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All Forum Posts by: Bob Jones

Bob Jones has started 1 posts and replied 2 times.

Post: What would you do?

Bob JonesPosted
  • Eugene, OR
  • Posts 2
  • Votes 0

Jon, thank you for your input. I should add that I purchased my first home 1 1/2 years ago. Our family is happy where we are so the FHA loan is not an option anymore. Can you expand more on this topic? "your management gets you some equity in the deals" Thank you again.
Bill, I'm liking the idea of partnering with investors. As for my current employer I don't know how to bring it up without sounding greedy. I would like to sit down with him to express my motives to become financially independent but I'm afraid that it might hurt our relationship. So if you or anybody have any ideas as to how to negotiate an equity position with my current employer or other investors I'm all ears. Thank you.

Post: What would you do?

Bob JonesPosted
  • Eugene, OR
  • Posts 2
  • Votes 0

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.