1) Be flexible. You may set out mining for gold, but be flexible enough to capitalize on silver or diamonds if you happen to find them. That is to say that your goal of finding a multi-unit is well and good, and you should go after your goal, but don’t be so focused on an imagined way to make money in real estate that you ignore other opportunities to profit.
2) Focus on leads. Leads are primary. You’re putting the cart before the horse by trying to solve a problem you don’t have. For all you know, the next seller with whom you speak might not need the cash that you’re racking your brain trying to provide. Why waste time figuring how to pay for a property that doesn’t exist? (Before you answer that, read on..)
3) Give yourself options. You’re falling into the cash trap right now; that problem only gets bigger the more successful you are. The key is to conserve your cash. “Where to get the money?” is the most common question there ever was in real estate investing, and unfortunately most investors only know about five answers to this question:
i) Pay cash
ii) Get bank financing
iv) Do a lease option
v) Do a subject to (most of the time these are done improperly).
Come back next week to see the conclusion of “You Bought Your Frist Multi-Unit. Now What?”
All the best,
~ Ian Parrish, President
Don’t forget, you can always contact us directly for any real estate investing questions you may have. www.investorsunited.com