10 doors bought or sold in 7 months

10 doors bought or sold in 7 months

Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes

The wife and I had been trying to move from Tulsa Ok to Springfield Mo . We have family in the area and wanted to be closer to them. We had two rentals in Tulsa and good jobs but no prospects for work in Springfield. Then, the Friday before Christmas, my neighbor approached me and asked if I wanted to sell our house to his mother. Wife and I talked it over and thought this might be our chance. 

They made a cash offer higher than appraised value (not much higher) and I wrote up a contract (selling it as is). Then it hit us, we had sold our house and didn't have one to move into and were moving in 6 weeks and neither of us had a job lined up. We started to regret our hasty decision.

We spent two weeks of Christmas break traveling back and forth to Springfield looking at houses. Nothing caught our eye and we were pretty low. On our way out of town we passed a house with a for sale sign. First thing we noticed was roofers putting on a new roof. We stopped and talked to the old lady who lived there. Her husband had died 8 weeks earlier and she was moving into a retirement center. The house was in great shape and in a good neighborhood. We offered asking price which included appliances and an awesome woodworking shop plus some minor repairs. We owned our house out right and the neighbor's mother paid cash. We made 40K after selling and buying the houses in February. (doors 1 and 2 bought and sold).

By chance I met an older couple looking to sell some of their duplexes in the Branson area. The duplexes all had long term renters paying $600.00 per month. 1400 sqf per side with 3 bd and 2 bath per side. We hit it off from the start and made a deal to buy 5 duplexes for 500K. In April we bought the first one with monies from the sale of our house. ( doors 3 and 4). In May we sold one of our rentals in Tulsa and using a 1031 we bought our second duplex (doors 5,6 and 7). 

In July, we get a contract on the last Tulsa house and using another 1031 bought another duplex (closing the end of this month) (doors 8,9 and 10).

Summary: We have been in Springfield for 7 months and a lot has happened. My wife got a great job teaching nursing at Missouri state univ. I am fully retired and working on the duplexes, plus our house and getting ready to buy the last two duplexes (another 4 doors) by the end of this year. I had previously picked up a mobile home here (I guess that's another door). We have been blessed that every door sold was profitable and every door bought has increased our income. A special thanks to @Dave Foster for his guidance and expertise in guiding us through the 1031 process. Also thanks to Bigger Pockets, I would not have been able to navigate this awesome journey without the guidance and support of all the kind and wonderful people on here! Blessings to all.

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Dave FosterBusiness Member
Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
7y

@Guy Yoes, Appreciate the shout out.  But you're the rock star - You just moved to a different geography (with better fishing), into better cash flow, set yourself up for retirement, and did it without paying any tax using the 1031 exchange.  

I call that a home run

The 1031 Investor5137 Reviews
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  • Developer · Cincinnati, OH · Member since 2018 · 1k+ posts · 3k+ votes
    7y

    Congrats man!

    Isn't real estate investing awesome?

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Michael Ealy

    It started out as a side job, but it is full time now. I am learning so much and growing more each day. Thanks.

  • Member since 2019 · 40 posts · 17 votes
    7y

    @Guy Yoes I’m in the Springfield area looking to buy my first multi family. If you hear of something let me know please. Congrats on the fast work!!

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Martin Tyler

    I do know of one for sale on the same street I am buying. PM me for more info.

  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    7y

    @Guy Yoes, Appreciate the shout out.  But you're the rock star - You just moved to a different geography (with better fishing), into better cash flow, set yourself up for retirement, and did it without paying any tax using the 1031 exchange.  

    I call that a home run

    The 1031 Investor5137 Reviews
  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Dave Foster

    Thanks Dave! The way things fell into place and the timing is something I never could have orchestrated. The term "on a wing and a prayer" comes to mind. I know you get it. ;-}

  • Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    7y

    @Guy Yoes Congratulations Guy 🎉🎉🎉

    Moving in 6 weeks without a job lined sounds scary?!!! But things started to happen when you guys made that decision (now I guess you it wasn't that hasty).

    Great story with a 1031 twist lol! 

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Ola Dantis

    I'm 58 and friends thought I was crazy. At 28 maybe... but 58!  We kept the Faith and things started happening when we were ready for them. Thanks for the kudos!

  • Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    7y
    Originally posted by @Guy Yoes:

    @Ola Dantis

    I'm 58 and friends thought I was crazy. At 28 maybe... but 58!  We kept the Faith and things started happening when we were ready for them. Thanks for the kudos!

     That's the keyword right there: Faith. 

    Even in the great book, it says You move towards Him, and He will move towards you! 

    Glad it worked out for you guys! 

  • Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    @Guy Yoes

    Great job your killin it without even trying ! Shame on you lol

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Dennis M.

    Thank you! I struggled the first 5 years. Paid my dues and learned so much. Again, a shout out to the BP family. People are so willing to help and more often than not, their advice and comments are spot on.

  • Rental Property Investor · Norwalk, CT · Member since 2017 · 171 posts · 138 votes
    7y

    @Guy Yoes awesome...congrats

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Melba Chambers

    Thank you. I wish you the best in your REI journey.

  • Member since 2019 · 5 posts · 1 vote
    7y

    Welcome to the area. We live in Rogersville, which is just outside Springfield. I personally just got my first property under contract. Plan on using the BRRR method and repeating the process. Glad to hear everything is going so well for you and your wife!

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Justin Jenkins

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Justin Jenkins

    Thanks for the reply. Wish you the best on your first rental!

    Do you know of any meet ups in Springfield? Tulsa had several REI groups who would meet to : learn, share, support and just discuss REI.

  • Rental Property Investor · Joplin, MO · Member since 2015 · 15 posts · 1 vote
    7y

    Hey Guy, I’m in Joplin, Mo. and there is Springfield RIE investor group. I will attend some of there monthly meetings when I don’t have a conflict.  There next meeting is September 19th which is on the 3rd Thursday of the month. Lots going on with this group and you can make good  connections to further grow in Springfield. Congratulations on your success! 

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @David Daily

    David, thanks for the info. I've had several Springfield BP people reach out to me about the club. I'm looking into it and hope to start making some meetings.

  • Rental Property Investor · Alexandria, LA · Member since 2018 · 14 posts · 2 votes
    7y
    Originally posted by @Guy Yoes:

    @Dennis M.

    Thank you! I struggled the first 5 years. Paid my dues and learned so much. Again, a shout out to the BP family. People are so willing to help and more often than not, their advice and comments are spot on.

    I like that you mentioned the 5-year struggle. Lots try to skip that 10k hours/due paying/learning phase. Only through the specific knowledge you gained from paying your dues, did you learn to recognize home-runs. 

    Big Congrats, Guy!

  • Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    7y

    WOW! That is awesome, keep crushing it.

  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @Chinedu Akunne  

    Thank you for the kind words.
    As I look back on how all this played out, I realized that I had been working on this deal for over a year. The first six months were planning, working on a strategy. preparing my current properties for sale, and getting a professional team in place. However, there were several obstacles that I just couldn't seem to get around.

     When my neighbor offered to buy our house, the dominoes just started falling. Suddenly, I was in the right place, had funding available and time to invest in the project. I don't take credit for the catalyst that started the transition, but without the six months of preparation, I could never had made the deal work.

    So yes, the years of struggle and paying dues helped to lay the foundation for future success. But there is still work to do as I prepare to acquire the next two properties. In whole, this project will take 16-18 months from start to finish.

  • Rental Property Investor · Alexandria, LA · Member since 2018 · 14 posts · 2 votes
    7y

    @Guy Yoes

    My pleasure, Sir!

    It all starts upstairs (Higher Power, and your mental alignment), then the physical manifestation.

    Keep kicking butt! You'll crush the last two. Update us how it plays out.

    Cheers!

  • Member since 2019 · 5 posts · 1 vote
    7y
    Originally posted by @David Reeder:

    Hey Guy, I’m in Joplin, Mo. and there is Springfield RIE investor group. I will attend some of there monthly meetings when I don’t have a conflict.  There next meeting is September 19th which is on the 3rd Thursday of the month. Lots going on with this group and you can make good  connections to further grow in Springfield. Congratulations on your success! 

     David, would you mind sharing how to get involved and attend some meetings? 

  • Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
    7y
    Congrats @Guy next time I'm in Springfield I would love to grab a beer with you!
  • Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
    7y

    @David Pere

    Sounds Great! PM me when you are headed this way.

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