He also says he thinks he's ready to start acting as a mentor himself. Patton says he's learned enough in these first deals to branch out from partnering with Patisso and will look for other people in the Buffalo area, where he plans three more buys. They have since bought two more similar properties.
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Plus they took out a home equity loan on the house to repay their initial investment and free up the cash for other purchases. Patton says the property is now worth $85,000 and the two pull in $600 a month in rent, after all expenses. Soon after they invested $54,000 cash for a rental property in Buffalo $19,000 to buy, $30,000 to fix up and another five grand in other costs. And Buffalo or Philadelphia are the preferred markets, partially owing to New York City's prohibitively high prices.ģ4-year old New York City resident Joseph Patton met Patisso through NYC Cashflow in the fall of 2003. Real estate is the most popular investment choice, largely because it's so favored by Kiyosaki. "If you don't have a couple hundred grand in the bank but have a few dollars and want to invest, you can do it."
"It's happening, people are networking and they're sharing resources and they're buying real estate," Ed Patisso, who founded the group, known as NYC Cashflow, told curious members at the start of the meeting. In short, they were ready to turn a game about getting rich into a game plan for getting rich. That night they were there to pick up the name of a good contractor, the number of a trusted real estate lawyer, or to offer cash, credit or time as one member of a real estate partnership. Some members of the diverse group knew each other from past meetings where they would play Cashflow, the board game based on the teachings of "Rich Dad, Poor Dad" author Robert Kiyosaki.īut they were through with game playing. If you’d find a template useful, please click here.On a recent night in midtown Manhattan, a group of people gathered for an exercise in real estate networking that would make any self-help financial guru proud. Once again, a spreadsheet is a good way to develop a cash flow forecast.