 6 employees. The owner pays the bills and calls me once every two weeks to check on my vacancy rate, which I have kept under 2%. I'm also responsible for a second complex over 100 units but I mostly mentor and supervise the manager there.
I love what I do and I'm very good at it. I get $65,000 yearly salary for doing my job but lately I have been feeling that it is MY time to move on. I want (am going) to have an apartment complex that I can call my own. I know I can be very successful at it and I have a proven record of just doing just that. I am reading and learning about crunching the numbers when the right deal comes along. So here are my questions:
How would you get started if you were in my shoes? how much gross rent do I need to collect to NET $100,000 a year? what about hard money lenders? would they loan on my experience alone? how I do go about finding an investing partner? and No sorry, I don't have an uncle like Warren Buffett to borrow the 30% down, but I wish I did. Thank you in advanced.