0 to 21 units in 1-1/2 years. What a blast its been!!!
Sept 2018, bought my first duplex in for 95,000. Used HELOC for down payment remodeled the first floor right away and moved the tenants from upstairs to down stairs and raised there rent $100mo. Then I was able to clean up the upstairs and get new renters there with a higher rent as well.
Feb 2019, purchased my second duplex for $77,000 off market. Used HELOC for down payment A unique property as the front side is a post office and the back side is a 2 bedroom house. Post office makes for a nice low maintenance property for the most part. (although I did have to do an ADA compliant update to a ramp railing the first year. They do 5 year leases at a time which is nice.
April 2019, purchased a 4 unit for $100,000. Used HELOC for down payment All one bedroom units and was a work in progress to start. Luckily had bad tenants leave on there own but they left everything behind for me to deal with. What a nasty mess.
August 2019, purchased another duplex for $83,000 off market. Used HELOC for down payment. This one I was able to clean up and re due the second floor unit right away and get a new renter in which i was able to raise rent. A few months later the main floor family left and I had to do a complete remodel, new flooring, windows, jack the floor up, get rid of an entire garage full of junk. I was able to up the rent for this unit by $190 a month.
November 2019, purchased a Victorian style triplex off market. Used HELOC and borrowed money from parents for down payment. This property is so cute and so original with the woodwork and its touches. This one is in a great hidden market for my area. Right now it is set up with all the units 1 bedrooms but the main floor could be converted to a two bedroom and possibly even the second.
Jan. 2020 purchasing a single family home Contract for Deed from inlaws. $60,000, zero down, 3.5% for 10 years. A deal I had to take even though its not a multifamily.
This March I will be closing on another Duplex for $88,000, beautiful property and well taken care of and needs little work.(small electrical updated needed) I am refinancing my first duplex to pull cash out for this down payment. I bought that place for $95,000 and it appraised for $142,000
I am also closing on a 5 unit the end of March that I brought my cousin in with me to partner with me. $158,000. This a an 1880 mansion 5500sqft turned into what can be used as a 4,5,or 6 unit property. We are borrowing money from a family member for half the down payment and we are splitting the other half between us.
It has been so much fun and I have learned so so much in such a short time. It is also so nice to be seeing first hand how it works to use other peoples money and to pull equity out of a property to buy another one.
Also been a tricky ride with working a full time job having a now 4 yr old and 1 yr old girls. And a unique situation with my wife being in a wheel chair requiring me to be around more. Family first always. They are my why!!!!