I have always wondered why the bought my 100th or 200th unit in the first 2 years is always so impressive. The average person who signs up at BP simply cannot do that! Selling a previous business or inheriting a bunch of money, then taking that getting a conventional 25% down loan on million dollars properties isn't impressive! Yet these are the posts that get tens or hundreds of comments. I think the flippers who worked up from nothing and built a business doing 50 a year are more impressive. The wholesalers who created systems and went from 1 property a year to 1 a week are the ones that impress me. Perhaps this will categorize me as a "hater" but if I inherit 500,000 don't be surprised or celebrate the fact that I will buy 100 units in the next 18 months.
I agree 100%
@Philip Williams I agree with you! I'm happy for those folks who dove head first into REI, but I'd be interested to see a follow up post of "I bought 100 units in 24 months, five years later".
In most of those posts we have no way of knowing what percentage of those 100 units are quality and which are pigs with lipstick. We could go into D class neighborhoods and get 20 units each by next month. Morris Invests may even give us a volume discount. Doesn't mean they are good properties and/or we have the abilities to effectively manage them.
Buying is the easy part. Holding and making a profit, not so much.
Another related type of post I think eat up a lot of BP bandwidth without adding significantly to the community, the "What would you do with 25K/ $100k/ $250K/ $800K/ $2M?" The don't add a lot, besides giving Lenders/Syndicators someone to PM with their wares, because the question has been asked and answered in hundreds of other threads. Seems to me that its a kind of humble brag to the world, but really tells everyone, 'I have some money and no idea how to do basic research or goal setting so I'll try and have other people do the work for me.'
@Philip Williams How are your flips going?
@Philip Williams buying a rental/investment or getting a loan to fund it is not the hard part. Being successful and sustaining/growing your real estate portfolio year over year is, as well as grinding to save up that 20% sometimes 25% down payment required which can be a real challenge for a lot of people who have kids, school loans, college to pay/save for and who work multiple jobs to do this
It's hard enough to get by in todays world, never mind being able to save 10k, 15, 20k+ to put down...
Best advice I can give is get started young when time is on your side when you don't have a family to support because it becomes very challenging as you get older.
My hat goes off to anyone dedicated and determined to save 20% to put down on an investment property as it definitely is a challenge but will pay off
@Bill F. They are going well thanks! Learning as we go along finding different strategies to save time and money yet still deliver a great product to the consumer. The biggest hurdle we have found is a lot of the great deals are full guts and the time it takes to do that lowers the return. Plus we have to rely a lot more on contractors for full guts as opposed to smaller ones we can handle with our crew.
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