A real estate investor with a $36,000 salary scaled to 2,400 rental units after buying 2 run-down, single-family homes with a partner. He shares his top 5 tips for getting started with little cash.
After some light renovations, they were able to place a tenant on the property and refinance it. Victor Whitmore was 12 years old when his dad pointed to a man during a holiday gathering and said,"that's a millionaire." He recalled feeling starstruck like he had just met a celebrity.
In 2002, he graduated from the University of Phoenix with a bachelor's in business information systems. And by 2003, at the age of 27, he was a systems analyst for a communications company making about $36,000 a year, according to his tax filing viewed by Insider. He enjoyed the job but knew he could never reach generational wealth on that paycheck.
Once they got the properties, they did some light rehabbing including painting and carpeting. Instead of commissioning an expensive contractor, they hired a local handyman to make small repairs. They spent about $4,000 and did just enough to make it habitable. A big chunk of the work was really in the due diligence that went into finding the properties and taking them to closing, he noted. Many of these houses weren't listed on the MLS. So they drove up and down neighborhoods hunting the"for sale" signs a few days a week.
Whitmore kept his IT job until 2006, when that company went bankrupt. By then, they had already scaled to 20 single-family homes and a few multi-family complexes. Real-estate investing is all about the numbers, he said. People get emotionally attached and look for investment properties as though they want to live in them. Forget about what it looks like and what neighborhood it's in, he said.. In today's market, that could look like a $50,000 single-family house.
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