How many rentals do you hold?

Question

how old were you when you started investing in real estate?

What is your annual cash flow on your properties?

What could you have changed what you know now?

Why invest in rental properties?

Did you have a great mentor?

David Krulac · Answer

@Anthony Snyder

I talked about my start on Bigger Pockets Podcast #82.

Started at 25.  Bought and sold over 900 properties, B&H, flips, rehabs, land, lots, etc.

6 figures

Supplemental income to job and augment retirement (early)

No mentor, read books, self taught.

Joshua D. · Answer

how old were you when you started investing in real estate? 25, wish we'd done it a few years earlier!

What is your annual cash flow on your properties? After this next deal we are doing, we will cash flow around 5k/month right now. Our goal is 10-20k/month.

What could you have changed what you know now? Start as young as possible as long as you have a general idea of what you're doing.  We let fear of the unknown hold us back more than we should have allowed it to.

Why invest in rental properties? Passive income and an always-viable backup plan to make sure you have money coming in

Did you have a great mentor? Several, and they have all been extremely important, but the best mentor, ultimately, is yourself.  You have to continually be a student and learn as much as you can on your own.

Rich Vogel · Answer

Hey Anthony,

how old were you when you started investing in real estate? I actually bought my first house at 16 with my uncle had to have my mom sign the mortgage for me.  Now I am 31 and own 11 houses

What is your annual cash flow on your properties?

I make about 50,000 annually after repairs.

What could you have changed what you know now? I would have spent more time learning about real estate earlier in my real estate career.  I bought a house at 16 and 18 and then took about 8 years off from investing.  If i spent more time learning then I could probably retire from my 9-5.

Why invest in rental properties? I have two reasons why I invest in real estate one is for freedom and the second is for my kids.  I look around me and see so many people that work corporate america and work on someone elses schedule. I want to work on my schedule and give my children the same opportunity.

Did you have a great mentor? I had a mentor.  Looking back at it I am pretty sure he didn't know that much about real estate but he did make me do the most important thing and that is jump into real estate.

Just one more thing for newbie investors is don't let anything or anyone get in your way of becoming successful.  My family is very traditional they think that you should have a 9-5 job with benefits work your 30-40 years and then retire.  What I do is so outside that box that many of them thought I was crazy, young and stupid.  I just bought my 11th rental property last week and I am now just getting them to think what I do is a good thing.  My quote is SHOCK THE WORLD!!! cause some people don't think you can achieve your dreams...

Linda S. · Answer

how old were you when you started investing in real estate?

-31

What is your annual cash flow on your properties?

-We are just getting started,  and have it set up to pay off all debt first, so for the first 3 years it's 0/negative, after that it will be around $40K/yr net.

What could you have changed what you know now?

-I wish someone who have told me about all the drama that's involved in renovations/landlords,  whether it's the HVAC guy, or a tenant, there's always drama-- believe it or not!   Also, budget,... then realize, your budget is probably off by 2-4x, stuff is expensive, EVERYTHING  is expensive!

Why invest in rental properties?  -- Financial Freedom.

Did you have a great mentor?

--

Absolutely, this is your guide, your confidant, your helper, your everything!!!   Your mentor is a sounding board, there are so many little things that come up, having someone to call, and hold your hand will help--when there are tens to hundreds of thousands on the line,.. you need someone to help calm you down and stay on path, it's scary at first!!!  While you can be successful without one, it will make it 200x easier and more fun with a mentor!

Jerry W. · Answer

@Anthony Snyder, my first real estate was the family home that we had all moved away from.  My dad was behind on payments and I caught them up and took them over.  I made a little money when I sold it a few years later, I was 18 or 19 when I bought it.  Next was a trailer house, then trailer house and land, then finally houses.

Per your heading I currently own about 35 units.

According the IRS I made about $20K last year from my investing.

If I could have changed anything it would be to have taken action action sooner and educated myself about investing sooner.  Back then I didn't know what I didn't know.

I began investing to make a little extra for retirement.  Now I invest so I can retire, with a goal of replacing my day job income.  I can definitely do that in 10 years by just riding out this current portfolio, but would like to be able to do it in 2 years.

I really did not ever have a mentor, but I had a great partner.  We bought our first unit together about 23 years ago, and I bought him out of one company 3 years ago, and and the other company last year.  He did very well for himself.

Nick Gentle · Answer

>> how old were you when you started investing in real estate?27 I think, around 8 years ago

>>What is your annual cash flow on your properties?I just sold some that and am doing a big renovation, will be about $80K net, however I'm selling down about $20K net of cashflow to reinvest in larger deals so I am sitting on good spare cash. By this time next year the goal is $125K net.

>>What could you have changed what you know now?Slow down and pay more attention to what experienced investors are saying at the start. While I did a lot of reno-flip deals I should have also held onto a couple more.

>>Why invest in rental properties?Freedom to spend my time how I want to was the main motivator. I quit my day job at 31 after 4 years investing because I had started already to work with others to build property related businesses. I could have made more money by working a bit longer but I don't regret it for a moment.

>>Did you have a great mentor?Yes, several. I have helped many of them grow their own businesses and one time I paid for coaching.

Tony Georgiev · Answer

how old were you when you started investing in real estate?

24. Bought a 2/2 condo cash in Fort Lauderdale at the bottom of the market. The price after Obama's first time homebuyer credit was around $42k. My brother gave me the money, I paid it off in 18 months. Now it is worth $125k. No loans against the property.

What is your annual cash flow on your properties?

I am about to rent it out for $1300/month, which after HOA and taxes will be bringing over $900/month, so $10,800 annually.

What could you have changed what you know now?

I still do not know much, as I will be starting to invest in the coming months. The plan is by the end of 2017 to have bought a multi family with an FHA loan (2-4 unit) to live in. The next step would be to take out the equity of above condo and putting it into another multi family.

Any advice on what would be most profitable action to take, knowing the facts that I have given you, guys?

I will be getting my real estate license next month, primarily to be my own agent in future investments in real estate.

Why invest in rental properties?

It's been a passion for a long time now, glad I have the time now to fully commit to it. And of course, the reason being passive income.

Did you have a great mentor?

I do not. Maybe I will find one here on BiggerPockets?

I try to read everything I can possibly read. The forums here are tremendous knowledge!

Anthony Snyder · Answer

@David Krulac incredible that's the age I am and I'm wanting to take action!

I'm sure it was a lot of work to get where you are now. You my friend have seen it all in the real estate business.

Anthony Snyder · Answer

@Frank Eimiller haha yes, I was impressed about your age. I wish I had your mentality when I was 22!

It's sounds like you have yourself a game plan. To clear things up with me what is a seller finanace deal?

Frank Eimiller · Answer

Haha to be clear- 22 years old not 22 deals.

In the last hour it turned into 2 possible deals haha. Both are seller financed duplexes. One is older and fits the almost 3% rule and the one I was just told about is newer fitting the 1.5% rule (ish)

I want to sort out a seller financed deal strictly for long term cash flow and this Summer finance a nicer duplex to owner occupy-- hopefully I will be at 4-6 units by the end of 2016.

How many rentals do you hold?

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