Closing on units 7 and 8 this weeks

8 Replies

Just thought I'd share. I'm closing on my next property which is a 2-unit this week. This will bring my total number of units to 8. I started investing in May of 2013. When I started to invest my personal goals were retire from my 9-5 before 40 (I'm currently 30 years old) and have 100 units. I'd say I'm on my way, but will need to start to increase my purchases in order to meet my goal over the next 10 years or look at larger multi families. I do also invest in the stock market, 401k etc so I could focus more. Income in RE to help propel me to my goal. Here are the numbers for the most recent deal: Purchase price $64,000 Monthly gross rent: $1,350 Down payment/total closing costs 33k Mortgage/taxes/insurance $441 Maintenance $100 Immediate rehab $0 this is a turn key coc return 29%
 @Matthew Cole :

Congrats on working towards your goal of early retirement.  
What turn key company did you use and in what markets?



Allison Karrels Thanks! I did not use a turn key company. I'm old fashion in the sense I have found all of my properties on the MLS with my realtor. I invest in MI. This particular property is move in ready with one of the units already occupied.

Congrats on picking up two more units.  You are in the same boat I am in, I'm 31 and trying to quit by 40.

congrats. i work close to allen park, so we can have lunch anytime.

i invest in livonia, westland and garden city only.

Congratulations, Matt. You are surely on your way. The name of the game is 'focus' and dont let anything distract you...

@Matthew Cole

That is awesome. I am very impressed and inspired. I first got interested into real estate over a year ago, and at first thought I was going to be able to do things easily by listening and paying for a guru. I was on my way to riches...Was I ever wrong. Finally I found biggerpockets a couple of weeks ago by chance and I just can't believe the amount of free information at my finger tips. It has totally changed my thinking from being rich quick to actually being able to obtain wealth over a longer period of time.

I hope to in the near future purchase my first buy & hold...I think once I accomplish that I will really gain the confidence to continue.

Any tips for a newbie in the Westland area?

Originally posted by @Jessica Sheppard :

@Matthew Cole

That is awesome. I am very impressed and inspired. I first got interested into real estate over a year ago, and at first thought I was going to be able to do things easily by listening and paying for a guru. I was on my way to riches...Was I ever wrong. Finally I found biggerpockets a couple of weeks ago by chance and I just can't believe the amount of free information at my finger tips. It has totally changed my thinking from being rich quick to actually being able to obtain wealth over a longer period of time.

I hope to in the near future purchase my first buy & hold...I think once I accomplish that I will really gain the confidence to continue.

Any tips for a newbie in the Westland area?

 Get into the game Jessica. That is my biggest tip. Not a single deal of mine has gone exactly according to plan. The key is to learn from your experiences and avoid those that will me detrimental to your success. This site can help with just about any question you may have. Back in 2013 I did take a 3 day course from one of the "Guru's" for $100 and nearly got suckered in to the expensive classes. My wife kept me grounded and I instead used that money to buy our first rental. I haven't looked back since. Good luck and understand this is by no means is "passive" income at the moment. I work sometimes nights and weekends to maintain the properties, look for new ones and keep the accounting in order, but their is a means to an end.

Congrats @Matthew Cole .onwards to a 100

"A Big Shot is nothing but a little shot that JUST KEPT ON SHOOTING"- Unknown

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