@Brandon Turner I want to thank you, even though I'm 90% certain you don't actually exist....
Anyway. I found BP in Mid-November and signed up for pro November ~26th I think (like 3 days after the price jumped, but w/e what's a guy to do?). November 28th I believe it was I watched Brandon's Turner's 90 day challenge webinar via the Pro-replay, which is a great feature by the way, and decided even though I probably couldn't close a deal before the end of the year as was suggested in the webinar, I could still give myself 90 days.
Off to the races...but smartly. I won't go into depth, for that check out my new blog, I'll be updating my journey there:
But suffice to say, I closed my first property February 22nd (87 days from onset)! And so far everything is looking like a success. Thought I'd share some quick numbers here and I'll come back and update this thread as we hit major milestones..."we", who's we you ask? Why my partner! Because like Brandon says 50% of a great deal is worth more than 100% of no deal. So here's the breakdown:
3 unit property
Purchase Price: 139,900
Down Payment: 34,975
Closing cost (net): 2,785
All in cost: 37,760, 50% me and 50% my partner
Gross rents currently: 2300/mo
Gross rents projected April 1st: 2485/mo
Utilities: 164/mo (standard in area on MFH for landlord to pay Water/sewer/trash)
PM: 10% (paying ourselves, but included in expense costs)
Vacancy: 9% (area average is actually 5.4%, but we want to be conservative and do at least 1 month)
Expected repairs: 5,000
FCF: $747/mo (not including PM fees paid to ourselves)
COC ROI: 20.94% (also not including PM fees paid to ourselves)
And to make it even better, the 5k we expected to spend to rehab one unit won't be nearly that much because after we tore into it, it wasn't as damaged as we thought!
So once again, thank you to Brandon for the challenge, to BP for the support, to my awesome partner in the deal @Naveen C Reddy of course, and to @Joshua Dorkin for starting the site and podcast that helped get me here. I know Josh doesn't get as much love as Brandon on the podcast so wanted to give him a shout out.
@Donald S. , you caught us. Brandon is a myth...
Congratulations on your first deal.
@Donald S. ...this amazing. Thanks for the inspiration. I going to look at the 90 day challenge and take action on doing it. Congrats to you and your future success
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