0-25 units in four months and it all started with Bigger Pockets!

160 Replies

@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😁

@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.

@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.
HOA ?
Property Management?

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?

Thanks!

Collin

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