well It would create a Posative cash flow of about $5000.00 a mo. but i will cost me $1,100,000.00 this would be my first deal but I have studied and learned and waited for the right opportunity to present it self. but am I crazy for making my first dea this big?
:-?
So many years ago I was a member of a local investors club which had a couple hundred members 90% of which had 6 or fewer units. That means there were about a dozen of us who were "professional" developers. So the professional guys started to get tired of coming to meetings where their concerns didn't get addressed. So one of the guys decided that he would organize a smaller club inside the club for these members. There was an entrance requrement of x number of units or y dollars developed in the last year.
Anyway, I didn't quite meet the entrance requirements but I came to the meeting anyway. The meeting starts with go around the table and introduce yourself and tell about your latest project. So it comes to be my turn and I'm busy apologizing about how my project is just this little 70 unit apartment building and I'm not a real developer like you guys.
My buddy Mike, who is sitting across the table from me interrupts to say, "Its OK Mark. After the deals go past a million bucks you're allowed to sit at the grown ups table without apologizing."
So sure, if you can put a million dollar deal together, go for it.
Are you sure you are ready for this????? Are you sure you know enough about RE to be tied to a $1million+ property????????????
I ask this because when you were asked about providng details on the deal...you gave basically no information. Generally, that happens when someone is new to the game and has NOT done their due diligence and does not know what they need to know and what to ask.
I'll agree with everyone who posted before me. Yes, theoretically you can do it. But you'll get much better feedback if you can provide some details. What sort of property is it? How many units? Are you planning to hold it for the monthly cash flow? How are you financing it? Will you have partners? Everything you tell us will help us understand your deal that much better. Otherwise, Mark's is a great story and hopefully the answer you were looking for.
I suppose we would need quite a bit more info to give any advice. Is it a wholesale deal? A Flip? A rehab? figures?
Joe
well It would create a Posative cash flow of about $5000.00 a mo. but i will cost me $1,100,000.00 this would be my first deal but I have studied and learned and waited for the right opportunity to present it self. but am I crazy for making my first dea this big?
:-?
So many years ago I was a member of a local investors club which had a couple hundred members 90% of which had 6 or fewer units. That means there were about a dozen of us who were "professional" developers. So the professional guys started to get tired of coming to meetings where their concerns didn't get addressed. So one of the guys decided that he would organize a smaller club inside the club for these members. There was an entrance requrement of x number of units or y dollars developed in the last year.
Anyway, I didn't quite meet the entrance requirements but I came to the meeting anyway. The meeting starts with go around the table and introduce yourself and tell about your latest project. So it comes to be my turn and I'm busy apologizing about how my project is just this little 70 unit apartment building and I'm not a real developer like you guys.
My buddy Mike, who is sitting across the table from me interrupts to say, "Its OK Mark. After the deals go past a million bucks you're allowed to sit at the grown ups table without apologizing."
So sure, if you can put a million dollar deal together, go for it.
Hey,
Are you sure you are ready for this????? Are you sure you know enough about RE to be tied to a $1million+ property????????????
I ask this because when you were asked about providng details on the deal...you gave basically no information. Generally, that happens when someone is new to the game and has NOT done their due diligence and does not know what they need to know and what to ask.
I'll agree with everyone who posted before me. Yes, theoretically you can do it. But you'll get much better feedback if you can provide some details. What sort of property is it? How many units? Are you planning to hold it for the monthly cash flow? How are you financing it? Will you have partners? Everything you tell us will help us understand your deal that much better. Otherwise, Mark's is a great story and hopefully the answer you were looking for.