Its amazing that the morning of January 1st I knew nothing about real estate investing. Now after purchasing six deals with a seventh under contract I realize I have just scratched the surface and have much more to learn.
After reading Rich Dad Poor Dad on Jan 1st (and three days before my 32nd birthday) I had a realization… I needed to get my a** in gear, take calculated risks, and begin pursuing the lifestyle I have always dreamed of.
I started my real estate endeavor by reading numerous books including “Millionaire Real Estate Investor”, “The One Thing”, “Multi-Family Millions”, by David Lindahl, “Toddlers Are A**holes” (more on that later), all of Ken McElroy’s books and many more. I couldn’t get enough real estate insight by reading alone so I started consuming Bigger Pockets podcasts on my drives to work.
At the same time I took the advice of the books/podcasts I was reading and reached out to everyone smarter and more successful than me. That lead me to…. My wife’s, cousins, boyfriends, friends, friend….seriously! (I will include an ancestry chart in the appendix). This individual is now my mentor, business partner, and good friend.
First deal: 100% attributed to Bigger Pockets. Colton Luchsinger (great real estate agent!) reached out to me on BP and after some conversations he sent me a deal. Not having a clue what to do I reached out to my soon to be partner for his opinion (wifes, cousin, brothers, friend, etc.). On my own accord I would have said no to the property, being too fearful of the lackluster financials, he on the other hand saw an opportunity and he was correct. The property appraised at 20% over sales price and rents have been increased substantially after purchase.
Today I just closed on my 24th and 25th unit less than four months after my first deal.
I am so grateful and happy to be in the position I am in. The days since January 1st have taught me more about business and myself than nearly a lifetime of learning.
I hope to continue to connect with amazing individuals on BP and learn from others everyday!
(Below is a pic of 24 and 25.)
@Collin Schwartz - Congrats! That's awesome to hear! I think it's great to ask those others in your life, a lot of mine don't study REI in the same way, but they provide me a lot of common sense points that I sometimes miss because I'm looking at it in a different way. And another shout out to your agent, I think this gets over looked a lot (But then again, I'm biased!) but as an agent, I see the good and the properties people are desperately trying to off load and I can usually see why and have learned a lot about properties just from being on the other end and a 3rd party. Good for him for not being scared too to throw that at you! Congrats again!
Hello @Collin Schwartz . Wow.....great story. Congrats on your success!
Congrats on your success!!
Can you talk about how you made financing happen? Most people can't afford downpayment on their first door, let alone 25 doors in 4 months!!
Hi @Roshan K. I took out a line of credit that is 5yrs fixed and 4.75% interest. In essence I am 100% leveraged on my properties. When I do my deal analysis I make sure that the property is still cashflow positive with 100% financed.
congratulations @Collin Schwartz
@David Kilgore yes that is correct.
That is scaling up at a rapid pace. Congrats @Collin Schwartz It really is true that your network can increase your net worth.
What happened to the Ancestry Chart in the Appendix? 😂 Just kidding...congrats on the success thus far.
congrats thats awesome!!! where do you mostly invest and what does your portfolio mix look like?
Hahaha thanks @Dustin Verley ! Thats part 2 of the series!
Congrats! That's an impressive jump start in just a few months @Collin Schwartz ! Are you doing this full-time now? Or, do you also have a full-time job?
Hi @Maira Asad I invest in Omaha Nebraska. My properties range in size from 2-11 units.
@Duane Gunkler , I hope one day to do this fulltime. Currently I have a fulltime job as a project manager, run a small business, a two year old and another child on the way! I find that my days start at 5 am and end at 10pm in my attempt to balance all aspects! But I can see the possibility of being my own boss in the next couple years once I get everything stabilized. Its been a lot of fun so far, and a lot of work!
Nice work @Collin Schwartz ! Keep up the great work!!
Thanks @Kyle Godbout !
Congratulations @Collin Schwartz It is true today as the day it was spoken. Show me your 5 closest influencers and I will show you what you will look like in 5 years. They say keep your friends close and your enemies closer. I say keep your friends close and your mentors closer. :)
@Bob Razler thanks for the congrats. Now the real work starts!
Congratulations brother! Nice hustling. So what was the book about the kids for? Does it have an impact on rental properties? I'm interested in reading it.
An excellent story and an inspiration to my wife and I as we begin a journey that will hopefully be as successful as yours.
@Collin Schwartz , fantastic job. We need to grab coffee sometime. It seems we have a similar path and probably help each other along the journey. Let me know if you're interested.
Hi @Jose Rueda the book I was referring to "toddlers are a **holes" does not have anything to do with real estate but is a good read for young parents! I do however highly recommend Multi-Family Millions!
@Eric Siebert best of luck and stay persistent! If you ever want to get together please reach out to me!
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