Successful close on a Quad! Hit my 2017 Goal in August!.

13 Replies

Good morning BiggerPockets,

It has been a great 2017 thus far, and I owe a lot of the success and triumphs to this site.  I started selling real estate in March of 2016 in the Washington DC area.  Our team, Trent&Co. focusing mostly on high end condominiums by local developers.  I purchased my first condo, primary residence, in November of 2016.  Not knowing what I was doing, but by the guidance of a mentor.  I found this site the in January of 2017, I listened to one of @Brandon Turner webinars on how to buy your first investment property in the next 90 days. I set a goal that night of owning 10 units by the end of the year. I closed on my first duplex in Covington, VA on March 1st and since I have purchased 3 single family homes, and as of yesterday closed on my most recent Quad. Totaling 10 total units, having another under contract and set to close September 1, I have hit my goal for 2017!! It has been a great year, and I am so grateful for the journey that I have experienced to date. I have recently increased my goal to owning 15 units by the end of the year, so 4 more to go. Thanks again bigger pockets, look forward to hitting the ultimate goal of 465 units by age 30 in 2022.

@Cassidy Burns congrats that is awesome. I recommend you write up case studies for these including what you did / how you did it / how you financed. Spreading the word in your work will also lead to more deals
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@Cassidy Burns this is awesome! Very motivational since I just recently discovered biggerpockets myself a few months ago. I would really appreciate some more detail on how you accomplished this. Best of luck on what looks like an incredible future! 

Hi All, 

The units are in SouthWest Virginia. Covington, Selma, and Clifton Forge VA. I own 1 condo in Washington DC as well that I am currently house hacking. That is 3 bedroom/3 bathroom. 1,500 soft. $2800 PITI, $321 HOA. Renting out 2 rooms for $1,250/each. $2,500 in income. So living in one of the most expensive areas in the world for $650 plus splitting utilities, extremely happy with this.

The units go as followed:

112 & 114 Duplex: $30,000 purchase price.  Appraised at $45,000 at closing.  Put $12,000 into it, expecting to appraise for $65-70k.  $1,020 in rent.  Will refinance in October

1551 Alleghany (SFH): $30,000 purchase price. Appraised at $35,000 at closing (disappointed in this). Put about $1000 and my own sweat equity into it, expecting $45-50k appraisal. $650/monthly rent.

1020 W. Jackson (SFH: $35,000 purchase price. Appraised at $45,500 at closing. Put $13,000 into it, expecting $65-75k appraisal. Currently vacant but expecting $650/monthly rent in the next week or so. Refinancing in October.

420 Mallow (SFH): Purchased $12,000 cash. Put $4000 into it. Took line of credit out on it. Appraised for $31,500, approved for $25,000 line of credit and used to purchase quadplex. Rents for $530/month.

303-309 Wintergreen (Quadplex): $165,000 purchase price.  Assessed at $229,000, got low appraisal at $180k at closing.  Will do a little work ($3-5k) and then get it reappraised.  1 Unit vacant when purchased.  Already occupied before closing for $625/month.  3 units under market value rents at $475, $550, $550.  Plan to have all of rents up to market ($625-650) by August 2018.  Current total rent: $2,200.  Expected rent: $2,500

1203 Staunton (SFH): First Flip... Currently Under contract set to close September 1 for $35,000, assessed at $69,000. Purchasing all cash. Got reno budget quote for $15,000 21 days all in. Sale Comps are $110,000 and $98,000. Really looking forward to this one.

Thanks everyone for checking in!  Let me know if you have any other questions or have anymore wonderful advice.

@Cassidy Burns I noticed that in a few of your properties you were expecting a higher appraisal that what you actually received. What lessons have you learned about overestimating the appraisal value that would be useful for a newbie like myself to know before she jumps into her fist deal? Thanks!

Hi @Marina M. , very good question.  At first I was basing my purchase prices off of the current assessed value.  I would purchase properties no more than 75% of the assessed value.  Some appraisers in the town (I now know which ones are a little tight) are not very generous.  I am not trusting my real estate agent more and basing purchases more on comps rather than the assessed value.

@Karla Yudy thank you for reading.  Yes I just recently read Grant Cardones 10x Rule and decided that I wanted to take massive action and really start to push myself in the sector.  I am being creative with how I am purchasing.  The first few were with my personal cash, after I starting gaining a little more experience I now have a a few investors that I am paying anywhere from 6-10% returns.  Also I have utilized a line of credit on a property that I purchased free and clear.  I am doing a cash out Refi at the end of September for 5 of the properties and will be able to pull out all of the cash that both I and my investors have put into the deals, pay them back (hopefully they will want to reinvest that $$) and do it again and again and again.  

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