All Forum Posts by: Matthew Middleton

@Dan Mumm You make some great points sir, thank you. I feel much more confident in the market here now, especially because I just listed our home for sale yesterday. Ha. It's nice to see people are so helpful on this site.

Thanks again. 

@Account Closed

Thank you sir. I'm going to research those years and see how they may correlate with today's market.

@Terry Lao Again, I greatly appreciate you taking the time. So, I'm thinking I may stick with my plan of educating myself over the next year while saving up as much as possible so that I may purchase my first property sometime late next year. I'm 30yrs old and my goal is to have my first MF investment in the next 5 years. 

@Steve Hall   Thank you. I have that book. I'll read it again. It's been a while.

@Terry Lao I appreciate your insight sir. Thank you for sharing that with me. I am a little worried with investing in SFR in Las Vegas, as the market does seem to be cooling off a bit though with rising inventory, but I guess that could be a good sign for buyers? I've been hearing many locals saying they want to list their homes for sale next year when the Raiders get here(thinking that will cause prices to shoot up), but I have a feeling they're in for disappointment when they realize everyone else had the same idea.

@Terry Lao

Hello Mr. Lao. What I meant to say was, at the seminar, there were quite a few guest speakers who were students in the program. Most, if not all stated they were able to quit their six figure job as an engineer/doctor/lawyer etc. after 3 years. This led me to believe that apartment syndication is only for those that have $100k+ to invest. I totally understand that and I applaud them on their success. I just won't have anywhere near that kind of capital anytime soon, which is why I'm considering starting with buy and hold SFR until I can raise enough to "graduate" to large MF. To be honest, I'm looking for the story of "Joe Shmo" the construction worker, making $50k a year starting with less than that, and building up capital with SFR and after years of hard work and patience was able to purchase his first multi-family property. I considered the house hacking technique but, here in Las Vegas, duplex/triplex/quad-plexes are in some, less than desirable areas(D class neighborhoods). I will probably seek out a partnership of some sort when I've built up more capital, but I'm looking for a place to start.

@Luke Miller I appreciate the feedback, thank you. Multifamily is my ultimate goal. I was just a little discouraged because I assumed you needed at least $100k to even get started at all. I'll be moving to the Dallas area in a couple years. Until then, I'll continue my education, save, and attend REI meet ups.

This is great. Excellent job. I'm a newbie here in Las Vegas, and I'm looking into getting into SFR next year. Glad to know it's being done out here.

Good afternoon all,

My name is Matt. (I apologize for the lengthy post.) A couple years ago, I was in a crappy call center job(I now work for AmEx) with no sense of what I wanted to do with my future. I was visiting my Aunt and Uncle in Plano, Tx that summer, and the conversation came up about my terrible job. My Aunt asked me if I would be interested in doing what my uncle does, which is apartment syndication. Seeing the lavish lifestyle they lived, I was intrigued, but of course my first response was, "Where am I going to get the money he uses to purchase these $30 million properties?" She mentioned that he uses OPM. Before my wife and I headed back home to Las Vegas, my uncle gave us a book: Rich Dad Poor Dad. Of course. Ha. Like many others, that book completely changed my mindset on how I look at creating income. I then read 2 more Kiyosaki books and a few more mindset and real estate books. As one of his students, my uncle recommended we attend Brad Sumrok's "Rat-Race to Retirement" seminar in Dallas. We attended. After hearing this phrase multiple times,"I was able to quit my 6 figure job..." I realized apartment syndication is not something you just jump into without some serious capitol to get started. Now, my wife and I are planning to begin our journey with SFR investing. We've decided to list our current home for sale next week as it's appreciated significantly in the 3 years we've been there and it's a ton of wasted space. We will use some of the profit to pay down bad debt and the rest we will save for investing next year. During the next 12-14 months, I'll be focusing on my education, networking, and saving. Because our ultimate goal is apartment syndication, I am interested, not so much in monthly cash-flow right now, but building equity in multiple single family homes over the next 5-7 years so that we may one day sell them and have enough to get into large multi-family. My biggest concern after all the reading I've been doing is, who do you trust? There seems to be so many people out there that just want to take your money and that worries me a bit. This may be a terrible idea, but that's why I'm here. I'm looking for some guidance/feedback. After some brainstorming my current plan is: Next year we're going to purchase another less expensive home to live in(FHA), and when we're ready, we will purchase our first SFR to rent out that year. By next summer, we'll have around $30k-$40k to get started. I know it's not much, but you have to start somewhere right?

I appreciate any and all feedback, and I thank you.

Matt