Newbie to 5 units in 7 months!

Newbie to 5 units in 7 months!

Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
I want to personally thank the BP Community for being so helpful and very humble with all of the questions us newbies always have. With the help of this great network my wife and I were able to start our OOS investing career at the close of 2017 and we are very blessed and thankful to say that we currently have 5 units under our belt and are in the midst of acquiring 2 more before the close of this year with the amazing growth that we gained from our first unit which we are in the process of doing a cash out Refi on. Alot of people here in the Bay Area think that OOS investing is crazy, that I'm out of my mind and that you can never grow wealth this way and that you should invest here in the Bay and blah blah blah so it was very difficult to learn and go at this alone until I found this beautiful network of good folks doing it everyday! My thing was always, sure I can invest here in the Bay Area but by the time it would take me to acquire $150k down payment I could have taken the opportunity and purchased 5 properties out of state that cash flow positively getting more bang for my buck. All I needed was a good team in place which I'm blessed to say I have in the 2 markets that I'm currently vested in. Our first deal (SFR ranch is sitting at a 10% COC return after all expenses, vacancy, maintenance, capx,property management, PITI etc.. our second deal (4plex is sitting at an 8% after the same expenses with meat on the bone to get me closer to a 9.5%) For all of those that were newbies like me hearing negative things and that you cannot build wealth, I'm here to tell you that yes you can! We have so much valuable information at our fingertips to make this possible especially with the amazing community here on BP! Thank you again all, I'm humbled and very much appreciate all of you! Junior
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Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
8y

You never mentioned where you are investing out-of-state.

See this reply in the discussion

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  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Joshua Hively Good evening Joshua, absolutely! I'm just expressing my gratitude for this amazing platform with all of these great people on there. It really is amazing how we can all connect all over the US at our fingertips
  • Member since 2018 · 18 posts · 7 votes
    8y

    Hey @Junior Soares ! awesome job ! I must say it is super helpful and inspiring to hear about your success, especially for a Newbie like myself. People keep telling me that it takes 10 years to reach my goal of achieving passive income but I learn it is not the case at all! I would love to connect with you and learn about your process, if its not a trouble for you, of course! Thanks! 

  • Greater Hartford, CT · Member since 2018 · 15 posts · 10 votes
    8y
    @Junior Picanco congratulations! Best of luck as you continue grow!
  • Rental Property Investor · Maryville, TN · Member since 2018 · 80 posts · 53 votes
    8y
    @Junior Picanco brilliant! Thanks for sharing!!!! Keep it up!
  • New to Real Estate · Trenton, NJ · Member since 2016 · 18 posts · 15 votes
    8y
    @Junior Picanco can I PM you? I’m a newbie investor and want to discuss how you came about your first property and why you chose your business structure
  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Gal Kochavi-Jones good morning Gal, absolutely! Reach out to me anytime andrea connect
  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Sara Kennedy Thank you Sara! I very much appreciate it.
  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Will Gates Thank you Will, God bless
  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Brieer Doggett Good morning Brieer, absolutely! PM me anytime
  • Real Estate Agent · Reisterstown, MD · Member since 2017 · 13 posts · 3 votes
    8y

    Congrads to you!!!!

  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Ashley K. Thank you, Ashley. I very much appreciate it Best, Junior
  • Lake Elsinore, CA · Member since 2018 · 235 posts · 300 votes
    8y

    That's great - congratulations on your success!

  • Kennesaw, GA · Member since 2017 · 18 posts · 13 votes
    8y

    Junior, 

    Congrats! I am inspired by your post. What sources do you use to research the markets you want to invest in? I'd like to learn from you as well. Can I send you a connect request? I plan to purchase my first out of state property by the end of this year. 

  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Courtney M. Thank you, Courtney. I appreciate it
  • Cedarhurst, NY · Member since 2018 · 1 post · 0 votes
    8y
    @Junior Picanco that is awesome!! The hustle is working for you. I would love to learn more about the steps you took and decisions you had to make in assembling your team. Continued success!!!
  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Avi Newmark Thank you Avi, very much appreciated. Likewise for you! Let's connect
  • Investor · Maple, Ontario · Member since 2016 · 16 posts · 1 vote
    8y

    Congrats @Junior Soares.  What an inspiring story!!  Would you mind if I PM'd you?  I'm in the research phase and I'd like to hear your insights, please.

  • Rental Property Investor · Willow Grove, PA · Member since 2014 · 10 posts · 4 votes
    8y

    Congrats @Junior Soares !  

    As a noob myself who has read everything I can get my hands on - I've got some questions that you can hopefully answer or provide advice on. 

    What was the deciding factor that made you feel comfortable to dive in? Was it seeing the math come out positive? If so, what calculations did you use? I'm inputting every multi-family property in my county into a spreadsheet to crunch the numbers and I've identified a handful that check out. I just need motivation to pull the trigger. 

    Also need to figure out financing. With over $100k of equity in my primary home, I could do a HELOC, but would prefer not too. How did you finance your first property?

    Also, how long did you wait to purchase your 2nd property after the first? 

  • Member since 2018 · 33 posts · 3 votes
    8y

    Hi @Junior  

    @Junior Soaresundefined thanks so much for sharing all of this. I’m in a very similar position as you, only one year later. I too live in the Bay Area and resonate with what you say about the naysayers. Would I be able to PM you? Thanks very much and hopefully hear from you soon!

    Shiv

  • Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
    8y
    @Denny Mathews Good afternoon Denny, absolutely. PM me anytime
  • Rental Property Investor · Kalamazoo, MI · Member since 2018 · 117 posts · 235 votes
    8y

    Where are you at in Michigan? I'm just south of Grand Rapids and about to start my RE journey! Id love to connect with you and talk about how you did the quad. I think that would be my best first step.

  • Mount Juliet, TN · Member since 2017 · 32 posts · 5 votes
    8y
    @Junior Picanco Congratulations Junior that is awesome!!!! I'm glad to hear that you have had success out of state even as a new investor. I am looking for my first deal now. I live in the Nashville area and while there are deals here, they are harder for find and quite competitive in this market. I would love to pick your brain as well if we could PM kindly Randy
  • Rental Property Investor · Brookline, MA · Member since 2015 · 23 posts · 7 votes
    8y

    @Caleb Heimsoth@Junior Soares

    congrats!! I have a question about transferring to your LLC as I also have the same concern. Did you do quitclaim deed or warranty deed? if quitclaim deed, will you worry about losing the title insurance coverage? Thank you very much!

  • Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    8y
    Originally posted by @Ruei-Jiun H.:

    @Caleb Heimsoth@Junior Soares

    congrats!! I have a question about transferring to your LLC as I also have the same concern. Did you do quitclaim deed or warranty deed? if quitclaim deed, will you worry about losing the title insurance coverage? Thank you very much!

    I literally just commented on another thread about the whole llc thing and how it’s said so often on here lol.

    To answer your question I haven’t titled any property to an llc.  If you use quit claim you lose title insurance.  If you change title at all your lender may call the note due. This is unlikely but can happen.  There’s really no way around this.  

  • Member since 2018 · 5 posts · 1 vote
    8y

    Hi Junior, 

    Thank you for your post ! Very helpful! I would like to do something similar! What’s is OOS? Can you please give me guidance? 

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