My names Johanan, and i’m pretty new to REI. I’m currently looking for my first deal while going through everything on this site. I’ve had a condo that i rented out a room in successfully, and it’s been a nice introduction to the process of landlording.. Luckily, i haven’t had any bad experiences and i’m definitely planning on mastering the management aspect. I’ve used other RE resources in the past but i’m way more satisfied with the level of nitty gritty detail included here.
I’m still setting my goals but for now i’d like to own 3 separate cash flowing properties within the next year. I’m mostly looking for a multifamily but if the right sfh deal comes my way then i’ll take it. My ultimate goal is to transition to being a full time landlord and finding a cause to give back to.
If you have any tips for a new guy that you’d like to share, i’d be very grateful.
Now might be a good time to focus on control, not ownership, of properties. Study our section on Master Leasing. With Master Leasing get all the benefits of ownership ( like Cash flow) but without the liabilities of ownership, like repairs, taxes, and potentially a drop in the price. You can protect yourself from the negatives with a Master Lease. Once things settle down after the pandemic, you may be able to convert the master lease to buying with seller financing.
We have two recorded video seminars in the Master Lease section too.
There will be a lot of motivated sellers (and motivated landlords) who will be open to creative solutions like Master Leasing!
Some CashFlowDepot members are making $10,000 to $20,000 ore more in cashflow by doing Master Leasing.