@Matt Morgan that sounds great! PM me and we can set something up in the near future.
Congratulations on the success! Very awesome story!
Thanks @Mark Almeida and best of luck getting a deal soon!
That's awesome @Collin Schwartz
Are you saying you most recent purchase or all 25 units were financed with a line of credit on your primary residence? What kind of repair costs are you putting into these properties?
@Gautam Venkatesan all my properties were funded through a LOC.
Below is a list of my properties and repair/rehab costs.
3 plex, purchase price $260k - $10k (2 units light remodel- new carpet, paint, appliances etc)
Duplex $155: $3k (roof patch, finish hardwood floors new fridge) plus capex of $5k for eventual new furnace.
Duplex $100k: $20k (plumbing, one side medium cosmetic rehab, roof patching)
11 plex (470k): $30k (roof, furnace, unit updates)
5 plex $165k: $40k ( update all units, paint interior/exterior, porch, deck, hvac, roof)
Duplex $172k: $0 turn key but will keep $3-4k in case of large ticket item ac/hvac etc.
Originally posted by @Alan Strong :
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. :)
Great advice Alan Strong!
First off Colin congrats on achieving that many properties it's very much inspiring! My question is now do you have all those loc's that your paying back now or are they paid off?
Secondly, did you get individual loc's or just one big lump sum?
I'm looking at all avenues that I can utilize to achieve my financial freedom😁
I love seeing business boom like this. I'm trying to do the same where I'm at
@Mark Weinmann my downpayment financing is one LOC. I pay it down monthly with my current salary/cash flow. I have reduced my 401k contributions to speed up the paydown of the LOC. I use local banks for my financing and use commercial loans. The rates may be slightly higher with a local bank, but the customer service and ability to fund quickly is well worth it!
Have you checked with your local banks yet?
Best if luck Mark!
@Mark Weinmann I just reread your question and should clarify my answer. My LOC can be drawn in increments as I chose (as long as I speak with my bank first) through the first five years. After five years the LOC balloons.
I love reading stories like this! As a Realtor, it makes me excited about you investing in Real Estate and it also gives me the motivation I need to continue forward with my rehab goals! Great read!
It seems like all these stories start out with apprehension at that first deal and then it builds confidence, and you just roll from there!
@Jasmine Bakewell-Barre' Best of luck with your rehab goals!
@Collin Schwartz that's great I didn't know of that option. Would you say now after doing the loc route was a better choice than private investors or other maybe less risky options like the loc with balloon in 5 years?
It sounds like you are kicking butt. Congratulations. It's great seeing another success story out of Omaha.
@Collin Schwartz great job!!
Congrats! This is super inspiring!
@Collin Schwartz Yours is a very inspiring story!!!! May I ask after all expenses, how much monthly cash flow have you created for yourself in 8 short months?
did you put a blanket loan on some and start the process all over again?
@Collin Schwartz I love it! It's knowledge, hungry and the last and final step implementation
@Collin Schwartz congratulations on the achievements and for taking action.
Do you mined sharing the numbers on that first deal? Sounds great to have 20% equity on valuation, but we would love to hear the details and the end cashflow results.
P&I cost ( for both Loans )
Tax , insurance, other running costs if the tenant don't pay.
Did you had to do any work to the property?
Are you allocating for maintenance and Capex ?
The BP rental property calculator is great tool for that.
Allways great to learn more, if you don't mined sharing....
@Chad Gaither Great question! What has benefited me the most, especially being a novice to the industry is learning from those with more experience! Education through podcasts, reading, and research have been most beneficial. What has also been very helpful is walking through the entire deal process from marketing a lead, negotiating with owner, closing the deal, and the managing the property.
What has been the most influential advice in your career?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you