Hello, I thought I`d share some interesting things that happened with me over the last handful of years. All I was doing was flipping my personal residence during the RE boom we had. The first few times I didn`t even make any money. Then after a few warm up flips I finally made a small profit in the low 5 figures. Notthing to write home about. Then the next few flips got better, and better. The last house flip I made an amount in the low six figures. It worked out great and gave me enough funds to get into apartments. Call it luck or call it opportunity, but I got one big break from a friend who gave me a lead to buy an apartment building in my city, just before the boom really sunk in. In one year that building doubled in value. Sold at about double what they were purchased for per door allowed me to start really growing. So I bought a bunch of apartment buildings in Ontario. Flipped a small group of 4 buildings there, which was another amazing win fall. Now I just got a few more apartment buildings left that I`m trying to liquidate. I`m more or less just trying to get rid of them so I can retire. So I don`t say all this to impress you, but rather to impress upon you that if you can leverage your profits from one house to another, then try to make the leap into apartment buildings, you can very quickly get ahead. You can rapidly find yourself in a situation where you go from dealing in 5 to 6 to even 7 figure profits as you leverage one deal, into the next bigger deal, into the next even bigger deal. Just like the game of Monopoly, trade houses for hotels and you`ll win. I`ve tried so many businesses over the years and really there`s not many that you can get this kind of leverage in that can change your whole life, that why I`ve found REI to be really inspiring.
From flipping house - to - flipping apartment buildings
- Thread starter rainman11
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You got to love those towns everbody loves to hate.
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QUOTE (rainman11 @ Jul 23 2009, 03:17 PM) Hello, I thought I`d share some interesting things that happened with me over the last handful of years. All I was doing was flipping my personal residence during the RE boom we had. It worked out great and gave me enough funds to get into apartments. Call it luck or call it opportunity, but I got one big break from a friend who gave me a lead to buy an apartment building in my city, just before the boom really sunk in. In one year that building doubled in value. Sold at about double what they were purchased for per door allowed me to start really growing. So I bought a bunch of apartment buildings in Ontario. Flipped a small group of 4 buildings there, which was another amazing win fall. Now I just got a few more apartment buildings left that I`m trying to liquidate. I`m more or less just trying to get rid of them so I can retire. So I don`t say all this to impress you, but rather to impress upon you that if you can leverage your profits from one house to another, then try to make the leap into apartment buildings, you can very quickly get ahead. You can rapidly find yourself in a situation where you go from dealing in 5 to 6 to even 7 figure profits as you leverage one deal, into the next bigger deal, into the next even bigger deal. Just like the game of Monopoly, trade houses for hotels and you`ll win. I`ve tried so many businesses over the years and really there`s not many that you can get this kind of leverage in that can change your whole life, that why I`ve found REI to be really inspiring.
Rainman11,
This is a great post.
I think a lot can be learned from your words above.
Your experience demonstrates the importance of starting small, and slowly building with each next step.
A very inspiring story. Thank you for sharing.
Regards,
Neil.
Rainman11,
This is a great post.
I think a lot can be learned from your words above.
Your experience demonstrates the importance of starting small, and slowly building with each next step.
A very inspiring story. Thank you for sharing.
Regards,
Neil.
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- 23
Rainman, I see that you may want to share some information about the buildings you are trying to liquidate.
If so, please email me: [email protected].
QUOTE (NeilUttamsingh @ Jul 24 2009, 01:03 PM) Rainman11,
This is a great post.
I think a lot can be learned from your words above.
Your experience demonstrates the importance of starting small, and slowly building with each next step.
A very inspiring story. Thank you for sharing.
Regards,
Neil.
If so, please email me: [email protected].
QUOTE (NeilUttamsingh @ Jul 24 2009, 01:03 PM) Rainman11,
This is a great post.
I think a lot can be learned from your words above.
Your experience demonstrates the importance of starting small, and slowly building with each next step.
A very inspiring story. Thank you for sharing.
Regards,
Neil.
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- Aug 30, 2007
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- 13,881
that used to work .. where is it working now ?
Where is that "boom-city" for an instant 6-digit profit ???
Where is that "boom-city" for an instant 6-digit profit ???
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Thunder Bay
vacancy rate less than 3% and falling
very little inventory
very few new buildings getting built
one of the most affordable places in Canada
and always overlooked!!!
vacancy rate less than 3% and falling
very little inventory
very few new buildings getting built
one of the most affordable places in Canada
and always overlooked!!!
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- 13,881
QUOTE (ogopogo7bc @ Jul 30 2009, 06:53 PM) Thunder Bay
...
yeah right .. at what: 30/door ? 35/door ? 40/door ?
...
yeah right .. at what: 30/door ? 35/door ? 40/door ?
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I am on Thomas` side on this one. I congratulate you on your success.
But from reading your post, Rainman, it looks as if it took you several years to build to that level. We have just come out of one of the highest real estate price increase periods in history. It was easy to flip any property during the last three to five years and make a profit doing so.
Where are those opportunities today? They come from serious looking and searching for good deals, and proper management. They come with time. And it takes longer to build that portfolio than it did even two years ago.
But from reading your post, Rainman, it looks as if it took you several years to build to that level. We have just come out of one of the highest real estate price increase periods in history. It was easy to flip any property during the last three to five years and make a profit doing so.
Where are those opportunities today? They come from serious looking and searching for good deals, and proper management. They come with time. And it takes longer to build that portfolio than it did even two years ago.
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QUOTE (lilbuffet @ Aug 1 2009, 02:50 PM) Anyone who read this story and didn`t know anything about real estate would be extremely amazed...
Going back to Rainman`s original post, he does make an important point that we should not overlook.
The fundamental premise of his post was that he had achieved success by `trading houses for hotels`.
He started small, by flipping his personal residence. With each subsequent flip, he realized a larger profit.
Once he had some momentum behind him (funds realized from his previous flips) he purchased the apartment building.
In essence, `trading houses for hotels`.
Rainman`s success was a byproduct of his ability to take action, and follow through with these real estate transactions.
Going back to Rainman`s original post, he does make an important point that we should not overlook.
The fundamental premise of his post was that he had achieved success by `trading houses for hotels`.
He started small, by flipping his personal residence. With each subsequent flip, he realized a larger profit.
Once he had some momentum behind him (funds realized from his previous flips) he purchased the apartment building.
In essence, `trading houses for hotels`.
Rainman`s success was a byproduct of his ability to take action, and follow through with these real estate transactions.
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QUOTE (NeilUttamsingh @ Aug 3 2009, 02:11 PM) ..
Rainman`s success was a byproduct of his ability to take action, and follow through with these real estate transactions.
True .. but different asset classes have different metrics .. and thus knowledge and/or past results may not be that easily transferrable to today`s times and new asset classes .. it may work .. it may not ..
Rainman`s success was a byproduct of his ability to take action, and follow through with these real estate transactions.
True .. but different asset classes have different metrics .. and thus knowledge and/or past results may not be that easily transferrable to today`s times and new asset classes .. it may work .. it may not ..
Congratulations "rainman11" but it will be nice to put a real name to the handle. Can you share a little more about what your strategy was i.e. did you do any renovations to boost the values? If so what type? Did you condominiumize the units in the buildings? Lastly, what asset class are you putting all this money into? Stocks? Metals? Cash?
Flipping is a dangerous game.. I know, I got burned big time... I too started small, pretty much the same path as Rainman, and got pretty good at it, but then leveraged multiple properties right in the beginiing of 2007 in Edmonton, right before the huge crash. Lost everything. Chased the market on all my properties. Basically back to pre boom net worth figures.... If I just stuck to basic cashflow principals instead of pumping in money to do quick flips I would have been fine. Back then anyone could make money. Some markets held better than others. Edmonton tanked big time.... I would have been fine in Regina or out east in non boom/bust cities. So using the same strategies that got you to retire in one city, made me lose my retirement in another. Flipping is risky.