HIT MY GOAL OF 100 UNITS!!

HIT MY GOAL OF 100 UNITS!!

Rental Property Investor · Erie, PA · Member since 2018 · 84 posts · 462 votes

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!

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New to Real Estate · Las Vegas · Member since 2019 · 63 posts · 47 votes
7y

Congratulations! This post has empowered me to continue the journey.

See this reply in the discussion

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  • Conroe, TX · Member since 2018 · 9 posts · 5 votes
    7y

    @Brandon Penn Congrats! Thanks for your story, this is very encouraging.

  • Rental Property Investor · TX · Member since 2019 · 7 posts · 4 votes
    7y

    @Brandon Penn

    Congratulations! Such an inspiring message!

  • Accountant · Atlanta, GA · Member since 2019 · 3 posts · 0 votes
    7y

    @Brandon Penn

    This is awesome. Congrats!

  • NYC · Member since 2017 · 15 posts · 3 votes
    7y

    @Brandon Penn

    This is awesome! What an achievement and very motivating! Working on my 3rd property so this is super motivating. Thank you and congrats :)

  • Rental Property Investor · Rockford, IL · Member since 2018 · 84 posts · 140 votes
    7y

    @Brandon Penn great to hear success! Your story is inspiring! Thanks for sharing.

  • Rental Property Investor · RI · Member since 2018 · 24 posts · 9 votes
    7y

    @Brandon Penn congratulations! That's so exciting

  • Rental Property Investor · Highlands Ranch, CO · Member since 2017 · 5 posts · 1 vote
    7y

    @Brandon Penn

    This is awesome! My goal is to hit 100 in a similar timeline, with 500 doors the ultimate goal. Super inspiring. Congrats! Cheers to future goals and freedom.

  • Attorney · Clifton, NJ · Member since 2015 · 1k+ posts · 328 votes
    7y

    @Brandon Penn congratulations!!! That’s amazing!

  • Philadelphia, PA · Member since 2016 · 13 posts · 6 votes
    7y

    @Brandon Penn: Great work, hope you double in the coming years! Very motivational.

  • Member since 2018 · 1 post · 0 votes
    7y

    @Brandon Penn congratulations

  • Nick GiulioniPro Member
    Rental Property Investor · Carmel, IN · Member since 2016 · 1k+ posts · 615 votes
    7y

    @Brandon Penn that’s really awesome! One of my goals too!

  • Rental Property Investor · Lansdale, PA · Member since 2019 · 3 posts · 0 votes
    7y

    @Brandon Penn this is a great post, I only discovered biggerpockets a few weeks ago and since then I've become extremely interested in rental property investing. I'm working on getting my financials in order and have convinced my wife this could be better for us then my 401k (no matter how I do the numbers, even federal max, I cant live off it). Reading posts like this keep me motivated to pursuing the dream. Keep up the good work.

  • Real Estate Agent · Nashville, TN · Member since 2016 · 16 posts · 2 votes
    7y

    @Brandon Penn awesome!! That's my goal by 30! I'm currently managing 48 units have 3 SFR. Where are your units where'd you get the 70?

  • Rental Property Investor · Thousand Oaks, CA · Member since 2016 · 4 posts · 0 votes
    7y

    @Brandon Penn Where did you buy these units? Congratulations on your success.

  • Indianapolis, IN · Member since 2017 · 13 posts · 2 votes
    7y

    @Brandon Penn awesome congrats! I have family in Erie, used to visit every year as a kid.

    Do you have any pointers for ideal apartment specs in general? # of units that is too small? Cost/unit vs. rent / unit? Rehab costs per unit?

    Thanks!

  • Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
    7y

    Congratulations! Erie still has great returns. I'm itching to buy my next multi-family there (I grew up there). 

    How did you find this property? Direct mail, networking or some other way? 

  • Downers Grove, IL · Member since 2019 · 2 posts · 1 vote
    7y

    That's fantastic, congratulations! 100 units is also my goal, so I look forward to celebrating that milestone when I reach it.

  • Lender · NY · Member since 2019 · 10 posts · 4 votes
    7y

    Congrats!

  • Battle Creek, MI · Member since 2018 · 38 posts · 3 votes
    7y

    Congratulations!!!  I need to push through to get there.

  • Investor · Member since 2018 · 31 posts · 13 votes
    7y

    @Brandon Penn awesome! Congratulations and thanks for sharing this story. It truly inspires anyone investing or wanting to invest.

  • Central Florida · Member since 2019 · 88 posts · 10 votes
    7y

    @Brandon Penn congratulations on the achievement! You started the way I am thinking to start. Did you set up your LLC before buying another home or was it transferred after you were settled in the new place? Guess I should ask first if you set up a LLC? What was the thing you found easiest about becoming a landlord? And what was the hardest? Thank you for your story!

  • Lender · New York City, NY · Member since 2016 · 21 posts · 13 votes
    7y

    Congratulations! I just closed on my first duplex last week and already craving for the next deal. The goal is 100 units in the next 5 years!

  • Investor · New York city, NY · Member since 2015 · 21 posts · 12 votes
    7y

    @Brandon Penn

    So proud of you... Ive been doing the small stuff and now starting to learns the ropes and possibilities of doing commercial real estate... Thank you for this post.. very inspiring

  • Rental Property Investor · NJ · Member since 2019 · 442 posts · 40 votes
    7y
    Originally posted by @Heath M.:

    Congrats!  I just closed on my first deal, a 4 Plex.  My goal is 10, thinking I need to up my goal...lol

    No you shouldn't up your goal, it will up by itself, it's a very common thing,  lol

    I remember when I first started with my first 3 unit, I was  like I need to purchase  9 units by the end of the year, then when I bought a few month later a 6 unit, I was like ok, now I need to buy 30 by the end of the year, and so i went on.... and I totally forgot that I first had in mind only 9 units per year. Just be aggressive, and it will flow by itself..

  • Rental Property Investor · Glen Mills, PA · Member since 2012 · 87 posts · 56 votes
    7y
    Congratulations!!!! Great Job! I am ready to hear your story on the BP Podcast. Lets go!
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