$1.3 million in deals done in 2 years from out of state!

293 Replies

Thank you so much for sharing your experience. It’s so true that it’s about the connections you make and the mindset of just trying to find ways to help others! If you ever need an AZ connection feel free to reach out. I’m trying to take your same path of networking and adding value. Your story only motivates me to continue!

Very inspiring story! Jumping into the real estate game can be very overwhelming and intimidating. 
The biggest challenge is believing that  it can be done. Thank you for sharing your story. Would love to chat and network. 

Thank you for this post. My spouse and I are newbies in this real estate game. We purchased our first property about 4 months ago. The property needed limited rehabbing; yet, we have not found a renter. We were initially trying to rent the upper level and Airbnb the basement, but potential renters uneasiness about this has forced us to change our strategy.

Any advise you can offer regarding changing strategy and waiting out the process of getting renters would be much appreciated. 

Congratulations on your success and the successes of others that you have worked with.  Your story is just another example that we are indeed a community and not just in it for ourselves.  Help enough people and you will never have to worry about where your next deal will come from.  

Hi! Thanks for sharing. What were your roles and personal benefit in the properties acquired by other people? Were you the agent getting a 3% commission, were you the general manager for renovation, were you the property manager after they bought and you managed it for a standard commission? Did you get equity in some of the properties?

It helps me think of other creative ways to partake in deals.

@Elenis Camargo ,  this post is BEYOND groovy!  As a qualified newbie with only 1 property under my belt, your testimony is inspiration and ironically the start off story for many. Saving money just seems ideal to acquire 2nd 3rd property until not saving enough or life happens.  What I love the most is I can truly relate with your hopeful, studios, executed beginnings. However, I feel as if I have stalled pursuing next project. Your post is perfect pep talk!  Kudos to you/husband success and please know  you have a “newbie” fan that will be following your lead!  Awesome story!  

What an inspiring story!

My wife and I are getting started as well. I've known I want to invest in real estate for a few years and I've been saving, learning bit by bit and meeting occasionally with a couple mentors, but I just recently discovered BP and am blown away by the content and community. Super awesome to hear stories like yours! Now that we've saved up a while and studied up, we plan to find and buy our first deal this year as well! Thanks, Elenis!

Elenis, 

I see you are in Jacksonville. My #1 client lives in Jacksonville, Ron LeGrand.

Because you are in several Partnerships I will approach 1031 Exchanging from a Partnership perspective.

You cannot switch horses (change entities) during an exchange, e.g. you cannot 1031 Exchange your Relinquished property held by your Partnership into the Replacement property to be held by another Partnership, LLC or individuals.

However, if Partners decide to go their separate ways you can dissolve the Partnership 1-year prior to the sale and 1031 Exchange and each individual can go his/her separate way. 

Or, you can 1031 Exchange into the Replacement property using the same LLC and then, 1-year later dissolve the existing Partnership allowing each partner to go his/her separate way.

Having a Partnership isn't a bad thing, but it can get complicated if a Partner suddenly wants (divorce etc.) out and forces the sales of the property where the disgruntled Partner won't be conducting a Partnership 1031 Exchange resulting in your ability to 1031 Exchange being eliminated and bingo, Tax Time.

I’m one of those people that believe that everything happens for a reason. I was just at the point where I was about not necessarily giving up on the thought on purchasing a rental but at least taking a break for a while. I have done my research followed the podcast and read some of the books. I’ve been searching for a “good deal” and just couldn’t make the numbers work. I live in New Jersey and the properties that I’ve checked are  too high to make the numbers work. After reading this, which made me read the blog before this, which made me go back to your first contribution, has given me a new drive and determination. Sometimes you have to get out of your comfort zone to get what you need. I wish you continued success and hopefully one day I will be writing about my first, second, and third deal

Great post!  I'm looking to partner in NC if anyone is interested.  Lots of good buy and holds in my local market.  Get in touch.  Dean

Great read!! So happy to hear of your success! Passiveinvestor.net is definitely worth checking out! They work with anyone who is interested in investing in RE regardless of your experience level. It's also the perfect opportunity for passive out of town investors.

I'm curious as to how you are only putting 15 and 20% down on these investment properties. Generally its always 25% as far as I know? Also are you being asked to show proof of reserve funds for up to 6 months of mortgage payments for each property? 

Originally posted by @Kyle McKiernan :

I'm curious as to how you are only putting 15 and 20% down on these investment properties. Generally its always 25% as far as I know? Also are you being asked to show proof of reserve funds for up to 6 months of mortgage payments for each property? 

Kyle,

Try another lender or invest in another state.  I'm in NC, 20% down here for long term traditional loans.  Most of the short term and or unconventional lenders are at 25% down.

 

I haven't been on this site in forever and your post really stood out to me! I am 20 years old and I am still in school, plus I am working a lot. What do you recommend someone like me do? I want to invest and I do not know where to start, I was also thinking of getting my real estate license in the next year any advice helps! Seeing people like you is a huge inspiration!

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