All Forum Posts by: Geoffrey Murphy

Hey BP,

I just finished with having a pretty neat conversation with my mentor. He owns a decent size real estated company. They invest in mutli-family markets around the U.S. And owns a little over 1700 units.

However, our conversation was about being "Recession Proof" now I now I've seen a few individuals on this site talk about this topic, paticularly Rich Weese and others about eventually becoming "Recession Proof/Prepared" for any, and most economic downtursn. He listed is 5 asset classes that he is currently involved in for this preparation:
- Multi-family housing (apartments)
- storage units
- oil & gas
- short terms loans/under a Year
- gold & silver

Now my question is, When EXACTLY is the right time to begin this preparation, when your finally pretty much done with investing? When your stabalizing? When you reach a certain networth?

Is your portfolio suppose to be made up of a paticular percentage of assests for this?

I'm just interested to know. Read a nice article on forbes, and they even mentioned ART! Which I heard is ok as well!!

Will Barnard@Rich Weese...Incredible post. Literally guys, all of the posts were amazing. Believe me, it keeps the fire lite for young investors like me when you guys share your thoughts...

BP Nation for life!

Do you guys believe investing for those periods of time, you will be able to obtain 2500 units? I mean 40 years is along time...does that mean Mr. Weston was all work and no fun? Haha

GM

Rich-

Shouldnt of used the word preached! haha

I agree pretty much with all of you above.

GM

@Joffrey Long; Plan, Plan, Plan...
@Bill Gulley;Surround yourself with smarter people than you are and you will learn, keep your integrity and you will be trusted, be fair and you will be honored, help others and you will be assisted, be firm and you will lead others.

Ina nutshell, i think you guys hit the nail on the head for the most part. this is exactly what has been preached to me for years now!! haha

I think it boils down to those principles. Everyone doesnt start off with money, a relative with capital, ect, but long as your willing to pla, and surround yourself with people that are smarter than you, in do time, it will all come together. Nothing is new under the sun. oh yea, a little LUCK always help ;)

GM

You guys are all absolute right. My mentor that i've been working with for some years now, owns a little over 2,000 units. It just like everyone said, he started with one house, and then it turnt to four, then eight. ect.

However, one of the MAIN reasons/ways they are able to acquire so many units, is what @Rich Weese has been preching all along, SYNDICATION!

Eric, I have never actually seen an article on this topic. However, my realtor/lender was the ones who made me aware of the potential process.

Anyone else care to chime in?

@David A. Contiue to repeat it, I'm always open to advice! Especially if I know its going to save me thousands! Lol

GM

Thanks a lot for the potive advice guys!! Danny, Jon, Cullum...
I currently have about 15k saved up right now. I'm doing my absolute best every month to add to this nest egg.

Secondly,@ Danny Day, your absolutely right, being a landlord for three other people can be intense. I know all about it. I currently own a Triplex with another investor 50/50 that I manage, it at times it can be pretty. Rough! Lol

However, I'm excited, and looking forward to picking up some units. Have any of you guys or anyone else ever utilized the 3-2-1 deal through FHA to pick up units???

GM

GM Jon,

That is what i have been pondering. thanks for that push. i was deciding on a triplex or a four-plex. I would live in there for a year and then move on to the other property. rine & repeat.

i was informed by the lender that i could take advantage of the 3-2-1 opprotunity that FHA provides to pick up some units. have you ever heard about this situation? what would you advise?

GM