How I built a portfolio of 35 rentals and $10k+ monthly cash flow

362 Replies

@Anton Ivanov As someone looking to get into real estate investing I appreciate you sharing your story. I was hoping you could share some additional insights on how you determined Atlanta, Dallas, Charlotte, Kansas City, and Nashville as suitable rental markets. More specifically are there any specific websites or resources out there to study rental markets?

Thank you in advance!

Great Story! I am transitioning from Single Family Renovations into Multifamily. I would be very interested in knowing your system of managing property managers.  

Congrats @Anton Ivanov !

I am also a fellow veteran and developer looking to utilize the VA loan to purchase my first multi-family.

You mentioned you put 8% down on your first purchase, was that required or was there another reason for that?

Keep up the good work!

Alex

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Awesome work man! Pretty inspiring stuff! 

What was your experience with the turnkey providers? Would you do it again? Do you have any tips for folks looking into turnkey investing for the first time?

Thanks for sharing your story! Cheers!

Congrats on your success and thank you for serving. The biggest challenge for me as an out of state investor is finding a good property manager. I've been thru several in the St.Louis area and I would be interested in learning more about your property management method and criteria.

Thanks for sharing your story Anton! I currently have 11 doors and want to get 6 more this year. I also live in a semi-expensive city (in Canada) so the majority of my units are in a different province where it is much cheaper to buy. High vacancy and cap ex, but each door cashflows decently well. 

I'm most interested in how you built the team of people working with you. I have yet to find a real estate agent that understands what "good numbers" look like, or are willing to learn. I have also bounced around with lenders as I don't find they get it either. I would ideally also like to hire a property manager as well. So my main question is, how do you find these people that become part of your team? 

Thank you!

Chantele

Very inspirational story. Thanks for taking time out of your day to share. I really love how you have a blueprint so others can follow. I am sort of on a slightly similar path. My first rental was a turnkey property, btw I am very new at real estate investing and learning, barely 7 months in. I also acquired a 7 year mortgage note paying 12% per year. I am looking to get into multi family now to help me reach my internal goals. Thanks again for the inspirational mentorship in writing this blog post. 

Thanks for your post brotha, I too am a vet and my wife is currently in the NAVY. We are hoping to be debt free in the next few years, and then get hot and heavy on finding multi family homes across the country. What would anyone say the biggest hurdle for investing out of state is?

Anton, thank you for your service and for sharing your successes. Which turnkey companies have you worked with and recommend? Did you fly out to visit every property and meet the property managers before you purchased your investments in other states?

Thank you,

@Anton Ivanov Thanks for sharing your success story! Motivating for someone who also lives in a high cost of living city (NYC). MY question is around how you found the list of private multifamily landlords that you hand wrote letters to, which by the way is brilliant! I thought about doing something similar in an area I already invest in but haven't pulled the trigger. How did you find that list of landlords? Look forward to hearing you! 

Cheers and continued success in your journey!

@Tomma Price

I covered that a little in my original post - all of my deals have been self-funded. I have a pretty high income from my full-time job, startup and rental properties. Combined with a savings rate of about 65-70%, I can save for new purchases relatively quickly now. It was a little slower at first.

@Benjamin Mann

If this is a general question, there isn't anything preventing you to refinance turnkey properties, provided the property value appreciates enough to allow it. I haven't done this with any of the turnkeys I own, but I only had them for a few years.

@Nima Mohajeri

I touched on this throughout the comments somewhere, but the biggest advice I can give you is only work with a company you were referred to by one (or better - several) other real estate investors. Meaning don't go with call-calling or cold-searching - work with companies who have a good track record.

@Anton Ivanov Just came across this response from you to another member in this thread. Would you mind sending me the Reddit thread as well? Thank you sir!

Anton Ivanov from San Diego, California

@Dan Albrecht

I drove around the city and the areas I liked and identified several developments of multi-family buildings. I then put together a list of their addresses from Google Maps. So basically it was a manual process.

I wrote a detailed post on Reddit about exactly how I ran this - pm me and I'll send you a link.

Anton Ivanov

@Susan Hill

If you're really making $7,000 a month in profit from a single duplex, after the loan payments, vacancies, all maintenance & repairs, cap ex, utilities, landscaping and all other expenses - I don't see why you would sell. I haven't seen those kinds of returns anywhere. I typically profit about $250-350 per unit on my deals.

With that being said the question of holding vs selling always comes down to - do you have a better place you can put your money (return wise)? If the answer is yes, it makes sense to sell. If no - then keep it. 

@Christopher Grobbel

As far as finding PMs - see my other answers, basically always find one through referrals.

As far as keeping PMs accountable - develop processes and strategies for how you want thing done. For example, leasing guidelines, make-ready scope of works and pre-approved budgets, procedures for dealing with late payments and evictions, etc. Get it all in writing, send this to your PMs and go over to make sure you're on the same page.

I also like to do a phone call at least once a month with each of my PMs to check up on things, answer any questions they have, help them with any problems, etc. And then obviously check all of your statements, leases and deposits.

I’d love to hear more about how you “groom” your property managers. I am also looking into investing in multi-family properties in areas far away from where I live since I live smack in the heart of Silicon Valley where it is no longer possible to make money in real estate by renting out an investment property. Thankfully I bought my condo when I did (late 2015) when interest rates were super low and the market was cool enough for me to afford to get my foot in the door. At the time it seemed obscene for me to pay as much as I did - and let’s face it, a 1 BD/1BA for over $500k is obscene - but now I could probably sell it for $925k. But I’m not ready to leave the area so I'm staying put and meanwhile looking to invest elsewhere. 

Congrats!

I don't understand how you can be successful in first try in all the things you're doing. Like your 9 to 5 job 150k/year (that's a lot), a start-up, another 150k/year (that's a serious amount too) and beside all this you have also time to put in successful real estate investment? It looks like it's impossible for me to be successful in all three at the same time. I have a bachelors degree in IT and 8 years of professional experience in software development and what I earn is: 40k/year ... I'm also looking into being self-employed and doing BRRRR.

@Anton Ivanov

Congratulations you are crushing it!

I built my first portfolio to 32 doors while serving 23 years in the military. My current portfolio includes 6 crash pads and 4 SFR. I also buy 3 to 4 flops a month and sell to buy and hold investor's.

I'm kinda of a think outside the box investor now. How can I make more with less. Five of my crash pads net 3k a month the 6th is only going to net $2400 because I had to pay more for it. I make 5k net on each flop I sell and my lowest cash flowing SFR nets $503 a month.

It's not hard to make 10k a month in real estate. You are doing it, I'm doing it and thousands of others are doing it. It amazes me on a real estate forum how many people don't get it. It only takes 3 simple rules to be successful. Work hard, stay focused and never give up!

Thanks for sharing @Anton Ivanov

I have great respect for people with passion, goals and "right" mindset.

Your post demonstrate perfectly what can one achieve even with many unknown variables (remote markets, using teams over self-work).

I have much to learn and your post gave some great ideas and especially ambition to pursue my REI goals.

Have a great day,

Benny

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