Inspiring! Thanks for sharing and congrats on your success
Where does a 23 year old get $750,000 to make it happen?
@Abraham Anderson , Congratulations! love it, Don't wait for something to happen, go out and make it happen!!
I'm off to make something happen!!!
@Abraham Anderson how did you get your 1st ever property ?
@Abraham Anderson when you refinanced our your 20 unit, you say you pulled out 163k (33k more than you initially invested). Did you save up 130k to put down on the property along with your financing? I am trying to get everything in order so I can take down my first multifamily
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Congratulations this is amazing! And thank you for the inspirational message.
Awesome post and continue to focus on growth!
The "save and buy" method is a stale, non-practical approach to investing. It's about finding various ways to leverage so you can purchase multiple properties. Now what type of leverage depends on your specific financial situation. I highly recommend researching and attending various networking events so you can meet others in the real estate investment world. Best of luck!
love to hear story like this wow good work abraham
My apartments I (still) own in my own name, with a large insurance policy. The MHPs I own in an LLC.
I've went through Jake & Gino's training courses, and Mobile Home University's courses. That, plus thousands of hours of podcasts & reading books.
My initial thoughts on going into my first deal were, if I ran into anything I wasn't prepared for, I'd learn as I go. As long as you do the big things right (choosing the right property, not overpaying for it, getting the right financing) no mistakes you inevatibly make will hurt you too badly.
If you are wanting to grow, I would definitely look at refinancing & rolling that capital into the next deal. Interest rates are at historic lows so now is a good time to pull out capital & lock in a good rate.
To buy a $750K deal you only need 15-20% down. I had that from personal savings & from refinancing another property I owned. Read my first thread which I linked to in the OP for more details, and feel free to ask on here any questions.
@Damon James , see the link to my first post in the OP.
@Chris Pittman Correct. On my first deal, I put down 10% + used equity in an office building I owned as the down payment.
Congrats on the new acquisitions and thanks for the very motivating words! I’m a big fan of folks that jump in and just do it.
Man that is awesome. thanks for sharing your story
Congratulations! I'm in the New Jersey market if you are ever looking in this area let me know!
@Abraham Anderson what was it that happened to drive you to be entrepreneurial at such a young age? What influences guided you? I would like to influence my son towards this path if possible. Thanks for sharing!
Your success is inspiring. Congratulations
Great work! Really inspiring. Trying to scale up my business from a few flips & sidexside rentals to appartments. Any tips?
@Abraham Anderson just want to say congrats on your early success. I am glad you found your niche early in life. Hope to learn from your post im going to head over there and read it now. If you have some advice for someone just starting out please share. I do have a unique situation due to my job.
Fantastic always great to read about. Keep it up @Abraham Anderson
Great work brother and thanks for the motivation! :)
Whats great, Im sure your parents are proud. I wish I was that young again. Keep up the good work.
Updated 6 months ago
Thanks for sharing your story and tips. I hope that your parents are proud of you. What kind of classes did you you go though. Keep up the good work.
Wow man! This is so inspirational! and you are so young which makes it even better. Congratulations on your success and thanks for sharing the progress. If you are ever in Riverside, Ca. let me know to get together for dinner and drinks.
That's a great report! I'd be interested to know how the performance of the apartment building vs. mobile home park turns out. Why the switch from apartments to mobiles?
@Abraham Anderson Thanks for sharing your story. It is always so inspiring to see other people succeeding. I am a beginner, and in the learning phase. One of the things I have read is that for multi-units above 4, the financing changes to commercial and generally lenders want to lend to people with experience. Do you have any advice on how a beginner might approach getting into there types of larger properties? Thanks for your help!
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