5 yrs to reach my cash flow goal
Hello fellow BP members,
I wanted to recap my last 5 years as an investor hopefully to inspire someone to jump into the field.
I started out in August of 2012 with a SFR that I still own today. I had about 10K in savings and 10K in credit card debt to put as down payment and fund the rehab of the property. Purchase price was 69K and i spend 8K in rehab. ARV for the property is 110K and rents at $945. Fast forward 5 years later...Today, I own and manage 43 doors split between SFR and Duplexes with a $10,500 monthly cash flow. I also completed about 15 flips in the last 3 years.
Last 5 yrs. has not been a walk in the park, especially with having a full time job, wife and 2 daughters. but it has been worth every minute. I’m a problem solver and real estate presented me with challenges that made me more resilient and persistent. I wanted to give up so many times but i did not. Mainly because, in real estate, the exit strategy is not as quick as other investments (i,e: Stocks). not having a quick out, gave me time to think long term, stick with the plan and keep buying assets. I also invest in Oklahoma city, and we have a great community in investors that helped me throughout my journey as well.
in 2018, my goals is to complete and sell three flips projects I'm working on right now and also sell 2 of my rentals. This will allow me to raise enough money for a larger multi-family or commercial deal. I have been studying Multifamily and Commercial real estate for the past 3-4 months including meeting people in commercial field and I feel prepared to make the jump.
Thank you