225 Replies

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 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 !

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 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?

@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.

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 👍

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here