Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Stephen,
My info and #'s is in the Meet The Investor section here on BP. I've "owned" over 1000 single family residences. I have no idea on how many apts,I've owned,somewhere in the low thousands.(In limited partnerships or LLCs)
CURRENTLY, I have 154 units
in Garland, TX, 550 units in a self storage facility here in FL, and around 75 homes in a combination of AZ, TX and FL.(also 50 remaining lots in a subdivision in TX)
I'm older, and this wasn't done overnight. I was going to just answer with" I own enuff." but decided to give more details.
I practice what I preach. These are owned in different entities, some owner financed, some free and clear and some with bank financing. The reason is for asset protection and preparedness for either inflation or deflation. Good luck. Rich
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Stephen,
My info and #'s is in the Meet The Investor section here on BP. I've "owned" over 1000 single family residences. I have no idea on how many apts,I've owned,somewhere in the low thousands.(In limited partnerships or LLCs)
CURRENTLY, I have 154 units
in Garland, TX, 550 units in a self storage facility here in FL, and around 75 homes in a combination of AZ, TX and FL.(also 50 remaining lots in a subdivision in TX)
I'm older, and this wasn't done overnight. I was going to just answer with" I own enuff." but decided to give more details.
I practice what I preach. These are owned in different entities, some owner financed, some free and clear and some with bank financing. The reason is for asset protection and preparedness for either inflation or deflation. Good luck. Rich
Peachtree City, GA · Member since 2009 · 1 post · 0 votes
16y
Hi folks,
Hey Rich, thanks for sharing. I am seeking advice on continued investing and I want to pick your brain.
In this current RE environment (Dec 2009) are you buying RE or selling? I ask because the Commercial properties seem to be headed for a meltdown and the SFR are flat at least for now.
What would you do different, now that you have years of investing under your belt?
I myself have 9 SF rentals, started in 2001, sold some and bought some. I would like to get my investing kicked into higher gear. I have taken most all of the guru courses and just as I thought I could get ripping, the market falls on its face.
I am looking to purchase plexes with owner finance in the coming year, but I am abit leery of the market.
Any tips would be appreciated.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Hi Matt- I have 2(sort of). One I totalled and am having rebuilt.
Michael- Join as a colleague and I'll offer you some advice through a PM. Sounds like you've done well. Rich
Real Estate Consultant · Lakewood, CO · Member since 2009 · 69 posts · 23 votes
16y
I personally right now only own 6! I did own 42.. That being said No they did not Foreclose I carry a 2nd mortgage on 38 of them still and have another 14 Second Mortgages out there. I got tired of the Landlord scene and hopefully by the middle of 2010 I will own ZERO! I can say that because all of my properties are in a trust so I really don't
own any my trust does. Wow so I guess the answer here is really none I don't own anything! Not even a car...
Investor · Springfield, MA · Member since 2010 · 276 posts · 84 votes
16y
Hi. Rich I was wondering if I might be able to pick your brain as well.
About myself. I have studied many of the gurus and about two years ago went full steam ahead. Currently I started a company with a few others and we have bought, rehabbed, rented, and now manage 81 units.
What I am looking to learn about is how to move into the so called "big deals". I am looking into the commercial market more but also wanted to learn more about possible government financing, right now I have focussed of just finding new investors. Any tips or insights would be much appreciated.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Matthew- you can search old posts, threads and blogs by me on BP to learn what my attitudes and experiences are. Glad to answer any specific questions here or in a PM, if you're a colleague. This past year I bought 154 units in Dallas area, and a 550 unit self storage building here in FL. both were big commercial deals, to me.
Rob- good point. All my properties are owned in entities that "eventually" funnel into an Irrevocable Trust. I am not a very good credit risk because of it! Rich
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
16y
Folks - lets try and stay on topic here . . . if you want to pick someone's brain, please start a new thread or send them a PM if it is something personal.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Hi Josh,
That is exactly what I replied in post.
Matthew- you can search old posts, threads and blogs by me on BP to learn what my attitudes and experiences are. Glad to answer any specific questions here or in a PM, if you're a colleague
Property Manager · Passaic, NJ · Member since 2008 · 369 posts · 83 votes
16y
I own 54 but started with only one 22 yrs ago at 25 years old (now you know how old I am LOL). I was hoping to pass them on to my kids. Kids don't seem to have any interest so I am currently pondering what my next move will be.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Ingrid- I'm old enuff to be your father! Congrats again on your path. There aren't that many investors here, or anywhere else that actually stick with a plan, let their money grow and have the discipline to WAIT for the money tree to grow to full size! Congrats. Rich
Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
16y
My wife and I currently only own 3 SFR rentals. My parents, both who are very ill, own 22 residential units and 1 commercial unit. I do the bookkeeping for all of them.
I wanted to buy one more last year, but my mother did not want to incur any debt, so we only bought 1 last year. Expanding our rental base came to a crawl when my parents got sick 6 years ago. I hope to pick it up within the next 24 months.
If all properties were rented, the GSR would be $30,000+ per month. My goal before I leave this rock is to get that to six figures. I guess I have about 30 years to do that!
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Mike- you're a smart cookie. I'll bet on you making it. I found it was beneficial to set annual goals. What to pay off, how much to increase rents, when to trade up etc. Step by step. Don't miss any year! Have something as goals, even if it doesn't lead to purchasing anything this year.
The GSR isn't really that important. You must have a high net to enjoy life and leave something. Rich
Flipper · Phoenix, AZ · Member since 2009 · 973 posts · 679 votes
16y
I went from 2 units to 10 between the ages of 19 and 21. Back down to 2 at 25. Working on selling off the last duplex to focus full time on rehabbing. Anyone want it? :)
Real Estate Investor · Champaign, IL · Member since 2009 · 28 posts · 6 votes
16y
I started 2009 at age 21 with 0. I now own 1 on my own and 4 in a LLC with my brother and Father.
I also bought my first primary home in June of 2009 to save money and get the first time home buyer credit. Once I save up to move into a nicer house down the road this house will be turned into a rental.
I hope 2010 is as good of a year for us as 2009 was.
Real Estate Consultant · Lakewood, CO · Member since 2009 · 69 posts · 23 votes
16y
Keep in mind that just because you own a bunch of units does not really mean to much. At one point I had over 40 SFR's and I hit a point where I had to come up with 6k a month (rookie mistake 10 years back) then I got smart and created notes now I hold a 2nd mortgage on all of those plus more. And have a escrow company that does all the debt collection for me. Let me promise you one thing if you own a bunch of rentals and don't have a good property manager in place you will wish that you owned ZERO! This is America Cash flow is king and Zero debt is better!
Got a funny story about that as well. Pulled my personal credit the other day and it said PRESUMED LIVING! Nothing on there at all... Yet my business has ROCKIN CREDIT!
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
16y
"Got a funny story about that as well. Pulled my personal credit the other day and it said PRESUMED LIVING! Nothing on there at all... Yet my business has ROCKIN CREDIT!"
Mobile phone? Insurance? Nothing?
What entity is your business? Are you ever asked to sign a personal guarantee?