Great story! I recall seeing your early forum posts when I joined back in 2018. Do you invest in any other areas outside of FL? I am in FL myself and have a couple of markets that ive been researching. I'll send you a PM.
Thanks for sharing your journey! Very inspiring.
Nice. I always found out of state deals to be a totally different kind of investing from local deals. The logistics are quite different and take a different skillset.
Thanks for the 1031 exchange information. I keep pro formas on my properties I will now look at the out years considering your advice.
I am also leaning towards another strategy I learned from a Midwest turnkey flipper primarily. He flips properties, put tenants in them, puts them in their own LLC naming the LLC using the property address, keeps the LLC for at least a year to build the rent rolls and establish the property manager reliability, and then markets them to portfolio investors In California. Because the portfolio investors are motivated and don't want the hassle of dealing with the rentals, they'll pay a bit of premium for a well-established property. The turnkey flipper stays connected with the portfolio investor and monitors the performance along the way as a service… And of course more sales opportunity.
Current focus is we have 12 grandchildren and want to have at least one rental for each of them. If time and fortune work out maybe grow them into commercial units instead.
Again thanks for the great advice
Thanks for the inspiration and congratulations to you!
Just have to say that this is a great demonstration of the power of the first deal. For everyone that is caught up in analysis paralysis or just afraid, find a deal that is good enough to get started, run the numbers in the BP calculator and then get over the fear and take the leap and after you take that first step, you will immediately want to start getting more and then other people will take you seriously as an investor and want to work with you too and then in the near future you can be sharing a similar story here. This is how it was for me and for many others I know. That first deal starts a snowball effect and you can reach financial independence a lot sooner than you could have in any other way. Just don't start off with a bad deal.
Keep it up!
@Lehi Alo I'm all in on Oklahoma! VS Texas I'd definitly consider the tax rates. It's tough to overcome with many deals in Texas. Excited for you!
This was awesome! I am a newbie wanting to BRRRR invest long distance, possibly in Florida since I have some connections there! I'll send you a message and maybe we can connect!
@Elenis Camargo That is fantastic Elenis I know part of your story from talking with you time to time, you are really crushing it! Great work! Keep on going!
Amazing post, very motivating! I am in the Denver, CO market and wish home prices were in that purchase range. I am also just getting into educating myself on real estate. Anyone have tips on how to get a husband on board with at least connecting with this website?
@Elenis Camargo Amazing success in such short time , I thought I did well with my 9 units in FL year 1 . I'm in contract myself with some partners on a 24 Unit in AL, Once we close that would put me at 33 Units in 2 years .. Just keep looking ,talking and closing.
@Jack Albert All of our properties are in Jacksonville FL.
@Jason Horton Bigger Pockets has a section where you can start your own member blog. It’s under the Education tab. I started mine there and I promoted the article by sending it to friends and posting it on my LinkedIn. I am sure that helped them see it was already getting some traction plus it was a success story like this so they featured it. They featured this one too! Very exciting. I’m sure if you start one you can do the same!
@Dev Horn Thanks for your questions. I am a licensed agent and hang my license as a referral agent. The deal was off market but after my buyer put the offer in, the seller listed it on the MLS. The day after they listed it our offer was accepted. So the agent I work with, he made the standard commission from the fees the seller pays and I made a piece of that commission from the referral. Hope that helps!
@Nola Akee Thank you! The investors were buy and hold in these cases.
@Daniel Hernandez Great question! The correct way to do it would be to get your license. You can either hang it with a broker and pay MLS fees or you can do what I did and hang it as a referral agent. I found an online broker that allows that and it was $70 a year versus $1000+ for doing it with a traditional broker and getting access to MLS etc. As a referral agent I make 25% of the buyer's agent's commission versus if you do the standard brokerage then you make the full commission after splitting with your broker. Eventually I'll hang ir traditionally but at the moment since I'm out of state it didn't make sense. But this is the only legal way to help investors unless you're doing wholesaling. I hope this made sense! Feel free to send me a message if you have questions.
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