Thank You Bigger Pockets: 7 new units and $5,300 in Rental Income

45 Replies

I began Investing in Real Estate in 2002 when I was in college even earned a degree in Real Estate but stopped in 2006 to focus on my career as a Financial Planner.  I said I was going to get back in for 5-6 years but for one reason or another I didn't.  I was a member of BP but didn't do much with it until this past August when something motivated me to tune into a webinar.  That night my Real Estate fire was relit!  I spent a few hours each week In the forums brushing off the dust and the podcasts inspired me to get back in!

Last month, I closed on my first multi family;  a 4 Plex and I just collected my first rent check .  Currently 3 of the 4 units are rented.  I found this deal from a fellow BP member and after running into dead ends with my local lenders, I was able to secure financing from another BP member I met in the forums.

Since closing on the 4 Plex, I'm under contract to purchase a duplex as a buy and hold as well as a SFR foreclosure I plan to BRRR using a hard money lender I met here on BP.

On tract to add 7 units and $5,300/m in potental gross rent since getting involved with Bigger Pockets in August....Thank You!

awesome story Adam!  I could even see day job tie in : advising those with small multifamily rental properties and working them into their asset allocation. Keep up the great work...

Originally posted by @Michael Boyer :

awesome story Adam!  I could even see day job tie in : advising those with small multifamily rental properties and working them into their asset allocation. Keep up the great work...

Thank you....I almost always recommend clients have a percentage of their asset allocation in real estate.  For many this is in REITS or other liquid securities because they don't have the ability or desire to own the real estate directly, but for those who do I encourage them to hold good properties throughout their retirement!  It can be such a powerful vehicle to create retirement income

Adam

congrats @Adam Anderson ! Finding BP was a total game changer here too - just the wealth of information and experience - I can find information here about almost any issue that I've run into and if I don't find the answer, I get pointed in the right direction. 

I used to live/work up in Morris/Sussex county but now live and invest in Somerset county primarily.  Ultimately would like to find a foreclosed beach or lake house to house hack when the kids move out.  Out of state investing both interests me and scares the hell out of me - so I haven't made that leap. 

Congrats again and here's to an even more successful 2016!

Originally posted by @Michelle Elsaid :

Great job! What was your purchase price?

The 4 Plex was $135K and gross rents are 2 at $600 and 2 at $550. Its in an area I expect to appreciate less than others but I like this one for the cash flow. Its all brick and completely renovated, so Cap Ex should be low. Pencils out around a 12% Cap and 24% COC Return after vacancy, repairs, management, ect. The one thing I did forget to budget for was lawncare, never had to cover this on my SFRs.

Nice going Adam!

You sound like me.  I joined this site long time ago but never did much.  I'm currently pursuing CFP designation but recently purchase my primary residence and that relit my fire to pursue investing.

Wish you continued success!

Originally posted by @Abena Cannady :

Nice going Adam!

You sound like me.  I joined this site long time ago but never did much.  I'm currently pursuing CFP designation but recently purchase my primary residence and that relit my fire to pursue investing.

Wish you continued success!

 Thanks Abena! I am a CFP, do you currently work in the financial planning industry?

Originally posted by @Adam Anderson :
Originally posted by @Abena Cannady:

Nice going Adam!

You sound like me.  I joined this site long time ago but never did much.  I'm currently pursuing CFP designation but recently purchase my primary residence and that relit my fire to pursue investing.

Wish you continued success!

 Thanks Abena! I am a CFP, do you currently work in the financial planning industry?

I noticed you were a CFP and you have a real estate degree. Found it funny reading your post bc I was deliberating between M.S. in Real Estate or Financial Planning. I'm not currently working in the field though. I'm only 2 classes into the financial planning program.

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