Skip to content
Starting Out

User Stats

30
Posts
11
Votes
Ryan Friend
Pro Member
11
Votes |
30
Posts

How did you get here

Ryan Friend
Pro Member
Posted Nov 2 2022, 14:17

I really like/admire peoples stories on how they got to where they are in REI. Amazinc to me that not one is the same. Are there any landlords investing in the Allentown area that would be willing to share with me How you got to where you are?

User Stats

186
Posts
171
Votes
David Ribardo
  • Real Estate Agent
  • Allentown, PA
171
Votes |
186
Posts
David Ribardo
  • Real Estate Agent
  • Allentown, PA
Replied Nov 4 2022, 12:25

Hello Ryan, great conversation topic. 

I grew up in NJ, and spent eight years on active duty with the Army. I bought my first house in Columbus, GA. When I moved to another duty station, I handed the keys to a property manager. I had no idea what I was doing. I watched my stock market account shoot wildly up and down, while this property consistently handed me checks for $1,150 each month... the rental property was a better performer. I quickly became curious on how I could repeat the process.

When I was settled down in rural Louisiana, I decided to allocate my portfolio almost entirely into real estate. I worked with two agents, read every BP post I could, and poured through books. That summer I closed on seven units - two duplexes and a three unit. My agent, lender, and property manager all agreed that I would be 100% occupied by Christmas. Boy, were they wrong! We couldn't find a reputable contractor, and I ended up having to renovate six of the units myself. I did all the flooring, painting, tile, appliances, and fixtures, which took over two years of my free time. Lesson learned - just because an agent says they work with investors, doesn't mean they actually have any idea what they are talking about. 

My next venture was with remote investing again. My partner in Atlanta and I bought a eight unit building which we held onto for just over a year. We picked it up for $365k, filled it with good tenants, did some rehab work, and sold it for $480k and a nice profit. I also did some private lending. This proved to be low-stress and a good fit for helping keep cash deployed when my time was already being spent elsewhere.

Once getting out of the Army, I moved to the Lehigh Valley. I got my real estate license with the intent of buying a property, fixing it up, and handing the keys to a management company. I quickly found my presence on Bigger Pockets provided me with a steady stream of investors looking to work with me as an agent. Since I enjoy coaching, teaching, and mentoring them to have successful businesses, this has taken precedence over my own investing. Over the past five years this grew to the establishment of my sales, property management, private lending, and contracting businesses. Now I get to work full time to help new investors get started , and help established investors move into an awesome market. 

One of the key things that has been amazing is the ability to apply a team based approach. By bringing together some folks that are absolutely rock stars, we have given each other the freedom to work remotely and on a flexible schedule. I've spent more time with family, been able to teach flying and diving to students, and been able to start a volunteer organization. Was it a smooth or easy process to get here? No. Was it worth it? Absolutely.

User Stats

9,861
Posts
5,503
Votes
Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
5,503
Votes |
9,861
Posts
Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
Replied Nov 4 2022, 22:55

Was working engineering and realized there was nothing I could do to create extra income for myself or be held accountable for being rich or broke. I am a entrepreneur at heart and am happier making $10 myself than $100 given to me by a boss 

BiggerPockets logo
Meet Investor-Friendly Agents
|
BiggerPockets
Network with top investor-friendly agents who can help you find, analyze, and close your next deal.