I just hit one of my major life goals of owning over 100 units! I just closed a 70 unit deal which puts me at 118 units total. The reason I post this in the starting out section, is it is important for anyone just getting started that it really does start with that 1st deal. I got my start in 2013 by renting out my residential home instead of selling it when I moved. I hadn't thought about becoming a true real estate investor at that time. I just wanted to buy residential homes and rent them out when I moved so that when I retired I would have a little extra income coming in. From there I realized how much I enjoyed being a landlord and thought about maybe doing more than just a couple properties. Fast forward to today and I now have over 100 which has been a major life goal for me for the last 3 years. This allows me the option to quit my job if I ever decide to, as well as secure that I will be able to retire by the age of 45. I'm not where I plan to end up, but this is a huge step forward for me. When people think of success or wealth they see the fancy cars, big homes, and amazing vacations. They don't realize all the time, most of which is unpaid, sweat, and tears that goes into becoming successful/financially independent. They don't realize the sacrifices you have to make with friends, and family. The sleepless nights of wondering how the heck you are going to pay for all these bills starting pile up. My advice to new investors is to just keep pushing through. Make sure you are educated with what you are doing, and just keep moving forward. Eventually everything falls into place as long as you don't give up!
@Brandon Penn dude that's awesome! Would love to talk sometime and hear more about your experience. Always looking to learn from the success of others.
Thanks man! I'm always happy to talk real estate. Shoot me a message whenever!
Congratulations! This post has empowered me to continue the journey.
That's awesome! Just have to keep pushing through until you make it.
@Brandon Penn hey Brandon would like to chat with you , am looking in philly pa at the moment and be for I jump on any deals maybe you can guide me on going commercial instead of residential, if you can inbox me that would be great so we can talk some numbers , if you have that time thanks again for sharing your knowledge !
Congrats! How did you land the 70 unit deal?
Congrats! I just closed on my first deal, a 4 Plex. My goal is 10, thinking I need to up my goal...lol
Haha just 10x it brother! Honestly it is whatever you're comfortable with. I work with a guy that is about to reach 1,000 and I don't believe I would want to get that big. Nothing works for everyone.
@Brian Allanbrook thanks a lot! These were actually 70 units that I had managed for someone else. He is moving into bigger complexes and selling off his smaller duplexes and 4 units. I took about a 15-20k pay cut to come work for him a few years ago, but the knowledge and opportunities that it provided were worth way more.
@Brandon Penn congratulations Brandon! Do you have any new goals now?
@Brandon Penn Congrats on hitting your goal! Out of curiosity, I know asset values are lower out in Erie than some of the suburban/urban investors are used to on this site. Would you mind sharing what the average per unit value is for the 70-unit, or for your overall portfolio, to put it in perspective. Also, just curious as to the amount of leverage on your overall portfolio?
Congratulations! Keep the hustle (also a reminder for myself, btw)!
That is awesome! Congratulations. I plan to close my first deal this year and I'm really excited.
@Brandon Penn Congrats Brandon. 100 units is a goal for a number of us and your story is no doubt inspiration and motivation for those of us striving to do the same. Thanks for your contributions to the community!
Congrats! That is awesome. Thanks for your story. I'm on that same path. Very exciting and motivating.
@Brandon Penn this gives me some inspiration for my future REI activities. I have a similar goal, 100 properties, but I haven't even started yet due to lack of capital. I'm spending the next year saving as much as possible while studying everything I can about REI. Good luck to you and I look forward to seeing your future progress on here.
I second @Gregory Hiban . Would love to hear the specifics of the deal composition if able to share and what kind of return youre anticipating.
Congrats! Takes a lot of guts to get to 100! My goal is only 25 doors.
Awesome. Congratulations on your success. Just this morning I woke up and was getting ready to goto work. I was calculating in my head how many units do I need to be financially independent. That number came out to be 50 units if I’m able to find a deal that could generate $200/unit. I make $10k a month.
Just bought a duplex last year. Finally I do not have any housing expense . Its not a slam dunk deal but pays for my mortgage and few expenses. After listening to my first BP money podcast 2 weeks ago, I realized how important it is to first clean up personal finances before going out for investment. Also realized I was throwing away $2500 every month in lifestyle. Within2 weeks after listening to @Scott Trench talking about Mr money mustache, I started reading MMM and made few changes in my life. I put into action what MMM recommended and will be debt free in 2 weeks. Also with drastic lifestyle change recommended by MMM I’ll be able to live on 35% of my take home salary. If I keep pushing through I should have enough capital for a good multiplex deal in a year or two.
Again congratulations on your huge success 👍
@Brandon Penn Congratulations!!! You definitely put in the work and now you’re reaping the benefits. Beast Mode!!!!!!!!
This is awesome!! I’m educating myself to pull the trigger on the first deal. This post definitely gives me some encouragement.
Congrats Brandon! That is a great goal to hit! I pushing for 6 flips and my first multi family rental. Fairly new at the game but have big goals! Thanks for the encouragement buddy!
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