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Business RE for Income Purposes

FirefighterB said: "So, I don't know if I posted some of these questions before or not, but I'm bored at work with no market to keep me entertained, so I'm firing off a few questions. I'm still debating whether I'm going to take the FDNY job up here (it's looking like I'll be set for Jan 09 academy) or move back to Austin. AFD pays a ton more and is way cheaper to live, but FDNY is, well, FDNY and NYC is way more exciting that Austin. So, I've got to find some creative ways to make some more money so I can actually afford to live up here. While the FF salary starts crappy (35k - 33% tax rate), it goes up to a respectable ~$75k (probably - 35%+ taxes or more in that bracket) after 5.5 years. However, that's still not so hot for trying to live in a city where you're lucky to find a 1 bed apartment for $400k. Luckily for me, I forked over tens of thousands of dollars to Florida State University to get a degree in Entrepreneurship to learn how to start my own business(es), so I might as well use it. Anyway, I've got a few ideas. First, is to buy an existing bar. Since I have a year or so until I will be able to begin academy, it'd be a good business to get myself into. I have years of service industry experience, including bartending, I like the late hours (I'm a night owl), and I enjoy BS-ing (obviously) with people. However, as I start the FD, doing this might be a little bit tougher and, overall, I'm still looking for more money. My other consideration and love is real estate. I know, right now, this isn't the best field to be in. However, once things start to get bad, there will most definitely be deals popping up. My main goal is to buy multi-family units, slowly putting together a sizable portfolio over years and years of accumulation. I'm looking to focus on residential to start, however, many properties have main floor commercial However, this is Manhattan. It's a tad expensive to gain entry into the RE club in this town, so I'm thinking this foray will require other investors. The only question is, how can I do this? For you REIT savvy, can I set up a REIT of sorts, where investors can pay various amounts of money into a general pool that will be used to purchase properties? Or, is there an easier, better, different way to do this that might not involve me and the SEC. Something like this is a start: [URL="http://newyork.craigslist.org/mnh/rfs/536328428.html"]Harlem/Morningside[/URL] Just curious if any of you have any experiences with purchasing large, multi-family income producing properties, or with setting up groups of multiple investors. Thanks."

Airelon said: "Curious as to answers myself, as I've had many of those same thoughts running through my head . . ."

FirefighterB said: "[QUOTE=Airelon;61170]Curious as to answers myself, as I've had many of those same thoughts running through my head . . .[/QUOTE] My wheels are always turning for a new, better, different way to diversify and multiply my money. Hahaha. It's been this way since I was a little kid. I've always said I was going to be rich and, honestly and not to sound too conceited, it's never been something I've worried about actually happening. But, I know the lottery and, likely, a one in a million stock investment isn't going to be it in the near future, so I've got to find different ways to make my money grow a little faster. Besides, while RE can fluctuated greatly, it's hard to beat having someone else buy your assets for you. But, I've always seemed to have trouble finding people to guide me, point me in the right direction, and give me experiences. I really have no idea where to even begin (lawyer, CPA, RE investment club, crack house, etc.) asking questions and where "Point A" is to get started in something like this. Finding out where to find information and where to begin has been my biggest problem, honestly. I have hit up Magic Bullets, which is an RE forum that I think is pretty akin to here in lack of spamming and good knowledge base. However, even there, I haven't gotten much, information wise, about how to get started in larger scale RE investment properties. I'm hoping someone here might have something..."

Heather said: "You might consider looking into [URL="http://www.mreic.com/index.html"]Monmouth REIT[/URL] if you just want to invest with out the hassle of owning actual buildings and setting all of the legal stuff up. It's a nice REIT.."

FirefighterB said: "Thanks for the site, Heather. I'll check that REIT out. However, I love RE, and finding a good deal, too much to not want to hunt for and own some buildings myself. Especially when you're talkin the history behind the places up here and the awesome architecture. I know little about architecture, but I still walk around staring up in awe at the intricate designs of the old buildings. I have a soft spot for old buildings and houses, which is one of the things I didn't like about Austin; everything is new construction and has no style, grace, or history to it."

Heather said: "[QUOTE=FirefighterB;61178]Thanks for the site, Heather. I'll check that REIT out. However, I love RE, and finding a good deal, too much to not want to hunt for and own some buildings myself. Especially when you're talkin the history behind the places up here and the awesome architecture. I know little about architecture, but I still walk around staring up in awe at the intricate designs of the old buildings. I have a soft spot for old buildings and houses, which is one of the things I didn't like about Austin; everything is new construction and has no style, grace, or history to it.[/QUOTE] Cool beans. Older buildings are pretty cool to look at, just be careful not to walk into anyone while you're staring! ;)"