Investor · St. Louis Mo · Member since 2015 · 211 posts · 129 votes
Pretty excited to share that I will be hitting my goal for 2015 to acquire 5 more units! This number will put me at 7 total. I am picking up a duplex in a St. Louis for 40k and it needs roughly 16k in rehab. I own a duplex identical to it right up the street and it just appraised last month for 104k. So I'd say I found a pretty great deal!
I also have an accepted offer on a single family house next to two others I own in Quincy Illinois. Accepted offer was for 8k and it should appraise for 35-40k once finished. I am hoping I can be all in this deal for 18k. I really wanted this property because I own the two right next to it as well as it's less than 5 minutes away from my parents residence. Perfect for managing!
One more thing... I was just approached by a neighbor about purchasing her property down the street from my 2 single families. I am going to walk through it tomorrow and ask about a possible owner finance.
Congratz! That's awesome. How did you go about and setup your goals? This is something I need to work on. I have some ideas, but I don't want to make goals that are either way to unlikely or way to easy.
Thanks everyone! @Terry Kerr, I have the same goal at minimum. I haven't nailed down a plan for sure yet for next year. My goals change over time. @Andrew Meyer, I originally looked at where I want to be when I'm 50 years old and I worked backwards until I broke down my goals year by year!
@Gino Barbaro Next year I would like to buy at least another 5 units. But I am going to focus mainly on building cash. I would like to complete at least 2 rehabs and get my first wholesale deal under my belt.
@Kyle Grimm - Congrats and thanks for sharing the good news with the BP community.
Clearly, your ability to take steps to achieve the goal within the timeframe projected is remarkable.
Additionally, this success highlights your tenacity, negotiating skills and people skills.
Frankly, you are developing a level of trust and prominence in these neighborhoods, so that the sellers are confident enough to approach you about their sales.
Good luck and best wishes with the advancement of your REI activities.