Multi-Family Investing Meeting

Here are some of the basic ideas that I picked up around the Multi-Family RE Investor Meeting:

• Be patient.
• Be persistent, persist & learn from failure.
• Don't ever give up, continue to make offers.
• Rehab A & B Type properties to the max.
• Mindset is key, one of the biggest ingredients to success.
• Create systems for yourself & your business & stick to them.
• Network with people who have the experience.
• Don't listen to people who are negative, pessimistic, or have less experience than you.

There seemed to be a consensus around the table stating that if you are going to do anything in multi-family real estate, do 50 units or above for a number of reasons.

To begin with, apparently, the underwriting process is much smoother with bigger deals. The smaller deals (4-49 units) look too much like residential to commercial lenders, and they look too much like commercial to residential lenders. Apparently the "bigger money" (above 5-10 million dollars) is easier to get, and it is much looser.

Also, on another note, it's going to be essentially as easy to hire a great property manager on a 36 unit building as it would to hire one one a 1000 unit property. It is better to overpay a great property manager, than to underpay a bad one.

"If I had eight hours to chop down a tree, I'd spend six sharpening my axe." -Abraham Lincoln

Work on your business, not in it. Meaning spend more times working on the systems and hiring the people who will implement them, than doing the actual work yourself (i.e. hire a competent RE CPA instead of trying to do all the bills and taxes on your own). It's too easy to get sucked into the day to day details of the operation, so learn how to delegate properly (property management, bookkeeping, etc).

"Business and investing are team sports."- Robert Kiyosaki

Since Real Estate Investing is a team sport, surround yourself with the best people in their respective areas...Realtors, engineers, attorneys, tax advisers, lenders, etc... The goal is to be the "dumbest guy" on your team. If you are the smartest guy on your investment team, than something is wrong.

Books that were recommended during this meeting:

Whoops

I choose to hold myself accountable to you, the public audience to ensure that I do everything that I commit to doing in growing wealth and increasing financial freedom:

I didn't really do my wealth education yesterday beyond a few minutes reviewing yahoo finance news articles, seeing the news released to the public.

The only action I took in that regard is by adding an amazon link to the book on Gold & Silver.

Tonight I have a Multi-Family Real Estate Investment networking meeting to attend. I am sure to make some good contacts and learn some valuable information for down the road.

Although financing may be challenging in the current times, I am sure to develop some contacts and/or learn something valuable. I will report it here so that others may make use of it as well.

My Top 8 Reasons for Financial Freedom

My top 8 reasons I am choosing to be financially free right now are as follows:



1) Having more than enough money & resources to never have to work a day again in my life. I may choose to continue work, but it is because I want to...not because I have to.


2) Extensive World-Wide Traveling. I would like to be able to go on month long adventures, exploring, the planet on a whim, and any time my journey calls for more money, I will simply go to the nearest bank, and collect money from one of my bank accounts continually being filled by my passive income streams.



3) Ongoing & Coninual World Class Traing. With financial freedom, I am able to hire the world's best mentor's and trainers to grow from and have the time to attend all the courses, classes, workshops, and retreats that I choose.

4) Donating to charity. Being willing to embrace all the overflowing of wealth that is constantly in my life, and reaffirming it with generosity.



5) The gift of time: There is nothing greater to me than time freedom. The freedom to do with your life everything you want to do.




6) Hosting world-class events, gatherings, and parties of all kinds.Embracing the rich abundance life has provided me and finding every reason to give thanks and continue to celebrate life.



7) A paid of luxurious tropical beach house in a lush tropical beach somewhere in Costa Rica, and mountain chateu somehwere in Colorado.




8) Month after month I continue to get ongoing stream of income. More and more checks in the mail and deposited into my bank accounts every single week.

The Worth of a Dollar

If the Federal Reserve continues to just print more money out of thin air, what does that do to the value of the dollar?

Apparently that continues to lower the amount of resources you can purchase with every dollar you have in your pocket. The more that is printed, the less clout it
has in the financial world.

It cannot go on forever, and eventually it is scheduled to repeat itself. Throughout history, when a government went off of the gold or silver standard, the ones who have survived financially were the ones who held onto the precious metals.

I have about $5,395.00 saved up in my Financial Freedom Account which I have made a habit of adding to each day. The only purpose for the money in this account is to generate more money. I have been considering investing a portion of this in my Real Estate Investment Mentor, ultimately working together it should uncover a real estate deal that will more than pay for the cost.

Another thing I have been considering is to put it all into silver and gold, and just continue to build up those reserves until the market crashes. Although, I intend on growing the gold and silver reserves, I would like to do it with a separate account.

This money that is in my FFA right now can be used to do actual deals right now, not to mention all of the priceless education that comes about through more experiences.

I was studying a crash course on the patterns that economic bubbles tend to follow. It showed various market bubbles through history in line graphs, and laid them on top of each other. If the real estate bubble follows the same pattern, it appears that the real bottom of the real estate market should be somewhere around 2015.

A Tropical Beach House

One of my biggest goals at the moment is to acquire an amazing luxury tropical beach house of my very own. And I'm not talking just any beach house; I'm talking about 6 bedrooms or more, rich wood floors, all the amenities, a mountainous forest as the back drop, and looking over a fabulous ocean horizon.

I anticipate about a 2 million dollar price tag on it, and if I'm putting 20% down---a $200,000 down payment.

This goal may seem big for me at the moment, but it is very important-and given the type of wealth that can be generated through real estate investment, very obtainable.

What if I could find a good enough deal where I could bring an investor in to a cash flowing property within the next few years?

Wealth Networking & Hiring a RE Investment Mentor

As you can see in my goals for 2009, one of them is to remain consistent in attending meetings with wealthy people who are doing what I intend to. It is important that I surround myself with people who are already financial free, or well on their way with real estate investment and other mediums.

I have committed to getting to 40 or more of these within this 2009 year, and by God, I think I can do it.

I need to go get some new business cards printed because I haven't had a need for them in so long that I don't even know where they are.

Another part of my goals for this year is to hire a real estate mentor. As I have stated before, I have already been in real estate for over 5 years, and I still have not acquired any properties for my buy and rent strategy. If I intend to accumulate an immense amount of ongoing wealth and cash-flow, I understand that buy and rent is the way to go.

For some reason, I have not taken enough massive action yet, and I feel that if I have a mentor they will be able to walk me through the process, and in turn, I can model their patterns, and learn from all their experience.

You may be familiar with the term OPM (other people's money,) but let us not forget the immense importance of OPE (other people's experience) and the years of learning curve it can save me from.

Commitment

I wonder if I can help people through this media.

I am on a quest to enjoy absolute financial freedom, traveling, exploring the world, and enjoying the benefits a life of great wealth has to offer.

I intend to achieve much of this wealth through the accumulation of cash flowing real estate properties. It has been about 5 years since I first decided to seriously pursue real estate, and frankly, it has not been moving as fast as I would have liked.

At the same time, I do not want to discount the success that I have had. I have successfully helped other investors to find numerous deals, and myself have purchased, fixed up and sold a property for a small profit. It's great for this, and I am very thankful.

What if I could find a way to break free from the rat race sooner?


What if I could help others interested in living a life of Financial Freedom?