Hello everyone,
It's great to be part of a site that has so many investors that are both smart, friendly and share their story. I'm a Canadian investor that has been investing in real estate for the last 5 years and decided late in the game that it was time to start investing in the US Multifamily Real Estate Market.
Where I live, the price of real estate would return a small cap of 1-3% and sometimes negative. Whereas my first property which was an 11 Unit in Illinois has an amazing return with a 16% Cap and 36.2% Cash on Cash and after debt and taxes puts $1137 per month into my pocket. I used 2 private money sources for this deal. One for the downpayment and the other for the purchase of the property whereas I pay the downpayment private money 10% and the purchase private money 7.65% interest only payments. My goals is to refinance and pay them off in 18-24 months.
As you will read that is 100% financing which I never thought could happen but it did on this one. I am currently working on an 8 unit, a 4 unit and a 6 unit which I hope to close by the end of the year for a total of 29 units. It took me 1 year to really get started so I recommend that anyone interested in Real Estate, even if it's not in your home state or country to start right away. It's possible as long as you have a team, great brokers and agents, great contractors, amazing lawyer and great CPA to help you. It took time to build this team but after many calls, many poor responses, many non call backs, many "we can't help you", I was able to find people that wanted to be a team and work with me.
I have purchased $1000's in US real estate material, searched the internet for private money, invest time to increase my knowledge in US real estate, been on many webinars (still do) and continue to read and listen to real estate and motivational CDs.
***I know I deserve to reap the rewards.**** You can too.
I look forward to learn more from BP and to source more money so that I can continue my journey. I really want to learn how to purchase large 100+ units so that is what I am currently learning.
While I learn real estate from across the boarder I am also an Internet marketer whereas I helps small businesses get their business onto the internet.
To this end, I would like to say Hi to all the fellow BP members who have inspired me to investing in Multifamily properties and if I can help add my experience to the site, I will do that as I grow. My goal is to have 1000 units in the next 5 years so if I can keep this pace, find all the money I will ever need; I believe I can do it.
David
