0 to 18 units in two years

64 Replies

I just closed on another 12 units today bringing my total to 18 units!

This won't allow me to retire in luxury but will cover all of my basic expenses if something were to happen and put me on the sideline for a while.

I started in 2016 with a Duplex that I bought in Minneapolis with a 3.5% down FHA loan. About a year later I closed on a 6 plex in Louisville KY, which was bought with owner financing.

The one that closed today was two more six plexes and the previous six plex refinanced into one loan. The purchase was a 14% cash on cash return with all expenses and management. 

The purchase price on the original six plex was $320,000. These next two were $703,000, together as a package. The current gross rents are right around $11,000 but will be closer to $14,000 after we turn the units and raise rents. Both of the new buildings need minor renovation and one unit needs a major overhaul.

I won't be managing any of it, used US Bank to do that loan and refinance. Seven or eight banks told me no before I went to them and they said yes. The majority of the 20% down payment came from the proceeds of my duplex sale and I was able to make up most of the difference, borrowing a bit from family to get the deal done.

After this I'll be looking for more apartments and a mobile home park to try and keep growing the portfolio!

Great job Jordan.  By the way, for my Minnesota people. Are there any meet-ups that occur in the Twin Cities area?  My wife and I continue to plug away adding properties (up to 7 rental homes now), but I'm interested to meet others in the area to see what people have been doing for investment properties and what has been successful, along with sharing our successes/failures.  Any info is greatly appreciated.

     Thanks,

         Corey

@Corey Robert Leet I personally attend 5 Twin Cities Investing meet-ups, but I think there are about 10.  Most seem to take the Summer off because attendance drops too much during the Summer. PM me and I'll send you groups I attend and at least 2 more that I'm aware of.

Congrats on the success! @Jordan Moorhead One of the best parts of your experience is where you mentioned that you went to seven or eight banks, who all told you no, but you kept pushing the rock up the hill, until you found a bank that said yes. Great inspiration, thanks! 

Nicely done Jordan! I have a duplex that is cash flowing well, but I am playing with the idea of selling and taking the equity to reinvest in more units. I think buying a retiring investor's portfolio could be a great option!

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