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Updated over 8 years ago,
Plumbing Contractor, looking for 3rd income
Hello fellow investors,
My names Lucas, im 25 years old and own a residential service plumbing company in Buffalo with my father. We have 26 employees and do well.
While plumbing is my strength I am skilled in many trades. Growing up my father owned a few upper-lowers and if I wasn't plumbing I was working on his homes. He did not do too well with them and sold everything off over 10 years ago.
I purchased my first home when I was 18, a single family home. I wasn't exactly looking for a home, my father was approached by someone looking to sell their plumbing business and wanted the home turned shop in the deal. I took over the home and did a major remodel. The house is zoned commercial as I keep a lit up "Cellino Plumbing" sign in the yard.
Last year I purchased a double on 30 acres. I rezoned 29 acres to be commercial and left the house on 1 acre residential zoned. I gutted both the upper and lower however it took me a full year to complete.
I have targeted commercially zoned properties with residential homes so I can advertise my business while collecting rent.
As my business grew 35% each year over the past 4 years I am now experiencing a cash flow issue that doesn't allow me to pull out any cash to put towards new properties. I have techniques I have learned thanks to the Biggerpockets podcasts however trying to purchase homes with no money down has proven difficult. I consistently find great deals but I dont feel wholesaling is for me. I am not trying to supplement my income, just have a positive cash flow that allocates repairs.
Also I have a tough time filling my units. Always open to any advice! Thanks in advance