Had an interesting convo with a multimillionaire today

[Swirv]

It wasn't anything new or groundbreaking but further reinforcement. I was trying to get him to sell one of his properties and he said "Swirv I don't sell, I only buy". "I have kids in their 30s and 40s and also grandkids. All my properties will go to them." He didn't say it but he is practicing generational wealth. Anybody who marries into that family is straight for the most part.

Some of yall are already in the real estate game. It's all about units. Not single family homes, multi family buildings and commercial properties is where the real money is.

You need to have money and credit to get these banks to lend to you. If you can't do it on your own, gather up like minded individuals and put your money and credit together to get a mortgage.

 

[OfTheCross]

It wasn't anything new or groundbreaking but further reinforcement. I was trying to get him to sell one of his properties and he said "Swirv I don't sell, I only buy". "I have kids in their 30s and 40s and also grandkids. All my properties will go to them." He didn't say it but he is practicing generational wealth. Anybody who marries into that family is straight for the most part.

Some of yall are already in the real estate game. It's all about units. Not single family homes, multi family buildings and commercial properties is where the real money is.

You need to have money and credit to get these banks to lend to you. If you can't do it on your own, gather up like minded individuals and put your money and credit together to get a mortgage.

so where the properties that you were trying to get him to sell Multi-families or nah?

 

[Swirv]

so where the properties that you were trying to get him to sell Multi-families or nah?

Yes multis. 10-100 units. He owns thousands of units though. He has a great team and he I’m sure without them he couldn’t have come this far. I’m learning the importance of that as we speak.

 

[AtomicUse]

It wasn't anything new or groundbreaking but further reinforcement. I was trying to get him to sell one of his properties and he said "Swirv I don't sell, I only buy". "I have kids in their 30s and 40s and also grandkids. All my properties will go to them." He didn't say it but he is practicing generational wealth. Anybody who marries into that family is straight for the most part.

Some of yall are already in the real estate game. It's all about units. Not single family homes, multi family buildings and commercial properties is where the real money is.

You need to have money and credit to get these banks to lend to you. If you can't do it on your own, gather up like minded individuals and put your money and credit together to get a mortgage.

Thank you for this generic ass advice.

 

[Swirv]

Thank you for this generic ass advice.

Sorry it wasn’t more complicated.

 

[Flywin Lannister]

Thank you for this generic ass advice.

We're on The Coli. It literally takes 3-4 replies in a good thread for someone to hate

The advice is great, and you got advice 2x

From the seasoned vet: build generation wealth once you can (this is what we call 'old money', old money is always white money and by building generational wealth black people can also have 'old money'

From Swirv: you can be great, but you need a great team if you want to reach the multimillionaire level and he's sharing that he's learning about this now

How you can come up with your reply, nobody knows. Hats off to @Swirv for sharing the advice

 

[Swirv]

We're on The Coli. It literally takes 3-4 replies in a good thread for someone to hate

The advice is great, and you got advice 2x

From the seasoned vet: build generation wealth once you can (this is what we call 'old money', old money is always white money and by building generational wealth black people can also have 'old money'

From Swirv: you can be great, but you need a great team if you want to reach the multimillionaire level and he's sharing that he's learning about this now

How you can come up with your reply, nobody knows. Hats off to @Swirv for sharing the advice

After thinking about it Breh has a point.

You will need at least 20% of the loan amount you’re requesting from the bank. Somehow the rich guy I spoke with gets very favorable rates because he puts down 40%. These will be commercial loans. Anything over 4 units is commercial. He gets properties that need some updating, fixes and raises rents.

 

[Kilgore Trout]

After thinking about it Breh has a point.

You will need at least 20% of the loan amount you’re requesting from the bank. Somehow the rich guy I spoke with gets very favorable rates because he puts down 40%. These will be commercial loans. Anything over 4 units is commercial. He gets properties that need some updating, fixes and raises rents.

so hes a gentrifier ?

well at least hes black

 

[Secure Da Bag]

so hes a gentrifier ?

well at least hes black

He's black. I thought the millionaire @Swirv was talking to was white.

 

[Swirv]

so hes a gentrifier ?

well at least hes black

He’s white. It is what it is. In this country you can’t let anything bring or keep you down.

He's black. I thought the millionaire @Swirv was talking to was white.

I learned today of another multi millionaire who is black. I’m going to meet him this Saturday.

 

[Secure Da Bag]

I learned today of another multi millionaire who is black. I’m going to meet him this Saturday.

Ah. Now I don't think all that badly of you.

 

[Swirv]

Ah. Now I don't think all that badly of you.

 

[Secure Da Bag]

I'm joking, breh.

 

[.r.]

..

 

[OC's finest]

Bruh, I understand and appreciate the advice, but like someone said above, it takes alotta bread to do this

Commercial loans are diff to get, u need serious income

I suppose it depends on the state, I've seen some 4-8 unit apartment buildings in the Midwest for not too much

I currently own a single family residential in Cali that's like 450k I'm renting out

H