First Eviction Complete- How I survived.

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First Eviction Complete- How I survived.

Cassidy BurnsBusiness Member
Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes

Well BP, 

My first eviction has come and gone.  I currently own 15 units, and have owned real estate for 1.5 years now and I had my first eviction today, June 13th 2018.  The tenants were professional tenants.  During my background check they actually gave me the # of one of their family members as their "landlord", bad due diligence on my part.  So 3 months delinquent on rent, how did I survive?

OWNING MULTIPLE PROPERTIES. If this single family house were my only investment I would have struggled to cover the basic PITI, yes @Grant Cardone, you are right...... But since I owned multiple units that were collecting income I could go through the eviction process without any repercussions of my personal bank account. My other tenants payed for their rent.

So my best advice, acquire more units.  

I love the power of real estate and can't wait to gain more and more experience.

Thanks again BP.  Now please get me on the podcast!! @Mindy Jensen @Joshua D. @Brandon Turner @David Greene @Scott Trench 

[email protected]540-960-1507
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Linda WeygantPro Member
Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
8y

So sorry you had to go through that.  Evictions are easily the worst part of landlording.  I agree that proper reserves/cash flow are what it takes to get you through pretty much any challenge.  I've done 4 and the only thing that gets easier is working your way through the paperwork.  Everything else is a strain.  I've never lost as much sleep as I do when I'm in the middle of an eviction.

Hang in there.  BP should give badges for First Eviction Completed.  (@Mindy Jensen - We need badges!!!!)

Podcast Guest on Show #244
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  • Jeffrey Linville
    Rental Property Investor · Houston, TX · Member since 2016 · 11 posts · 6 votes
    8y

    It is rough to go through, glad you had all your bases covered!

    0Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    8y

    How much capital were you working with in order to acquire 15 units in 1.5 years?

    1Reply
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    8y

    Hi Cassidy. If you're interested in being on the podcast, go to www.biggerpockets.com/guest and fill out the form.

    [email protected]Podcast Guest on Show #261
    BiggerPockets
    0Reply
  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    8y

    So sorry you had to go through that.  Evictions are easily the worst part of landlording.  I agree that proper reserves/cash flow are what it takes to get you through pretty much any challenge.  I've done 4 and the only thing that gets easier is working your way through the paperwork.  Everything else is a strain.  I've never lost as much sleep as I do when I'm in the middle of an eviction.

    Hang in there.  BP should give badges for First Eviction Completed.  (@Mindy Jensen - We need badges!!!!)

    Podcast Guest on Show #244
    3Reply
  • Cassidy BurnsBusiness Member
    OP
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    8y

    Hey @Max T., great question. Well first off my market average purchase price is around $30,000-$45,000. So i'm acquiring my units at a large discount. I purchased 4 then used the BRRR method to pull my cash out after the renovations and rolled that into others.

    I also had around $100,000 from investors, paying them 10%.

    [email protected]540-960-1507
    2Reply
  • Cassidy BurnsBusiness Member
    OP
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    8y

    @Linda Weygant Thank you for the encouragement!  Yes, agreed 100%, but I guess they always say the "first is always the hardest".  So hopefully it is better from here!  

    [email protected]540-960-1507
    0Reply
  • Joseph M.
    Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
    8y
    Cassidy Burns glad you got through it. What was the unit located in ? Is it a tenant friendly area ?
    0Reply
  • Cassidy BurnsBusiness Member
    OP
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    8y

    Hey,

    @Joseph M. the unit is located in south western VA. The laws are actually very favorable to the landlord which helped significantly !

    [email protected]540-960-1507
    1Reply
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