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I did my first deal in 2017 and to date I have done 6 deals total. I still have my corporate job and so far have been able to manage things fairly successfully. If you are asking for advice I would suggest you just start hanging some skins on the wall and not worry about master planning your real estate goals. I spent way too long doing that. I eventually took inventory of how much equity I could bring to a deal via friends/family & whatever cash I had saved at the time. Then I tried to buy the best possible asset in my market that I could afford and have been doing that for the past several years. My plan is to keep playing small ball until I feel like I’m ready to move into larger assets with a larger equity raise. I think I could quit my job now and be ok but there is a certain level of confidence that translates into the workplace when you have a legitimate business being built in your spare time. I will probably move over full time within the next few years if things continue to build.
Nice. What type and size of deals do you focus on? Also, how long did it take you to feel confident enough to do your own deals?
Deal #1 - Duplex $375k
Deal #2 - 6-Unit building $630K
Deal #3 - Small mixed use building (1,800 sf bottom floor retail with two 2bd/2ba apartments on second floor) $920K
Deal #4 - 10 Unit building $1.2M
Deal #5 - Bought a parcel from a friends grandfather and did a ground lease with Urgent Care $500k (Land + Improvements)
Deal #6 - Actually still in due diligence but closing early January on RV park $650K
Working on it currently but the challenge in my market is simply that prices have increased 3 to 5x in the past 10 years.
The risk with going too far out of my market is just the challenge of managing something that isn't close by
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